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QuickQuid Payday Loan
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# 1
enegizerbunny
Old 26-02-2011, 8:58 PM
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Join Date: Jan 2011
Posts: 15
Default QuickQuid Payday Loan

Hi All
My mum took out a quickquid payday loan for 100. Regarding her account online she applied for an extension just to pay the finance charge instead of the whole lot. I am not suprised with their astronomical APR.

Her due date for this payment was the 25th Feb 2011. Now here is the nitty gritty. On her account online it said her payment was -12 so she entered a live chat with them. Here is a copy of the transcript:

Lauren: Thank you. How may I help you today?
kathleen coyne: hi lauren, could you explain what the -12.00 means on my account
Lauren: The payment was late and the gbp12 is a late fee.
kathleen coyne: the payment should not have been late as i ensured the money was in my bank account on time
Lauren: Please hold one moment while I access your account.
Lauren: When the payment was attempted it was not all available before the end of the work day and the late fee was added.
kathleen coyne: i am sorry but the payment was definately available. i have a reciept and a statement to show that the money was there from thursday. Nothing else was due to be taken from my bank account
kathleen coyne: how much was the payment that you were taking?
Lauren: I understand. 22.12 was the amount to be paid and was not available.
kathleen coyne: i really do not understand why this has happened. What time did you try and take the money from my account?
kathleen coyne: how much have you actually taken from my account?
Lauren: Hold one moment please.
kathleen coyne: my wage from my job does not normally hit my account untill 2pm on my payday. I dont feel that i should have to pay a late payment charge as the money was taken from my account on the 25th. There states no specific time as to when on that day the money should be available, only that the payment will be taken on the 25th
Lauren: I do apologise.
Lauren: Please hold while I try to sort this out for you.
kathleen coyne: thankyou lauren
Lauren: I'm sorry for the delay. I'll be right with you.
kathleen coyne: ok
Lauren: Per your contract: LATE FEE: You will owe the late fee referenced in Section 4(a) of your loan agreement if
Lauren: * a repayment is dishonoured on a Payment Date, or
Lauren: * prior to your Payment Date, you cancel your Debit Authority by cancelling your Debit Card or your direct debit authorisation under the terms of the direct debit guarantee and you fail to make alternative repayment arrangements with us by the end of the day on a scheduled payment date.
Lauren:
Lauren: On 25/02/2011 payment of 22.12 was attempted several time and was not available.
Lauren: The late fee has been issued at this time.
kathleen coyne: ''a repayment is dishonoured on a Payment Date''. My payment date was the 25th. no specific time just on that date. is this correct? if it is then please could you tell me if you have managed to recieve the payment on this day, if you have recieved the payment on this day then you are in breach of our contract as you have not stated any specific time as to when the funds should be collect, only the day.
Lauren: There is no specific time. As long as the payment is made before the end of working day.
Lauren: We have not received the payment.
Lauren: There is no specific time and it states "The end of the day on a scheduled payment date".
kathleen coyne: therefore i should not have a late payment charge as the funds were there on the 25th, maybe not at the time you tried to collect the funds, but before 3.30pm.
kathleen coyne: could you try take the payment now and reverse the late payment charge?
Lauren: I apologise for the misunderstanding, however the payment was not available when attempted and that is why the late fee was added.
kathleen coyne: what i am trying to say is that:
kathleen coyne: my contract states that the funds must be available to collect on the due date or a late payment fee will be charged. i understand this.
Lauren: Thank you for waiting. I'll be with you in just a moment.
kathleen coyne: the funds were available on the due date, maybe not on the time you tried to collect the funds but definitely before 3.30pm which is the end of the working day, so that surely means that on my due date the funds were available to be taken, as i said maybe at a different time but still on the 25th.
kathleen coyne: so the late payment charge can not be put on me
Lauren: The late charge has already been added, sorry.
kathleen coyne: for example: you tried to take funds from my account at 06:00 on the 29th. my contract states that funds must be available on that date. i pay into my account the money owed at 2pm. therefore i have kept to my side of the contract by ensuring the payment is available by the end of the working day as there is no specific time in my contract that states the time you will collect payment except to make sure it is available on that due date. I suggest you either speak to a manager and get the late payment taken off or i shall pursue this matter with the financial ombudsman and carry out a case against quickquid as i am extremely unhappy
Lauren: The payment is attempted early morning on your due date. If the funds were not available when you had deposited funds to be paid you would have needed to contact us to make payment and inform us that the funds were available. I do understand and I apologise for the misunderstanding, but the late fee has already been added.
kathleen coyne: my contract does not state that the payment will be taken early morning, only that it will be taken on the due date and for me to make sure the funds are available by the end of the working day for you to collect. maybe the funds were not there early morning, my contract does not say they have to be.
kathleen coyne: i still suggest the fee is taken off and if it is not i shall pass this on to the financial ombudsman who will see that quickquid are in breach of our contract
Lauren: One moment please. I'll be right with you.
Lauren: I understand.
Lauren: Is there anything else I can help you with today?
kathleen coyne: i dont think you do lauren. i have a problem and you dont have a solution so therefore that is great customer service. not that it matters to you, but you have just lost a customer. many thanks for your time.


Basically, as you can see in the transcript, my mums contract states that the payment must be available to be taken on that due day before the end of the working day which it most definately was. Does this mean they are in breach of contract for adding the late payment charge. I also found out by ringing them that they had actually recieved the payment before the 3:30pm cut off after which per contract you get charged a 12 late fee.

Is my mum wrong or is she right? Please, any advice would be great.
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# 2
Enfieldian
Old 26-02-2011, 9:58 PM
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And the moral of the story is...

Don't use PayDay loans.....
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# 3
Apples2
Old 26-02-2011, 11:24 PM
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Posts: 5,883
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All seems a bit of a silly argument.

Payment due on 25th, PDL tried to take on 25th but failed due to insufficient funds.

Is it really beyond common sense to ensure if the payment is due on 25th, to make sure there is money ready by close of play on 24th??

If the banks "working day" is until 3.30pm, is the OP suggesting ALL the money transfers should be done between 3.29 and 3.30 and not before?
Collecting infractions since 2009
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# 4
paddyrg
Old 27-02-2011, 12:43 AM
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Posts: 9,768
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Alas, my sympathy is with the loan company tonight. Lauren seems to have been unusually helpful, and they tried for a payment on the day they said they would, and couldn't get it, so applied a late fee after several attempts. If the cash won't land in an account until day x, schedule the payment for day x+1. It is not the lenders fault or even their concern what time of day a wage payment clears, that is between the bank and their customer only.
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# 5
molerat
Old 27-02-2011, 10:03 AM
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Location: very north of the border
Posts: 11,168
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Most of my DD's come out at 00.01 on the due date so need to have cleared funds prior to 23.59 the day before.

Agree with others a) don't use payday loans and b) make sure money is in the account the day before the dd is due. You did not have the funds available on the agreed date so have suffered the agreed penalty.
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# 6
ffacoffipawb
Old 27-02-2011, 10:31 AM
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Join Date: Oct 2003
Location: Drumnadrochit
Posts: 1,993
Default

Quote:
Originally Posted by enegizerbunny View Post
Hi All
My mum took out a quickquid payday loan for 100. Regarding her account online she applied for an extension just to pay the finance charge instead of the whole lot. I am not suprised with their astronomical APR.

Her due date for this payment was the 25th Feb 2011. Now here is the nitty gritty. On her account online it said her payment was -12 so she entered a live chat with them. Here is a copy of the transcript:

Lauren: Thank you. How may I help you today?
kathleen coyne: hi lauren, could you explain what the -12.00 means on my account
Lauren: The payment was late and the gbp12 is a late fee.
kathleen coyne: the payment should not have been late as i ensured the money was in my bank account on time
Lauren: Please hold one moment while I access your account.
Lauren: When the payment was attempted it was not all available before the end of the work day and the late fee was added.
kathleen coyne: i am sorry but the payment was definately available. i have a reciept and a statement to show that the money was there from thursday. Nothing else was due to be taken from my bank account
kathleen coyne: how much was the payment that you were taking?
Lauren: I understand. 22.12 was the amount to be paid and was not available.
kathleen coyne: i really do not understand why this has happened. What time did you try and take the money from my account?
kathleen coyne: how much have you actually taken from my account?
Lauren: Hold one moment please.
kathleen coyne: my wage from my job does not normally hit my account untill 2pm on my payday. I dont feel that i should have to pay a late payment charge as the money was taken from my account on the 25th. There states no specific time as to when on that day the money should be available, only that the payment will be taken on the 25th
Lauren: I do apologise.
Lauren: Please hold while I try to sort this out for you.
kathleen coyne: thankyou lauren
Lauren: I'm sorry for the delay. I'll be right with you.
kathleen coyne: ok
Lauren: Per your contract: LATE FEE: You will owe the late fee referenced in Section 4(a) of your loan agreement if
Lauren: * a repayment is dishonoured on a Payment Date, or
Lauren: * prior to your Payment Date, you cancel your Debit Authority by cancelling your Debit Card or your direct debit authorisation under the terms of the direct debit guarantee and you fail to make alternative repayment arrangements with us by the end of the day on a scheduled payment date.
Lauren:
Lauren: On 25/02/2011 payment of 22.12 was attempted several time and was not available.
Lauren: The late fee has been issued at this time.
kathleen coyne: ''a repayment is dishonoured on a Payment Date''. My payment date was the 25th. no specific time just on that date. is this correct? if it is then please could you tell me if you have managed to recieve the payment on this day, if you have recieved the payment on this day then you are in breach of our contract as you have not stated any specific time as to when the funds should be collect, only the day.
Lauren: There is no specific time. As long as the payment is made before the end of working day.
Lauren: We have not received the payment.
Lauren: There is no specific time and it states "The end of the day on a scheduled payment date".
kathleen coyne: therefore i should not have a late payment charge as the funds were there on the 25th, maybe not at the time you tried to collect the funds, but before 3.30pm.
kathleen coyne: could you try take the payment now and reverse the late payment charge?
Lauren: I apologise for the misunderstanding, however the payment was not available when attempted and that is why the late fee was added.
kathleen coyne: what i am trying to say is that:
kathleen coyne: my contract states that the funds must be available to collect on the due date or a late payment fee will be charged. i understand this.
Lauren: Thank you for waiting. I'll be with you in just a moment.
kathleen coyne: the funds were available on the due date, maybe not on the time you tried to collect the funds but definitely before 3.30pm which is the end of the working day, so that surely means that on my due date the funds were available to be taken, as i said maybe at a different time but still on the 25th.
kathleen coyne: so the late payment charge can not be put on me
Lauren: The late charge has already been added, sorry.
kathleen coyne: for example: you tried to take funds from my account at 06:00 on the 29th. my contract states that funds must be available on that date. i pay into my account the money owed at 2pm. therefore i have kept to my side of the contract by ensuring the payment is available by the end of the working day as there is no specific time in my contract that states the time you will collect payment except to make sure it is available on that due date. I suggest you either speak to a manager and get the late payment taken off or i shall pursue this matter with the financial ombudsman and carry out a case against quickquid as i am extremely unhappy
Lauren: The payment is attempted early morning on your due date. If the funds were not available when you had deposited funds to be paid you would have needed to contact us to make payment and inform us that the funds were available. I do understand and I apologise for the misunderstanding, but the late fee has already been added.
kathleen coyne: my contract does not state that the payment will be taken early morning, only that it will be taken on the due date and for me to make sure the funds are available by the end of the working day for you to collect. maybe the funds were not there early morning, my contract does not say they have to be.
kathleen coyne: i still suggest the fee is taken off and if it is not i shall pass this on to the financial ombudsman who will see that quickquid are in breach of our contract
Lauren: One moment please. I'll be right with you.
Lauren: I understand.
Lauren: Is there anything else I can help you with today?
kathleen coyne: i dont think you do lauren. i have a problem and you dont have a solution so therefore that is great customer service. not that it matters to you, but you have just lost a customer. many thanks for your time.


Basically, as you can see in the transcript, my mums contract states that the payment must be available to be taken on that due day before the end of the working day which it most definately was. Does this mean they are in breach of contract for adding the late payment charge. I also found out by ringing them that they had actually recieved the payment before the 3:30pm cut off after which per contract you get charged a 12 late fee.

Is my mum wrong or is she right? Please, any advice would be great.
The loan was only 100, couldn't you have helped your mum out instead of her having to use such expensive finance?
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# 7
Pinkruth
Old 27-02-2011, 11:01 AM
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Join Date: Apr 2009
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Posts: 115
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I was tempted to use a payday loan company at the beginning of last year, but decided against it and managed without it in the end. Most banks advice is to make sure that any money due to leave your account should be available the day before. If you had a DD setup to go out on a particular day you would have the money in the account the day before as you would inccur bank charges for returned DD's. I understand your frustration, but in all fairness the agreement doesnt state a specific time that the funds should be available and that could go in both your Mothers and loan companys favour. In all fairness I think you need to just pay the fee and not use the facility again.
I am a bankruptcy survivour (10 years ago). It does get easier.

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# 8
KingElvis
Old 27-02-2011, 2:12 PM
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Don't see your point really. the money wasn't there, you got charged......shops don't let you take the goods at 7.0am and let you come back and pay for them at 15.30
"We want the finest wines available to humanity, we want them here, and we want them now!"
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