Help needed re Quickquid - discount code removal

LDJ2009

Hi, i've been playing email ping pong with Quickquid over recent weeks and have hit a brick wall with regards to a discount that was applied to my account.

The original loan i took out was for £600. The interest on this was £150 (i'm an idiot - i know ) Quickquid sent me a birthday discount code that reduced the interest by £75 (50% off)

There were no terms and conditions attached to the code and there is nothing within my loan agreement that gives any terms of the codes use.

I defaulted on the loan last month and they are now wanting me to pay £849

£600 - original loan
£150 interest
£75 rollover charge
£12 late payment charge - Oct
£12 late payment charge - Nov

I have asked why the £75 discount was removed and they advised that on default any discounts become invalid. I have repeatedly told them there is nothing in their terms and conditions etc that state that and have asked for proof but they have not supplied me with anything, just keep refusing to refund it.

I have sent them an income and expenditure form and have offered the repay the loan over 5 months but they have said it is 4 months maximum and refuse to give me another month to repay.

I have now asked for their paypal details so i can at least make my offered payments which they have said they will accept, but it's not an acceptable arrangement and their collections procedures will continue unless i increase the payments.

I am at my wits end with this company, there have now been 57 emails back and forth in the last 5 weeks. I have tried to offer what i can even though it's a stretch but they still want more.

Do i withdraw the offer and sit back and wait for a debt collection agency to get involved with the hope of a reduced settlement as i can save what i have offered over the next few months. Apparently QQ take about 90 days to send your debt to a DCA

Thanks for reading and sorry for waffling

michael1983l

They can remove the discount code at any time, have you read your written credit greement with them. It probably either states the interest without the discount or mentions that the discount doesn't apply if defaulted. What made you think they would honour the discount after a default anyway?


As regards your payments, have you sent them a statment of affairs proving that you cannot afford to pay more, if not do so. You will find statment of affairs forms on a quick google search or buried in the bankrupsy section of the website.

Don't worry if they refuse and pass your debt on to collectors. Just keep in contact with the collectors and remember they have no more power than quickquid to collect your debt. As long as you make some sort of payment to them each month they will not take you to court. If it gets to this stage again send them an SOA and make them an offer there is some template letters somewhere on this site. Don't worry you can only give them what you can afford and whatever you do don't forget to mention in your correspondance with the companies that they may only contact you by writing. As long as you keep up your arranged payment they should honour this request.

michael1983l

p.s. never take loans from payday companies, there is no way back after then as their interest is so high and your obviously on a tight budget anyway that you only ever end up extending and paying more interest getting you into more debt. The best way is to talk to your current creditors and arrange with them lower payments.

LDJ2009

Thanks Michael. I've already sent them an I & E form so they know how much i earn and what i pay out etc.

All of my financial problems have been caused by the payday loans so i'm well aware of what an idiot i have been.

Regarding the discount code, when i view my account with QQ online, the discount shows on the statement screen but not when i view the contract. There is nothing on the email that i received the code in, or on the credit agreement under charges etc that says the code will be removed in the event of a default.

michael1983l

You should have an online credit agreement, study that and if the discount is included on that without mention of removal on default then inform them. If I was you I would make an appointment at the CAB or call national debt line. They will send you out a brocure with template letters and explain exactly how to work out your SOA within what creditors will allow. You need to get your finances under control, whatever you do let your creditors know your situation, if you speak with them they will not put as much pressure on you and they are likely to help you out by arranging reduced payments or sometimes freezing interest. There is lots of advice on this website as well so please read it all and do exactly as they say it is a tried and tested method of getting people out of your situation.

LDJ2009

Hi, it's only Quickquid that i am having problems with, everything else is under control.

I'm not in a "situation" and have taken control of my debts as my signature shows. I've been using this site for a while now and am aware of the support that's out there, hence the reason for this thread.

I'm grateful for any advice and suggestions but your replies read as you are talking down to me

michael1983l

Fine if you don't want the advice then don't take it I was only trying to help. Anybody that uses payday companies and can't pay them is in trouble regardless if you keep up to date with your other debts, I know this because I was one of those people. Payday companies are a slippery slope to disaster and if you cannot afford to pay back the loan then you ARE in trouble. I suggest you take control of your expendature as I have advised. This will be the last I say on the matter because you clearly don't want my help and don't appreciate it.

LDJ2009

I DO appreciate your help, i have checked my loan agreement and i will speak to the CAB on Monday so i have taken your advice. I just wasn't comfortable with how you were wording your replies but that's just a personal thing i guess.

I got myself into a huge mess and am trying to get myself out of it. I'm nearly there but where is the wrong in trying to get back a £75 discount that was previously applied to the loan.

I've asked for this thread to be deleted.

michael1983l

LDJ2009 wrote: »

I DO appreciate your help, i have checked my loan agreement and i will speak to the CAB on Monday so i have taken your advice. I just wasn't comfortable with how you were wording your replies but that's just a personal thing i guess.

I got myself into a huge mess and am trying to get myself out of it. I'm nearly there but where is the wrong in trying to get back a £75 discount that was previously applied to the loan.

I've asked for this thread to be deleted.

Well I am sorry if I appear to be condecending, that is not what I was trying to do. I am glad you taken the advice, but my response was a natural one from being a person in your position not so long ago. I was paying my debts just fine but as soon as I used these payday loan companies I ended up in all sorts of mess and nearly went Bankrupt. In my opinion and this may be wrong, if you are down to using these payday companies then there is something not quite right within your budget as was in my circumstance and it is best to nip it in the bud early than let it drag on.

If this is not relevant to you then just disregard it but it may help somebody else that reads it. But from a person with experience without knowing your situation in detail I would say that you are at least close to slipping back into trouble if you use these companies and if you catch it now then you could avert drastic action in the future.

michael1983l

P.S. part of my problem was myself honestly believing that I was ok, right up until the point of no return. Part of the problem was I was covering debts with other debts robbing peter to pay paul but soon those areas of credit run out and you realise you are in the crap. I realise that you may not be the same as me but I pass on my experience in hope that it will help other people into not makinging the same mistakes I did.

LegalBlonde

I know where you are coming from Michael as I feel like I am coming out of the other side of this kind of situation, but it does not really help to say "don't take the loan out" when it clearly is too late for that.

In my vast experience of all types of pay day loans online and not online, Quick Quid have got to be the nicest most reasonable ones I have ever dealt with. The online chat facility is great and I think they are American, their customer service is a breath of fresh air.

Without sounding too like Michael and saying something that it is too late for - next time don't just default on the loan, contact them first and say you are having difficulty. In all my years of thousands of debt the idea of simply not paying still horrifies me.

It is easy to get in a viscious cycle with these things and borrow more than you can pay back. I managed to pay QQ off over £700 eventually, and now I am such a valued customer it is something like £13 to borrow £100. A lifesaver on that day when you are skint and have unavoidable bills, but pretty scary in the long run. I ran out of extensions this month and had to pay back the total £300, 3 days later I borrowed it off them again instead of even trying to survive a month without it. So I am back to square one.