QuickQuid loan. Paid back, still charging interest

MickS

My son took out a £400 Quick Quid loan thinking it was for 30 days but when approved and paid out he discovered it was for a year. Not wanting a long term loan he paid it straight back within 5 minutes of it getting to his bank and thought that was the end of it.

Turns out they have charged him £96 interest for the first day and daily interest until it is paid. He now owes £330 even though they had the full amount back on day one. They are threatening debt collecters!

Does a 7 day cooling off period apply here and are they correct in charging him after it was paid back?

fozmcfc

Quickquid do not offer loans for a year, only payday loans for upto 2 months.

DCFC79

MickS wrote: »

My son took out a £400 Quick Quid loan thinking it was for 30 days but when approved and paid out he discovered it was for a year. Not wanting a long term loan he paid it straight back within 5 minutes of it getting to his bank and thought that was the end of it.

Turns out they have charged him £96 interest for the first day and daily interest until it is paid. He now owes £330 even though they had the full amount back on day one. They are threatening debt collecters!

Does a 7 day cooling off period apply here and are they correct in charging him after it was paid back?

Where did he read it was a loan for a year ?

FireWyrm

Something is very wrong with this scenario. We need much more information.

A) Exact date the loan was taken out
Exact date it was paid back - and what acknowledgement did he get that it was settled?
C) Amount taken out
D) Amount paid back
E) Dates of interest charged
F) Date of alleged default and amounts

QuickQuid are not a lender in the accepted sense, they are a PDL which means they offer short term loans at shocking interest rates. Is it possible that your son has mis-understood or not actually paid back the money lent?

It seems as though QQ are under the impression that the money is still outstanding which is very strange. Sharks they may be, but they usually keep a firm grasp of what is outstanding and what is paid.

I suggest that your son rings them immediately and asks the same questions that I have above. This should make the picture clearer and then we can advise further.

KingElvis

Are you sure some of it wasn't "spent" LOL

MickS

Just found out the firm was "Speed Credit". He found out about the length of loan in the confirmation email. Interests applied immediately an added to daily. He may have mis read the small print (or not read it at all!) but he paid back the entire loan of £400 within 5 minutes of getting it.

KingElvis

Shame but sounds like they have him there, I would just pay the thing off and use it as a lesson not to mess with the sharks because that's what these people are.

The amount will just keep building and as they have his bank details, they'll clear him out.

Good luck.

*Edit....it looks like good old SpeedCredit only do 28 day loans?

ihateyes

MickS wrote: »

My son took out a £400 Quick Quid loan thinking it was for 30 days but when approved and paid out he discovered it was for a year. Not wanting a long term loan he paid it straight back within 5 minutes of it getting to his bank and thought that was the end of it.

Turns out they have charged him £96 interest for the first day and daily interest until it is paid. He now owes £330 even though they had the full amount back on day one. They are threatening debt collecters!

Does a 7 day cooling off period apply here and are they correct in charging him after it was paid back?

All these loans have a 7day cooling off, where you can cancel, however you would still have had to pay 1 day interest.

As it was a 12mth loan, when he paid £400 back, this merely came off the total amount to pay over 12 mths.

I would speak to them, and try and haggle a settlement out of them......

let us know how you get on!



Ouch...... Speed credit is Toothfairy finance. you have no chance of negoatiating a settlement. this company is scum of the scum.

They dont offer a 12mth loan. your son took out £400 over 28days, with £24 interest per £100 = £96.

Tixy

How did he pay it back? Have they confirmed that they have received the payment he sent and that it has been allocated against his account?

Are they charging interest on the whole amount of the loan? or just on the amount they believe is outstanding (ie the interest proportion that he didn't pay).

Even with pdls I believe you have a 14day right to cancel the agreement, but they are allowed to charge interest on each part day the loan remains outstanding. So if he paid back on day 1 then the could charge 1 days interest. But of course to cancel the agreement he would have had to have let them know that is what he was doing, not just pay back and assume it was cancelled. I don't know what the terms say about how to cancel an agreement within 14days - I'd expect that it would probably have to be done in writing perhaps?

JonDanzig

London payday loan company, QuickQuid, records all its phone calls – but they objected when I said I was recording the call too.

I was trying to complain that someone pretending to be me had borrowed £400 from them at 5,200% APR interest - and that I was not responsible for paying back the loan, as QuickQuid was demanding.


As a newbie here I have sadly not been allowed to post a link, but you can hear the phone conversation on my YouTube channel at EyesEars.com

The video is called, "My exasperating phone call with QuickQuid"

simon2010

16500% speed credit lol.

omg............ that is insane!