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Quick Quid - Chanding terms post issue of loan

whambar
whambar Posts: 39 Forumite
Tenth Anniversary 10 Posts Combo Breaker Name Dropper
edited 28 May 2012 at 6:56PM in Loans
Hi all,

I am hoping that you can do one of two things either confirms I am right and not going mad, or confirm I am indeed wrong and slap me down.

I had an unexpected bill come in for £400, a fortnightbefore pay day, checking my account and reviewing my committed outgoings, I released I could not meet this bill and pay coming commitments without exceeding my bankoverdraft limit, my bank charge £75 for going overdrawn and £25 per transaction processed past overdraft limit.

I have a credit card but didn’t want to pay and forget aboutit. I instead went to Quick quid looking for £350 for 45 days. Anyway I was quickly accepted and after a promo code I was quoted £35.00 payment on 30th April, which I made and a final payment of £385 on 31st May. They sent me a contract on 16th April confirming £350 borrowed, £420 total repayable at 1 x 35 and 1 x £385 over a 45 day period, expensive yes, but cheaper than my bank and a one off Ihope.

Anyway I check online the middle of last week and find that they intend to take £437.50 on the 31st May. This being somewhat higher then I expected. I looked at my account further and see that my account showsas 2 separate loans one for 15 days which shows status paid, and a new one for £350 showing 30 days. Most worrying is that this “new” loan was taken out on 26th April at 0109hrs and has my electronic signature. (I have downloaded and saved all the documents (original and “new” ones))

As I know I could not have signed this at this time, no-onehas access to my system and I live alone etc, I checked my original agreement and it does indeed state 45 days etc. at stated at the start of my post.

I approached quick quid expecting them to say “sorry, adminerror, now corrected” however they have said all loans are 30 days or less sothe old one becomes paid and a new one taken out, and the promo code is a one-timecode so does not apply to this second loan. Needless to say I have got nowhere,they has stopped responding to emails and instead want me to call them on a premium rate number, I do not want to cal las a conversation can be denied, but an email is harder to deny.

I have only requested the one loan and the loan document thathas my original signature confirms exactly what I believed I was getting i.e.: £350 for 45 days paying back a total of £420. I have not defaulted and intendto repay them, I do not want to cancel a direct debit etc., so if they overcharge I intend to fight for it back.

1. Are their actions legal?

2. Can they sign a document for me without myconsent?

3. Is this an unfair term of contract

4. Does it breach the consumer credit act?

Thank you for any advice

Comments

  • gingeralan
    gingeralan Posts: 224 Forumite
    Eighth Anniversary 100 Posts Combo Breaker
    If you got the documentation send them a copy showing that you only owe them 420. What ever you do though, pay them then dispute. You do not wanna get a bad credit rating for the sake of £12.50.
  • whambar
    whambar Posts: 39 Forumite
    Tenth Anniversary 10 Posts Combo Breaker Name Dropper
    Thanks Gingeralan,

    I sent them back the agreement they sent me, but they failed to respond to it. They are actually looking to charge me atotal of £472.50 so £52.50 more, half my gripe is the additional money the othre half me the general contempt for csutomers, I have heard the horror stories of spiralling cost with roll overs etc, I have declined these "generous" offers from them, but spiralling costs when I am sticking to teh agreement is just plain cheeky I think! But im gonna pay them, as you say I dont want a negative credit history from them,
  • gingeralan
    gingeralan Posts: 224 Forumite
    Eighth Anniversary 100 Posts Combo Breaker
    whambar wrote: »
    Thanks Gingeralan,

    I sent them back the agreement they sent me, but they failed to respond to it. They are actually looking to charge me atotal of £472.50 so £52.50 more, half my gripe is the additional money the othre half me the general contempt for csutomers, I have heard the horror stories of spiralling cost with roll overs etc, I have declined these "generous" offers from them, but spiralling costs when I am sticking to teh agreement is just plain cheeky I think! But im gonna pay them, as you say I dont want a negative credit history from them,

    Not a big fan of the idea of PDL's if I am honest. But hopefully once you are sorted you won't ever need to use a PDL again. They are more trouble than they are worth.
  • BrownBear9
    BrownBear9 Posts: 13 Forumite
    I approached quick quid expecting them to say “sorry, adminerror, now corrected” however they have said all loans are 30 days or less sothe old one becomes paid and a new one taken out, and the promo code is a one-timecode so does not apply to this second loan.

    Hello!

    I have used QuickQuid in the past- and what you have said above is correct- loans are only for 30-days or less -i.e. until your next payday.

    If I remember correctly, QuickQuid give you two options when you take out the loan- i.e. to pay the loan back in full on your next payday (in your case would have been 15 days later) or they give you a bit extra time to pay it back by offering a second option whereby you just pay an interest payment on your first payday and then on your second payday after the loan was issued pay back the amount borrowed plus another month's interest.

    If you go for the second option- which I assume you did!- i.e. to pay back over 2 paydays rather than one, I can confirm that QuickQuid mark the original loan as 'paid' on your first payday and then issue you with a new loan to be paid on your second payday.

    I think I understood your post correctly and I'm sorry to say I think QuickQuid are right- that's how they operate! You should have paid the loan back in full on your first payday after it was issued -i.e. 15 days later, because it has been extended for another 30 days you have incurred another months interest (and this interest is in full because the discount code is only valid for the first month).

    Sorry! I hope make reply makes sense!

    Best Wishes
  • BrownBear9
    BrownBear9 Posts: 13 Forumite
    PS

    Also forgot to say, I have had payday loans from half a dozen companies, of those half a dozen companies- QuickQuid and Month End Money- are reported on my credit file when I checked it....

    Therefore, I would advise that you pay what they request while trying to get further clarification on the matter...
  • whambar
    whambar Posts: 39 Forumite
    Tenth Anniversary 10 Posts Combo Breaker Name Dropper
    Thank you brownbear

    A shortwhile after posting last night I get a reply from QuickQuid resolution centre (after 2 x chases) they said sorry, admin error meant that promo code was not placed on this second loan, they did confirm I only had one loan but for thier own accounting purposes this shows as 2 seperate loans and the discount was not applied to the "second" loan as it should of been. They also aplogised for the incorrect reponse on two occassions from thier customer care team. However having checked online the closing payment is now correct. No response on how I managed to "sign" this second agreement at a later date, however and most importantly the payment is now corrcet. Thanks to those that replied.
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