QuickQuid I CANT PAY!!!

xe0n

Hi Guys. Right I am on a mission to get this money under control.

Like a complete prat I took out a QuickQuid loan back towards the beginning of the year, big bills came and I had to extend it with the fancy "you have upto 850 limit" yes I topped it to about 750, but they are asking for around 2.5k back and I CANT afford that now my wife has lost her job!.

First thing is, I CANT afford £150 per month to QuickQuid for the next 8 months, its insane and they will not accept ANY other payment option.

How can this be?, Surely If I prove with a statement of affairs that I physically cant afford it they have to deal with it or pass it onto a collection agency? This is pure usury and enslavement, I know I should have checked the small print first but things where tough and they practically shoved it down my throat.

Also would the government backed min £1 per month payment template surface where they are legally bound to freeze ALL interest and accept my arrangement?.

I am really worried about this, they took 170 from my wage 2 days ago and its really affected this month. I don't know what to do about them. Please any advice would be great.

Cycrow

they are not legally bound to freeze anything or accept any minimal payment.

how much can you realistically afford each month ?

they can ask for any amount they like each month, if you dont pay, they can take you to court. But the court will only order a payment that you can afford.

perhaps posting up a SOA will help

sharp82

You need to really speak to one of the debt charities

I had a quik quid loan, could afford it. Payplan contacted them with a summary of my incomings and outgoings, and arranged a payment plan. They were fine about it

Think they get £21 a month now. It was £122

xe0n

Cycrow wrote: »

they are not legally bound to freeze anything or accept any minimal payment.

how much can you realistically afford each month ?

they can ask for any amount they like each month, if you dont pay, they can take you to court. But the court will only order a payment that you can afford.

perhaps posting up a SOA will help

50 per month that would allow for all other bills to be paid and a "safe" kitty of £50 per month remaining for emergancys.... However I do not think they would do this. BUT I have had an offer for a personal loan of the full amount to settle this (1000 I think) and the repayments on that is only £69 per month as apposed to the 150 QuickQuid want. Seems like I am stealing from Peter to pay paul, but in this case it would save me money per month but extend the debt over a slightly longer period of time.

What do you think?,

Also what is SOA?

Tixy

Quickquid have signed up to tje new code of practice for short term lenders see here
https://www.quickquid.co.uk/lending-code.html

Useful to note is this section

If you are having problems repaying your loan, we will:

• Deal with cases of financial difficulty sympathetically and positively and do what we can to help you manage what you owe.
• Freeze interest and charges if you make repayments under a reasonable repayment plan or after a maximum of 60 days of non-payment.
• Tell you about free and independent debt-counselling organisations who can also help you.

So the most they should charge you is 60days interest.

You first need to contact your bank to ensure that the CPA is cancelled. Ideally do it in writing, though it may be worth calling and then follow up in writing. Your bank is obliged to cancel the CPA, don't let them tell you otherwise.

Once the CPA is cancelled then you will be in charge of how much you pay.
You can then either send a payment proposal yourself that you can afford or contact a debt charity who will help you with that. Given that you have priority debt arrears as well then you should only really be paying token payments to this debt until the priority items are repaid.
If you do write to them yourself you may want to refer to the code of practice.

jbworldwide

Hi an SOA is a statement of affairs and I have seen the link in the welcome sticky at the top of this page.

A loan which gets your payment down to £69 per month seems to be a reasonable option (depending on the interest rate) and is a better proposition than the £150 per month in terms of affordability.

However I imagine that you will still pay more interest, but keeping your head above water until things might improve is the best option.

Tixy

A SOA is a statement of affairs, basically a monthly income & expenditure account showing income and living costs and then showing how much you have spare towards debt repayments. This is the format recommended on these forums http://www.stoozing.com/calculator/soa.php

xe0n

Tixy wrote: »

Quickquid have signed up to tje new code of practice for short term lenders see here


Useful to note is this section

[/LIST]So the most they should charge you is 60days interest.

You first need to contact your bank to ensure that the CPA is cancelled. Ideally do it in writing, though it may be worth calling and then follow up in writing. Your bank is obliged to cancel the CPA, don't let them tell you otherwise.

Once the CPA is cancelled then you will be in charge of how much you pay.
You can then either send a payment proposal yourself that you can afford or contact a debt charity who will help you with that. Given that you have priority debt arrears as well then you should only really be paying token payments to this debt until the priority items are repaid.
If you do write to them yourself you may want to refer to the code of practice.

Thanks, Funny though as I have just contacted QuickQuid to make an offer of 350 today and then the remaining they could spread over a longer period of time. The lady refused to continue dialog and insited I call a debt charity (which I was expecting)

Then I quoted: Deal with cases of financial difficulty sympathetically and positively and do what we can to help you manage what you owe.
Freeze interest and charges if you make repayments under a reasonable repayment plan or after a maximum of 60 days of non-payment.

She did not know what to say to me other than its £180 minimum payment and that is the best they can offer, I then asked to speak with her management who apparently are busy and not available to which she gave me the number for the "final resolutions department" and said they may help. I will see when I am out of work later what they say and update.