Quick Quid woes

lola.lo

Hi all

I have a flexi loan with Quick Quid that I took out in October of last year and I am in the process of paying this off.

My pay date has recently changed and so I emailed support on Monday with a copy of my most recent payslip and a note explaining that my repayment date (currently 17 April) needs to be amended to the last day of the month from April 2014.

As I had no response or acknowledgement I gave them a call today. Cue a twenty minute phone call (most of it on hold). The advisor informed me that they could update the repayment date and that there would be two options for me:

Option 1: make the original payment on 17 April of £304 and then an additional payment on 30 April of around £188

Option 2: make one payment on 30 April of £488.00

I asked if this extra payment on 30 April in Option 1 and the increased sum in Option 2 was a charge for changing my pay date. They assured me it wasn't and it was simply the interest I was owing.

I explained I wouldn't be able to afford that payment on 17 April which was the whole reason I was calling as my pay date has changed. I confirmed I would have to go with option 2 (not ideal) and they put me on hold for the 3rd time.

Once I was back off hold they then gave me the options again but then told me Option 2 would actually cost me £588 :eek: at this point I made it very clear that I could not afford to pay this amount. They then advised me that they would keep my repayment date at 17 April and I would need to ring the Collections department on the afternoon of that date and explain my situation and they would then look at a repayment plan. I advised the advisor that I wanted notes on the record for them to see that showed our conversation and that this was the advice she gave me which she agreed to do.

I also asked her if this meant, because technically I had missed a payment, a default would show on my file. She advised that if I called that afternoon ("giving time for the payment to bounce and come back as unpaid") they would make sure it didn't show as a non payment/default and I could arrange something with the Collections team.



This just doesn't feel right to me in terms of allowing them to try and take payment and it bouncing back, and then having to call Collections to arrange a repayment plan. Has anyone had a similar experience? I'm also wondering what the process/rules are RE repayment plans with QQ and whether I should take this opportunity to negotiate lower monthly payments (hopefully with frozen interest) so I can get out of the loan loop.

I'm planning to email the collections department to make a note of and record the conversation I had today as I'm wary that it was on the phone.

Thank you for reading this far if you have as I appreciate it was a lengthy post!

Tixy

I would advise you not to let them try to take the payment on the 17th if you know it will bounce (not least because your bank may charge you, and because they may try to take smaller amounts which will leave you without funds for priority expenses).

I would ask the bank to cancel the CPA and then I would write to QQ to offer a repayment plan that is affordable to you (and ask them to consider freezing interest perhaps mentioning the Consumer Finance Code of Practice) .

Quick Quid are members of the CFA. And CFA members have agreed to this 'enhanced' code of practice - http://www.cfa-uk.co.uk/assets/files/Oct_CFA%20Lending%20Code%20for%20Small%20Cash%20Advances%20-%2030.10.13.pdf

Point 5.6 specifically states that they will freeze interest after a maximum of 60days. And should freeze it sooner if you agree a reasonable repayment plan.

lola.lo

Tixy wrote: »

I would advise you not to let them try to take the payment on the 17th if you know it will bounce (not least because your bank may charge you, and because they may try to take smaller amounts which will leave you without funds for priority expenses).

I would ask the bank to cancel the CPA and then I would write to QQ to offer a repayment plan that is affordable to you (and ask them to consider freezing interest perhaps mentioning the Consumer Finance Code of Practice) .

Quick Quid are members of the CFA. And CFA members have agreed to this 'enhanced' code of practice - http://www.cfa-uk.co.uk/assets/files/Oct_CFA%20Lending%20Code%20for%20Small%20Cash%20Advances%20-%2030.10.13.pdf

Point 5.6 specifically states that they will freeze interest after a maximum of 60days. And should freeze it sooner if you agree a reasonable repayment plan.

Hi Tixy thanks for this, I am concerned about the payment bouncing and being charged by my bank. Do I need to cancel the CPA in writing? I'm conscious that the payment is due to go out on 17 April which doesn't leave much time!

Tixy

You can do it in writing, by phone, or even by going in to the local branch.

You need to cancel the CPA with the bank at least 1 day before the payments would be taken.

lola.lo

Fab thanks Tixy - I've been given some letter templates so will be using them and posting today but will also give the bank a call.

Thank you so much for your advice!

appleblossum

quickquid have been very patient with me -tho now they wont lend me any more as you have already called them, i suggest you go into your bank on monday and fill out a form to CANCEL THE CPA (continuous payment authority) and tell QQ too you have done this. . Now..if QQ try to collect on your debit card your bank are legally obliged to refund you.without penalty.
I did this last year and actually once QQ were told i had done it they removed my details and then i got a nag mail to setup a payment method (they dont accept cash nor bank transfer). At this point you are then back in control. I too ad to wait till the account then defaulted by then collections will happily agree to a new payment arrangement. You will probably have to pay the £12 default fee but no more interest. They are definitely one of the best when it comes to not charging you extra-based on what you said they were probably simply doing it as a rollover loan.

scrimper88

Last year I realisedI could no longer afford to keep rolling over and spoke to someone Ion the live chat and they set me up a pre default payment plan (as my due date hadn't yet passed) and I had no trouble with it what so ever.