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!

InvernessIron

Good Morning,

Having much the same issue with QQ as you. Took out a flexi loan sometime back in January. I was unable to pay it off in full last month, spoke to them on the day like they said and tried to arrange a payment plan. I asked to pay a certain amount off each month for 10 months, however they said they would have to have 3 bigger payments for the first 3 months which I can simply not afford. Currently in discussions with them via email to try and sort something out but it doesn't look great.

Really don't know what step to take with them.

Apologies for not helping with your matter, just letting you know you're not the only one!

lola.lo

InvernessIron wrote: »

Good Morning,

Having much the same issue with QQ as you. Took out a flexi loan sometime back in January. I was unable to pay it off in full last month, spoke to them on the day like they said and tried to arrange a payment plan. I asked to pay a certain amount off each month for 10 months, however they said they would have to have 3 bigger payments for the first 3 months which I can simply not afford. Currently in discussions with them via email to try and sort something out but it doesn't look great.

Really don't know what step to take with them.

Apologies for not helping with your matter, just letting you know you're not the only one!

Thanks for the reply - I definitely won't be able to make 3 large payments - I wonder if it is worth speaking to a debt support helpline/charity and seeing if they can work something out with them? At present the loan is due to be paid off in November and as the payments originally stood I could have managed that and even paid off a little earlier but they don't seem to take kindly to changes in pay dates!

Sazzie23

lola.lo wrote: »

Thanks for the reply - I definitely won't be able to make 3 large payments - I wonder if it is worth speaking to a debt support helpline/charity and seeing if they can work something out with them? At present the loan is due to be paid off in November and as the payments originally stood I could have managed that and even paid off a little earlier but they don't seem to take kindly to changes in pay dates!

Hi Lolalo

Nothing to be lost by speaking to National debtline or Stepchange, seems harsh of QQ but I think they are just getting the account up to date and you would be having an extra 13 days of so interest charges. As its a flexi-loan, could it not flex to increase amount owing...although obviously not a good thiing in itself be better than landing that £100 charge they seem to be stinging you for.

lola.lo

Sazzie23 wrote: »

Hi Lolalo

Nothing to be lost by speaking to National debtline or Stepchange, seems harsh of QQ but I think they are just getting the account up to date and you would be having an extra 13 days of so interest charges. As its a flexi-loan, could it not flex to increase amount owing...although obviously not a good thiing in itself be better than landing that £100 charge they seem to be stinging you for.

Hi Sazzie23

I agree, I emailed them yesterday outlining that I cannot afford the sum they are quoting but that I'm happy to compromise with them and agree a payment that is acceptable to them and one I can afford. I did stress I wanted to sort this out before the payment due date but they've simply replied saying I need to call up on the date they will try and fail to take the payment!

I currently owe £1800.00 and so I am going to see if we can freeze the interest and I can make payments over 9 months of £200.00 - long shot but if it is acceptable to them that would make things manageable and also give some light at the end of the tunnel for me!

sourcrates

lola.lo wrote: »

Hi Sazzie23

I agree, I emailed them yesterday outlining that I cannot afford the sum they are quoting but that I'm happy to compromise with them and agree a payment that is acceptable to them and one I can afford. I did stress I wanted to sort this out before the payment due date but they've simply replied saying I need to call up on the date they will try and fail to take the payment!

I currently owe £1800.00 and so I am going to see if we can freeze the interest and I can make payments over 9 months of £200.00 - long shot but if it is acceptable to them that would make things manageable and also give some light at the end of the tunnel for me!

Hi,
I would take precautions to ensure QQ don't empty your account as soon as your wages are paid in, for example, contact your bank and cancel the constant payment authority which allows them to debt your account, as they will try, and keep trying, at different times, and for varying amounts, until you agree otherwise with them, also request there bank details so you can pay via online banking or a standing order, puts you back in control then.

lola.lo

sourcrates wrote: »

Hi,
I would take precautions to ensure QQ don't empty your account as soon as your wages are paid in, for example, contact your bank and cancel the constant payment authority which allows them to debt your account, as they will try, and keep trying, at different times, and for varying amounts, until you agree otherwise with them, also request there bank details so you can pay via online banking or a standing order, puts you back in control then.

Hi Sourcrates, thanks for the tip. Do I need to cancel the CPA in writing with my bank and do I need to let Quick Quid know?

sourcrates

lola.lo wrote: »

Hi Sourcrates, thanks for the tip. Do I need to cancel the CPA in writing with my bank and do I need to let Quick Quid know?

Ideally yes to both, backed up by a phone call to your bank, and if future attempts are made to debt your account once cancelled, you need to be on to the bank ASAP to make sure the money does not go to them, need to keep checking your account as these PDL companies are very slippery !!

National_Debtline

Hi all

The following links are to letter templates for asking your card issuer/bank and lender respectively to cancel the CPA:

Card issuer/bank:
https://www.nationaldebtline.org/EW/sampleletters/sole-letters/Pages/Withdraw-your-continuous-payment-authority-from-your-card-issuer-%28sole-name%29.aspx

Lender:
https://www.nationaldebtline.org/EW/sampleletters/sole-letters/Pages/Withdraw-your-continuous-payment-authority-from-payday-loan-company-%28sole-name%29.aspx

Hope that helps

Dennis
@natdebtline

lola.lo

Thank you Sourcrates & National Debtline for the advice & templates - going to draft the letters and post this lunchtime and put a call into my bank later. Also going to email QuickQuid a copy of the letter for their records!

National_Debtline

lola.lo wrote: »

Thank you Sourcrates & National Debtline for the advice & templates - going to draft the letters and post this lunchtime and put a call into my bank later. Also going to email QuickQuid a copy of the letter for their records!

Excellent, please keep us updated

- David.