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Help/advice needed re short term loan company
missphisto
Posts: 4 Newbie
Hello Folk's, another newbie I'm afraid 
I'm in dire need of advice please and quickly........
In March I found myself in desperate need of money to stop my Landlord serving a notice of seeking possession. I applied for a loan of £500 on Quick Quid (having used them before). Immediately after applying I realised that since I had used them last, I had changed Banks and it was my old details that were still on record.
The reason I had changed bank accounts was because the Coop Bank had closed my account on 8th January this year after 5 years due to me not conducting my account in a manner acceptable ( 3 returned DD's and insufficient funds on a couple of occasions).
As soon as I realised the wrong details were on record I immediately rang QQ customer services and spoke with someone who assured me that if the account was closed then the money would just "bounce back" to them and not to worry about it but that I could not apply for another loan until this was returned, my new details were added to the account and that was that.
As I was pretty desperate I was able to borrow the money from a elsewhere so did not need the QQ loan after all. I must admit that I did not give this another thought until yesterday when my wage was paid into the new account.
When I checked the balance I noticed a payment of £125 had been taken from my account by QQ. I was obviously annoyed and bewildered by this and after getting no joy trying to speak to a Customer Service Rep due to busy lines, I spoke on line to one of their advisors.
She apologised for the trouble I was having and admitted that it was noted I had informed them that the account was closed on application but informed me that I was held responsible for the £500 that was sent to that account and that the £125 was the initial re payment and that the next one at the end of this month would be the settlement payment of £650.
If I wanted them to try put a trace on the money I would have to get a letter from the Coop with all the details of the account and the date it was closed. I tried to explain that I should not be responsible after informing them and being told it would "Bounce Back" and that I felt they had taken money from my account without permission when I had never received the loan in the first place but got absolutely no where.
I rang the Coop bank and spoke with them explaining the situation. It was initially difficult due to me not having my details any more but the young lady I spoke with was very helpful and confirmed the account had indeed been closed on 8/1/14 and if I needed a letter I would have to write to them including a cheque for £10 and it could take a few weeks for it to be done, alternatively I could make an appointment and go into branch with a cheque for £10 and request one that way but it would still have to be forwarded to their offices and typed and posted back to me.
2 issue's arose there, first one I work full time so would have to take time off work to do this and lose pay I can ill afford and secondly if it was not back in time then I was at risk of QQ taking the £650 from my account leaving me without any wages for bills and essentials and more importantly my rent which is what got me into this mess in the first place.
I then rang QQ again and spoke with a gentleman who was very understanding and assured me he would raise a "Managers query" regarding the matter and that someone would get back to me within 24 hours.
He told me to take a screen shot of my bank account and e mail it to QQ (I printed it, blacked out non relevant entries then scanned it and attached it to an email) proving that £125 had in fact been taken from my account then he could try sort out getting it refunded.
I stupidly imagined that this was going some way to solving my problem until I returned from work today and checked my e mails and I had received the following.....
"In response to your query, we do apologise for any inconvenience you have experienced. In order to assist you further, we will need you to submit a copy of your final bank statement or closing statement from the account the funds were issued to. The statement should show your name, the bank's name, bank account number, sort code and transaction history including where it advises the account was closed.
If you have any queries, please contact our Customer Service team round the clock via phone, email or online chat."..........
So far I have had no luck in getting an answer via telephone or "chat".
I'm at a loss as to what to do for the best, am unsure as to what my rights are and need any advice or help any of you could offer.
Thanking you in anticipation
I'm in dire need of advice please and quickly........In March I found myself in desperate need of money to stop my Landlord serving a notice of seeking possession. I applied for a loan of £500 on Quick Quid (having used them before). Immediately after applying I realised that since I had used them last, I had changed Banks and it was my old details that were still on record.
The reason I had changed bank accounts was because the Coop Bank had closed my account on 8th January this year after 5 years due to me not conducting my account in a manner acceptable ( 3 returned DD's and insufficient funds on a couple of occasions).
As soon as I realised the wrong details were on record I immediately rang QQ customer services and spoke with someone who assured me that if the account was closed then the money would just "bounce back" to them and not to worry about it but that I could not apply for another loan until this was returned, my new details were added to the account and that was that.
As I was pretty desperate I was able to borrow the money from a elsewhere so did not need the QQ loan after all. I must admit that I did not give this another thought until yesterday when my wage was paid into the new account.
When I checked the balance I noticed a payment of £125 had been taken from my account by QQ. I was obviously annoyed and bewildered by this and after getting no joy trying to speak to a Customer Service Rep due to busy lines, I spoke on line to one of their advisors.
She apologised for the trouble I was having and admitted that it was noted I had informed them that the account was closed on application but informed me that I was held responsible for the £500 that was sent to that account and that the £125 was the initial re payment and that the next one at the end of this month would be the settlement payment of £650.
If I wanted them to try put a trace on the money I would have to get a letter from the Coop with all the details of the account and the date it was closed. I tried to explain that I should not be responsible after informing them and being told it would "Bounce Back" and that I felt they had taken money from my account without permission when I had never received the loan in the first place but got absolutely no where.
I rang the Coop bank and spoke with them explaining the situation. It was initially difficult due to me not having my details any more but the young lady I spoke with was very helpful and confirmed the account had indeed been closed on 8/1/14 and if I needed a letter I would have to write to them including a cheque for £10 and it could take a few weeks for it to be done, alternatively I could make an appointment and go into branch with a cheque for £10 and request one that way but it would still have to be forwarded to their offices and typed and posted back to me.
2 issue's arose there, first one I work full time so would have to take time off work to do this and lose pay I can ill afford and secondly if it was not back in time then I was at risk of QQ taking the £650 from my account leaving me without any wages for bills and essentials and more importantly my rent which is what got me into this mess in the first place.
I then rang QQ again and spoke with a gentleman who was very understanding and assured me he would raise a "Managers query" regarding the matter and that someone would get back to me within 24 hours.
He told me to take a screen shot of my bank account and e mail it to QQ (I printed it, blacked out non relevant entries then scanned it and attached it to an email) proving that £125 had in fact been taken from my account then he could try sort out getting it refunded.
I stupidly imagined that this was going some way to solving my problem until I returned from work today and checked my e mails and I had received the following.....
"In response to your query, we do apologise for any inconvenience you have experienced. In order to assist you further, we will need you to submit a copy of your final bank statement or closing statement from the account the funds were issued to. The statement should show your name, the bank's name, bank account number, sort code and transaction history including where it advises the account was closed.
If you have any queries, please contact our Customer Service team round the clock via phone, email or online chat."..........
So far I have had no luck in getting an answer via telephone or "chat".
I'm at a loss as to what to do for the best, am unsure as to what my rights are and need any advice or help any of you could offer.
Thanking you in anticipation
0
Comments
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Please can you break this up into paragraphs? My eyes crossed after the 3rd line...LBM July 2006. Debt free 01 Sept 12 .. :T
Finally joined Slimming World: weight loss 33lbs...target achieved 51wks later 06.05.13 & still there :j
Aim to be mortgage free in 2022. Jan 17 33250 Nov 17 27066 Mar 18 24498 Sep 18 20608 Nov 18 19250 Jan 19 17980 Mar 19 16455 May 19 15024 Nov 19 10488 Feb 20 8150 May 20 5783 Aug 20. 3305 Nov 20 859 Mortgage free, 02.12.20200 -
QQ have advanced you £500 in good faith. You supplied the wrong account details. So QQ have done nothing wrong.
Onus is on you to do something to help trace the money. Not QQ's problem as they have no authority to approach the Co-Op bank.
If you don't do as requested. Then you'll have to wait until the money eventually is returned which as you've found, can take some weeks to be actioned.0 -
Thrugelmir wrote: »QQ have advanced you £500 in good faith. You supplied the wrong account details. So QQ have done nothing wrong.
Onus is on you to do something to help trace the money. Not QQ's problem as they have no authority to approach the Co-Op bank.
If you don't do as requested. Then you'll have to wait until the money eventually is returned which as you've found, can take some weeks to be actioned.
OP says they contacted QQ straight after applying to advise of incorrect account details and they were advised not to worry about it. It seems QQ could have stopped the payment at this point but failed to do so.
Hard to see how OP is liable if everything said is correct.What will your verse be?
R.I.P Robin Williams.0 -
OP says they contacted QQ straight after applying to advise of incorrect account details and they were advised not to worry about it. It seems QQ could have stopped the payment at this point but failed to do so.
Hard to see how OP is liable if everything said is correct.
They did not say that they could stop it, they said that it should bounce if the account was closed.
The OP is liable because they provided the wrong details. It is perfectly possible that the money was sent before they called through. The company is, after all, called "quick quid". They do rather make a point of getting the money sent rapidly.0 -
The OP has given a long explanation of their situation and is clearly seeking help, and by all accounts quite desperate.
The replies above which are critical, are of no real help whatsoever. If the OP has made a mistake, so be it. None of us are perfect.
Personally, I don't know the answer, but if anyone can help or offer any constructive advice it would be helpful. Afterall, isn't this what this site is supposed to be all about?0 -
Thank you all for your input. I do realise that I was the one who did not change my details but I did inform them literally within 5 minutes of applying as I realised immediately on clicking the final button, the only reason it took a few minutes was due to me waiting for a Rep to answer the phone. I am well aware these companies are trading (and getting rich) on people's desperation but when you have no other option to keep a roof over your head then sometimes they are your only lifeline. I hope one day to be in a position where I no longer have to rely on companies like this but at this moment in time, working full time and still getting nowhere that does seem to be a bit of a dream.0
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The more you use them, the less money you'll have.missphisto wrote: »I hope one day to be in a position where I no longer have to rely on companies like this but at this moment in time, working full time and still getting nowhere that does seem to be a bit of a dream.
A short period a severe personal austerity to fund a savings account which you use as an emergency reserve (instead of taking the easy option of an overpriced loan) can get you out of this negative spiral.0 -
missphisto wrote: »I am well aware these companies are trading (and getting rich) on people's desperation
Like any other company really. (supermarkets, energy suppliers, plumbers, builders, airlines, sweet shops etc etc)0 -
I would get a hard copy of the last statement, from your old bank, and send a copy (by recorded delivery) to the loan company, and at the same time send a postal letter (by recorded delivery) to the bank requesting that they trace and return this payment to the loan company, as soon as possible.
At that point, I would think, the loan company can reimburse you for any payments they have taken.
Lin You can tell a lot about a woman by her hands..........for instance, if they are placed around your throat, she's probably slightly upset.0 -
has the co-op actually confirmed that the money arrived there and that they returned the money to QQ :
the fact that some-one told you the a/c is closed doesn't seem to prove anything0
This discussion has been closed.
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