Anyone have experience with quick quid?

bradztheman

Hi, i need some advice here as my girlfriend is in debt with quick quid and it stands at £1024!

Silly, yes i know, we all make mistakes, its the first time she's taken out a payday loan and can't pay it back now that she has lost her job and says never will she do it again as the interest is going up, as the loan has gone up. Bigger the loan gets, more the interest.

She has contacted them saying she can't afford to keep up with the payments, and they have put her account into hardship. They have emailed her a expenditure form to fill out, which she has done, and obviously her outgoings are far more than her incommings.

She sent this form back to them via email a few days ago but still no responce...

What rights does she have when it comes to interest fee's, a payment plan, or simply offering a settlement amount less than the loan total amount?

Has anyone had dealings with them, if so what sort of outcome can she expect from them?

DCFC79

Can you not help out with the payments ?

jonesMUFCforever

Has she nothing she could sell to offset the debt?

bearcat16

Think carefully before you go down this road, as the effects will be long lasting.

It is annoying to pay there huge interest charges, but what you (she) is asking them to do is known as debt-management plan. This is a sort of informal insolvency procedure and will basically destroy her ability to access most forms of credit for at least 6 years.

That means, no pay monthly mobile phone contracts, overdrafts, credit cards, car finance, personal loans, most types of gas and electricity accounts, and of course the biggie - Mortgages.

All for a debt of £1,024?!

Most people who enter DMPs have much higher debts than this, and it basically the last resort, aside bankruptcy.

In my humble opinion, it would definitely not be worth the damage this will do to her credit worthiness for just £1,024.

If possible (though it might be too late if the lender has already registered a default on the account) I would pay that with 0% money transfer credit card with a long promotional period, such as MBNA with 34 months. That will then be £30 or so per month, and no interest.

Or borrow the amount from friends or family (or you!).

Act fast though, she really doesn't want to wreck her credit for such a small amount.

bradztheman

My new iphone is up for sale to help pay off half, already made payments a couple of payments, and im planning to pay it off with my wages over the next 2 months, the question is, do they actually default the account if it is in 'hardship' mode????

My credit is bad enough as it is and i cant get accepted for a credit card, although she's applied for one, the only one she is applicable for it the aqua classic which is on its way, HOWEVER, quickquid dont accept credit card payments! So it may mean withdrawing on the card, which is alot less interest than quickquid.

If they can give 2 months to pay this off then not a problem, providing they dont mark it as default?? Im not sure what their proceedure is...

glentoran99

bearcat16 wrote: »

Think carefully before you go down this road, as the effects will be long lasting.

It is annoying to pay there huge interest charges, but what you (she) is asking them to do is known as debt-management plan. This is a sort of informal insolvency procedure and will basically destroy her ability to access most forms of credit for at least 6 years.

That means, no pay monthly mobile phone contracts, overdrafts, credit cards, car finance, personal loans, most types of gas and electricity accounts, and of course the biggie - Mortgages.

All for a debt of £1,024?!

Most people who enter DMPs have much higher debts than this, and it basically the last resort, aside bankruptcy.

In my humble opinion, it would definitely not be worth the damage this will do to her credit worthiness for just £1,024.

If possible (though it might be too late if the lender has already registered a default on the account) I would pay that with 0% money transfer credit card with a long promotional period, such as MBNA with 34 months. That will then be £30 or so per month, and no interest.

Or borrow the amount from friends or family (or you!).

Act fast though, she really doesn't want to wreck her credit for such a small amount.

I entered a DMP in 2011 with a debt of around 35000


Throughout that time I have had mobile phone contract, Overdraft, and mortgage, and in the last few months was able to get a mainstream credit card, so to be able to get no credit for 6 years after one default is not true




also if the person has a payday loan they aren't going to be able to get a long 0% transfer card

Candyapple

It's amazing how many people become unemployed so quickly after taking out a payday loan.

If your girlfriend has filled out an income / expenditure form and her outgoings are more than her income - how exactly is she going to be funding this given she is unemployed? If this is a long term issue of her living above her means it will only lead to the same problem occurring again down the line either with another payday lender or perhaps loans / credit cards / overdrafts.

What did she do with the money she got from the payday lender? If she bought something, can she not sell it?

I understand you as her partner want to help her out, however the onus should be on her to tackle her own problems and not rely on being bailed out by parents / partner. Is she actively job seeking? Has she set herself a budget so this doesn't happen again?

bradztheman

Just spoke to quickquid, your right, the account does default, so we've cancelled the hardship route.

When she took out the loan it was over a 2 month period, so she's still within time to make a payments but it just needs to be quick as the interest is going up by around £10 a day!! Hence why im selling my new iphone for her, and trying to pay what i can for her.

If i can sell the iphone, thats half the battle and the interest wont rise as quickly.

fruitisbad

bradztheman wrote: »

HOWEVER, quickquid dont accept credit card payments! So it may mean withdrawing on the card, which is alot less interest than quickquid.

Don't do this, (you may not even be able to do this), buy shopping, every day goods on the card as purchases are 0%, then put the cash you would have spent on these items towards the debt. You'll pay a fee on cash withdrawlls.

bradztheman

Got it down to £250 already

Sold new iphone 6s and managed to make a couple more smaller payments!! Saves a couple hundred in interest paying it sooner rather than later