Quick Quid Extension Issue

Telly74

Hi everyone,


I took out a quick quid loan for an emergency payment of an unexpected bill a couple of months ago.


I was all set to pay it back as planned, when my car packs up, needing repairs and money spent on it.


I log into my Quick Quid account to see if I could extend the repayment time and yes I could. It even offers you a top-up or an extension as soon as you log in! I just had to pay the interest charge that month instead of the full loan amount and then pay the full loan amount plus interest the following month.


Great, I thought, I can get my car sorted and pay back one month later without any issues.


WRONG!


I pay back the loan in full one month later as agreed by the extension plus the interest for the extra time. I then check my credit file and to my horror I see my score has shot down and against this Quick Quid account the record shows that payment was at least 2 months late!


What on earth has happened here? Is this correct? I have a couple of questions below too please:


1) Why have I been marked as making two late payments when this was (what I thought) was a simple extension which I paid for with extra interest and paid on time as agreed?


2) Why was I not informed such an extension would impact my credit file so dramatically? Should I have been?


Any answers would be greatly appreciated.

takman

What website are you using to check your "credit score"?. If you paying any monthly fee for this then stop this immediately because it's a waste of money. A score is just a number made up by them to get you to continue to pay a monthly fee.

If your worried about your credit worthyness then you shouldn't be taking out payday loans. People who need payday loans are bad at handling their money so having them on your record is a big negative to credit providers. You should be putting an amount every month for an emergency fund to pay for things like this. Plus car repairs are to be expected so you should have some money put away for this too.

Finally ithe does sound like they have marked it incorrectly from what you say. But you need to ring them up and find out what they say.

National_Debtline

Hi Telly74,


I would suggest that you get in touch with Quik Quid to begin with, do this in a letter or email and ask them why your credit file has been marked in this way. You can also ask them where they advise customers of this risk to their credit rating (unfortunately, it could be in the fine print of the Terms and Conditions - if that is the case then there may not be much you can do).


However, if you feel you have had bad service you can still complain, initially to Quik Quid, and then escalate the matter to the Financial Ombudsman and the Information Commissioner to try and get your credit file information amended. If it remains on there then you could consider adding a Notice of Correction to give this mark more context. But I am afraid that takman does raise an interesting point, that payday loans are generally damaging to a persons credit worthiness - even when they are paid correctly. Good luck,


Laura
@natdebtline