Quickquid Successful Reclaim

glennstar

boo_star wrote: »

The FCA can't really win in this scenario, although I do think they were somewhat negligent regardless.

Boo, I disagree. There are 3 or 4 simple things that could be done by the FCA to resolve this situation.

1. Ensure the CRA industry in the UK is fit for purpose,
2. Ensure the DoJ/Police/Action Fraud take this sort of crime seriously,
3. Robustly pursue proceeds of crime,
4. Ensure PDLs (and other similar companies) are funded according to a stricter criteria.

1. Most of the CRA industry still isn't real time. This means that borrowers who want to game the system can do so because of the lag in system, When Lez79 says sure the PDLs have cottoned on to some of this low level crime... well yes they know about it but no, they can't necessarily do anything about it because they don't have the real time data to hand... and the last thing they need to do is falsely accuse people of things.
2. If there was a robust and easy to use mechanism to report this low level crime then lenders would use it. The fact is no one in the criminal justice system cares about this type of crime.
3. If the Lender knows a crime has been committed and profited from it then plainly any money then subsequently make can be seized as proceeds of crime. This is particularly relevant if they are servicing debt as plainly that money and those organisation would be subject to the same issues. This is an important point.
4. Many PDLs get their money (more specifically their loan book) from VCs, PEs and the like. Usually they will be servicing debt on that funding at anywhere between 12% and 20%. The second that finance is arranged the PDL is in a trap. They now have an obligation to write loans otherwise they will not be able to afford the loan book. As a result the financial function of the business will drive the risk side of the business to set the criteria at a level which will pay the fixed costs of the business, the cost of the finance and whatever profit they feel they need for the investors. If the FCA wanted to do anything they could stop PDLs (and similar) getting finance via this mechanism because it encourages bad behaviour.

Point 4 is probably the most important/impactful... and is something the FCA is familiar with as they have done it with the insurance industry since the 90s.

TomW1988

Pete12 wrote: »

Hi TomW, did you get any further with you claim? I’m in exactly the same bit as you are. QuickQuid agreed with the FOS assessment and on 11/09/19 I was told it would take no more than 28 days for payment to be made. It’s now day 43 and I’ve been chasing every day in between and apart from being ‘escalated’ haven’t got much further. With the news that they’re on the verge of administration I’m desperate to receive the redress beforehand as they’ve offered me £1563. Today when I spoke with them I asked to be out through to the manager who told me the Resolutions team are unavailable now until Monday - probably with this mews in mind. I just hope they haven’t stopped paying out!!

Hi Pete,

Nothing, was told beginning of last week that they will sort this out as a matter of urgency via Ashley Howard.

It’s only today after I emailed Ashley Howard I’ve been made aware of QQ going into Admin