Quick quid about to go bust

soolin

Looks like Quickquid might be in trouble

https://www.thisismoney.co.uk/money/cardsloans/article-7609735/Is-Britains-biggest-payday-lender-QuickQuid-verge-administration.html

boo_star

soolin wrote: »

Looks like Quickquid might be in trouble

https://www.thisismoney.co.uk/money/cardsloans/article-7609735/Is-Britains-biggest-payday-lender-QuickQuid-verge-administration.html

With so many customers reclaiming and essentially getting interest free loans (despite being the riskiest borrowers you can lend to) it's not really surprising.

The new-ish cap on interest charged can't have helped, especially if they didn't change their customer profile.

Aqua1985

These not will not be missed. With the interest rates they were charged they were no good to man nor beast. Just a shame the refunds people were due will now not to be paid. Argument to be had that these types of claims should be covered in the same way bank deposits are.

twhitehousescat

2 problems regarding refunds

1: the financial ombudsman is heavily understaffed , often taking over 12 mths to sort a case out

2: the financial ombudsman has no clout , they can make suggestions , but the loan co does not need to comply with them

[Deleted User]

Aqua1985 wrote: »

These not will not be missed. With the interest rates they were charged they were no good to man nor beast. Just a shame the refunds people were due will now not to be paid. Argument to be had that these types of claims should be covered in the same way bank deposits are.

Haven't YOU used payday loans? They were of use to you when you when it suited. Its just a shame people don't take responsibility for their own actions and not use payday loans irresponsibly in the first place.

Willing2Learn

I am just glad that another PDL company has bit the dust. If they had followed the regulators requirement to hold an assessment of affordability which was proportionate – to determine if a prospective borrower would be able to repay their loan. Regulators did provide all the necessary written guidance and rules. If the QQ policies and procedures did not consider the rules and guidance then that is just an example of another flawed business model.

twhitehousescat

Quickquid havnt gone bust


there american parent company are worth millions

what they have done tho is "the great escape"

they now realise that UK legislation has cough up with them , and the days of reaping it in have gone

by bailing out , they are bypassing all claims for compensation

leave a couple of k in the pot , let the administrators split that between the many k of claims

ndf9876

twhitehousescat wrote: »

2: the financial ombudsman has no clout , they can make suggestions , but the loan co does not need to comply with them

Incorrect. FOS decisions made by an Ombudsman (not an Adjudicator) are legally binding.

Clive_Woody

Can't be many payday lenders left now, wonder where their previous audience will turn for money now.

twhitehousescat

ndf9876 wrote: »

Incorrect. FOS decisions made by an Ombudsman (not an Adjudicator) are legally binding.

correct , but as I have found out (with provident) they CANNOT force them to hand cash back

twhitehousescat

they are NOT NOT NOT going bust , they are simply bailing out of the UK , knowing that the FSO has and will make more cases against them

instead of abiding by UK law and repaying interest , they are sneaking off scott free

"QuickQuid's US owner Enova had been working for months to reach a deal with authorities after customers filed more than 3,000 complaints about the company with the financial ombudsman in the first six months of this year. But Enova's chief executive David Fisher has said the company will now withdraw from the UK this quarter."