Quick quid about to go bust

sourcrates

Yes the title is a tad mis-leading, the parent company (Enova) are withdrawing from the UK market, they are financially solvent, the fall guy is QuickQuid, who will, most likley, go bust, KPMG (Grant Thornton) are already lined up to administer the company.


The original concept was flawed from the begining, the idea to lend up to 100% of your monthly income, then add a big dollop of interest on top, was never going to go well for the debtor, if they were short one month, how could they possibly repay the full loan the next month, and still afford to live ?


The answer of course was they couldn`t, and hey presto, the rollover was born, which got you into an even worse mess, but then people got fixated on trying to borrow their way out of trouble, so they went to multiple lenders, borrowed again, and the mess got worse.

StrugglingNurse

I put in a claim back in March, I had an offer of £181 which I rejected due to inconsistency.

After going to the ombudsman, on 9th September, I had an offer of £1602.60, I accepted but no payout it has past the 28 days and my contact from ombudsman is on the case, but now I fear I won’t get anything with this latest news

iolanthe07

StrugglingNurse wrote: »

I put in a claim back in March, I had an offer of £181 which I rejected due to inconsistency.

After going to the ombudsman, on 9th September, I had an offer of £1602.60, I accepted but no payout it has past the 28 days and my contact from ombudsman is on the case, but now I fear I won’t get anything with this latest news

You might wish you had accepted the £181. According to the BBC news this lunchtime claimants "will be at the back of a very long queue".

twhitehousescat

iolanthe07 wrote: »

You might wish you had accepted the £181. According to the BBC news this lunchtime claimants "will be at the back of a very long queue".

why ? they are not going bust , they are not bankrupt , they are simply withdrawn from the UK


they should settle there affairs before going , just like any LAW ABIDING company would do

they will simply move activities to another country

wonga , did they go BUST , or just bail out , they seem to have reemerged in many countries inc africa https://www.wonga.co.za/

iolanthe07

twhitehousescat wrote: »

why ? they are not going bust , they are not bankrupt , they are simply withdrawn from the UK


they should settle there affairs before going , just like any LAW ABIDING company would do

they will simply move activities to another country

wonga , did they go BUST , or just bail out , they seem to have reemerged in many countries inc africa https://www.wonga.co.za/

I am just reporting on what was said on the BBC 1.00 pm news today.

Davy_Jones_II

Do you take the same view with borrowers who default, and have you always paid your debts in full and on time?

Kudos if you have, but there’s a real double standard that I see at play often, where people think it’s fine for them to default on debts, but outrageous when the shoe is on the other foot.

QuickQuid look to be doing what many on here have happily done, looked at their obligations, decided that they don’t like them, and so have used one of the perfectly legal routes to walk away from them.

Clive_Woody

Davy_Jones_II wrote: »

QuickQuid look to be doing what many on here have happily done, looked at their obligations, decided that they don’t like them, and so have used one of the perfectly legal routes to walk away from them.

There does seem to be a certain irony to the whole situation. I wonder if QuickQuid can claim compensation from anyone...

twhitehousescat

iolanthe07 wrote: »

I am just reporting on what was said on the BBC 1.00 pm news today.

yup bad reporting , the correct wording shoud have been

"shucks UK legislation has cought up with us , we are busted , time to move to Africa like wonga did"

"sod the millions of claims for mis selling , just wind it down to nothing and reform elsewhere"

Ergates

twhitehousescat wrote: »

why ? they are not going bust , they are not bankrupt , they are simply withdrawn from the UK


they should settle there affairs before going , just like any LAW ABIDING company would do

Welcome to the world of corporations owning corporations who own corporations. Shell upon shell upon shell.

The *parent* company are solvent and are withdrawing from doing business in the UK. Quick Quid will be a UK registered company who are owned by the parent. The parent will empty the cash register and walk off the park, leaving the now-insolvent Quick Quid to sort the mess out - which they obviously won't be able to do.

twhitehousescat

Ergates wrote: »

Welcome to the world of corporations owning corporations who own corporations. Shell upon shell upon shell.

The *parent* company are solvent and are withdrawing from doing business in the UK. Quick Quid will be a UK registered company who are owned by the parent. The parent will empty the cash register and walk off the park, leaving the now-insolvent Quick Quid to sort the mess out - which they obviously won't be able to do.

welcome to the UK , where companies can throw up 2 fingers to legislation and walk away

the company still has thousands of £ of payments due to them , this money should be held and used to pay FOS claims , the "books" as such should not be sold off to AN other company to collect , ue, if they are bust , then no more money to be paid to them or AN other company