Quick quid about to go bust

[Deleted User]

Aqua1985 wrote: »

Not really sure of your point. I was one of the lucky ones who got the money I was owed and paid in full with interest, as I was entitled.

I feel sorry for the many thousands who are legally due redress and now CEN will run away and shirk their responsibilities. Shell company set ups like this should not be allowed and the FCA should hang their hand in shame.

Can you really not see the hypocrisy of what you are posting? What about all those people who borrowed money from QuickQuid agreed to the terms and conditions and then shirked their responsibility to repay the money as originally agreed? Then after shirking said responsibility went on to reclaim what interest they had paid sometimes because they lied on the application form to make the loan seem affordable when it wasn't? Why is that any more acceptable than QuickQuid folding and being unable to repay its creditors when you yourself have had CCJ galore in the past?

I get that some people who used PDL are desperate but some are just !!!! with money. It is a bit like those secured loans advertised on tv before the 2008 crash. "Do you owe lots of money? Are you rubbish at borrowing money and paying it back? Do you have CCJ? Well why not borrow up to £25k and secure it against your home?" :eek:

I know people who have successfully used PDL as a one off where the interest on the PDL was less than the bank charges for direct debits bouncing so they're not necessarily a bad product per se.

All these claims are just going to see more and more PDL fall and then where are people on the bottom rung of the credit ladder going to go? If you have taken out loans with other PDL then you better get your claims in quick before they go down the toilet too because it's only a matter of time.

M_Thomson

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 they are not going bust , they are not bankrupt , they are simply withdrawn from the UK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

QuickQuid have gone bust. They are in Administration. You’ll be lucky to see anything. Wonga overseas is not new. They have always had subsidiaries in Canada, Poland and Parts of Africa. It was the U.K. arm that went under.

SnowTiger

https://www.bbc.co.uk/news/business-50206393:

Borrowers who believe they were mis-sold a loan by collapsed payday lender QuickQuid will need to apply for compensation via an online portal.

[...]

Some QuickQuid customers who had already made claims must now wait to see how much they will receive in compensation.

Administrators Grant Thornton said that compensation for successful claims would be "considerably smaller" than would have been the case before QuickQuid's collapse.

That will affected former customers such as Christian White, a teacher in Basingstoke, who was expecting compensation of about £18,000.

The Financial Ombudsman had ruled that 24 loans were mis-sold, but this had been disputed by QuickQuid. As a result, his case was awaiting a final adjudication, but any payout will now be a fraction of what he would have expected.

tunde10

SnowTiger wrote: »

https://www.bbc.co.uk/news/business-50206393:

This guy really had 24 payday loans and was due a compensation of £18,000!!! :eek:

Interested to know if he actually paid it all back, not likely if he somehow had 24! Still, that's must be painful finding out they went into administration

swardean

I think a lot of misconception on this thread. If people borrowed money from QQ, they had to pay it back (with interest), if they didn't they are subject to the same debt collection techniques and penalties (i.e. defaults on credit file and court action). Even though QQ are bankrupt people with loans do not get let off and have to pay back as normal.

Not every payday loan is deemed unaffordable or irresponsible, it is typically those who should not have been lent to in the first place (no income or insolvent) or those applying month on month (i.e. obviously trapped in a spiral of borrowing). It is in those circumstance, which was entirely preventable by the lender that redress should be available. They got greedy trying to squeeze abhorrent interest rates from these vulnerable people. It is therefore right this interest is paid back to the debtor. Remember, they are only getting back the interest they paid on these loans, all capital has been paid back to QQ.

The tone of some of the above posts is not very supportive or helpful to those that have been stuck in really horrible and stressful situations. It is also probably many of the same people above who were first in the queue for handouts when THEY were MIS-SOLD PPI.

boo_star

swardean wrote: »

I think a lot of misconception on this thread.

It is also probably many of the same people above who were first in the queue for handouts when THEY were MIS-SOLD PPI.

Speaking of misconceptions...

StrugglingNurse

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

Clive_Woody wrote: »

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

It's so frustrating, I rejected the original £181 as their reasoning for that amount may no sense and they contradicted themselves, something that my adjudicator agreed with in his investigation.
His response in September was that 'the business has made you of an offer' I immediately accepted and my adjudicator informed me that he let the business know that I accepted and they had 28 days to get in touch.
They didn't and now this

I know I'm not alone, it's just that cash would have really helped me out - I had planned to clear 2 credit cards with it.