QuickQuid/Cash Euro Net

Eve30

I received the following message from Cash Euro Net but really don't understand. Please help! TIA

Dear valued customer,

The Joint Administrators have assessed your claim and none of your loan(s) have been accepted as eligible for redress. Your claim has therefore been rejected in full. A full breakdown of your CashEuroNet UK, LLC loan history can be found at the end of this email.

IMPORTANT NOTICE: If your claim was submitted by a third party (for example, a relative, a claims management company or solicitor) then a copy of this email has also been sent to them. Please note that any fees you may have agreed to pay them for their services will need to be settled with them directly. If you have questions regarding your third party’s fees or the service they have provided, you should speak to them directly. 

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What was the assessment criteria? 

Your loans have been assessed against a number of affordability criteria:

• Loan value as a proportion of income

If a loan’s value was greater than 30% of your income at the time that you took out the loan, your claim for that loan has been accepted.

• Time in loan or number of loans

Subject to the type of loan borrowed from CashEuroNet UK, LLC, if you were a repeat borrower of CashEuroNet UK, LLC loans for a significant number of loans or period of time (without a break from CashEuroNet UK, LLC of at least 6 months) your claim for all loans beyond the threshold have been accepted.

• Additional affordability factors

In addition to the above, if there was any evidence that the loan(s) were unaffordable, e.g. payments in arrears or a record of you contacting CashEuroNet UK, LLC and reporting hardship, your claim for all loans after this point (without a gap of at least 6 months) have been accepted.

Please note that any loans that have been previously compensated have not been re-assessed by the joint administrators.

Can I appeal the Joint Administrators’ decision? 

Please note that any loans that have been previously compensated have not been re-assessed by the Joint Administrators.

Can I appeal the Joint Administrators’ decision? 

This is the final claim value assessed by the Joint Administrators. Your loans have been rejected on the grounds that they do not meet the criteria as explained above. 

If you believe that there are exceptional circumstances (ie additional factors that should be considered by the Joint Administrators in addition to the criteria above) or that there is an error in your claim value, you have the right to appeal to court. However, it is the Joint Administrators preference that you come to us first within  21 days to appeal your decision.

To appeal to the Joint Administrators, please respond by email within 21 days of this email providing the following:

1. a written explanation as to the exceptional circumstance or error in your claim value, and which loan(s) you believe are affected
2. factual evidence to support (1), for example a bank statement, payslip, doctor’s certificate, etc.

The Joint Administrators will only be able consider appeals if they are accompanied with sufficient documentary evidence. If you are unsure what evidence you need to provide, please contact the Customer Care team as soon as possible for clarification.

If you would like to appeal the decision directly straight  with the court (which will be at the risk of your own expense.), you have 21 days to appeal, which will be at the risk of your own expense. Please see our FAQs for more information.

If you do not wish to appeal your claim assessment, you do not need to do anything further.

Please be aware, in the event that an appeal is successful, the payment you will receive will be considerably smaller than the accepted claim value. This is because it is expected that the total value of all accepted claims received for customers/creditors will significantly exceed the money available to be shared out. The money available to be shared out will not be known until all of CashEuroNet UK, LLC’s assets have been sold or realised and certain costs and deductions have been taken into account.

Please note that due to the high volume of claims, we will not write to you again unless you communicate a response to us. We will be keeping our website and FAQs throughout this period. Thank you for your patience.

We believe that the loan breakdown below is an accurate reflection of your entire loan history with CashEuroNet UK, LLC. If you believe that you had loans with CashEuroNet UK, LLC that are not listed below then please contact the Customer Care team as soon as possible for clarification.

Loan Breakdown

Please note that you may see a loan(s) showing £0.00 in the interest and fees section in the table below. This means that although the loan has been assessed as unaffordable, our records show that you did not pay any interest or fees to CashEuroNet UK, LLC in relation to this loan(s) and therefore no compensation is due to you for this loan(s). We will still remove all record of this loan(s) from your credit file as part of your accepted redress claim.

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Yours sincerely 

[Deleted User]

It means your complaint has been rejected.

You can appeal if you want.

Blackbeard_of_Perranporth

Your claim is rejected as you loan was less than 30% of your income.

Eve30 said:

I received the following message from Cash Euro Net but really don't understand. Please help! TIA

Your loans have been assessed against a number of affordability criteria:

• Loan value as a proportion of income

If a loan’s value was greater than 30% of your income at the time that you took out the loan, your claim for that loan has been accepted.

So you will not have a claim. 

Baronessbathory

I had this too. It says that there should be a loan breakdown at the end which I didn’t have. I also do believe that my claim shouldn’t have been rejected as I definitely couldn’t afford it - I was at uni with no job! 

What confused me also was that it said the claim had been assessed and fully accepted, but then in the email it said it hadn’t been?

jonesMUFCforever

Baronessbathory said:

I had this too. It says that there should be a loan breakdown at the end which I didn’t have. I also do believe that my claim shouldn’t have been rejected as I definitely couldn’t afford it - I was at uni with no job! 

What confused me also was that it said the claim had been assessed and fully accepted, but then in the email it said it hadn’t been?

What did you put down as your occupation on the application form and salary?

Baronessbathory

jonesMUFCforever said:

Baronessbathory said:

I had this too. It says that there should be a loan breakdown at the end which I didn’t have. I also do believe that my claim shouldn’t have been rejected as I definitely couldn’t afford it - I was at uni with no job! 

What confused me also was that it said the claim had been assessed and fully accepted, but then in the email it said it hadn’t been?

What did you put down as your occupation on the application form and salary?

I can’t remember but I’m assuming it would have been student. It was so long ago and I don’t know how I can get access to my past applications.

jonesMUFCforever

Baronessbathory said:

jonesMUFCforever said:

Baronessbathory said:

I had this too. It says that there should be a loan breakdown at the end which I didn’t have. I also do believe that my claim shouldn’t have been rejected as I definitely couldn’t afford it - I was at uni with no job! 

What confused me also was that it said the claim had been assessed and fully accepted, but then in the email it said it hadn’t been?

What did you put down as your occupation on the application form and salary?

I can’t remember but I’m assuming it would have been student. It was so long ago and I don’t know how I can get access to my past applications.

Sorry but IMO if you had put student on the application you would not have had the loan.
Depends on how long ago it was - if over 6 years then they may not have any record of your application. Unless you have your own record (how often do you clear out old e-mails?) your claim is not going anywhere.

[Deleted User]

If you applied for a loan and had £0 income as you were a student and only got a loan/grant then even payday lenders wouldn't touch you as you'd have no way of paying them back. Therefore it is logical you put on the application you had an income (maybe student loan?) which would essentially be a get out for them anyway