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QUICK QUID DEBT
During the year of 2016/2017 I took out a quick quid payday loan (it was that long ago i cannot remember the amount in just know it wasnt a large amount) when it came to the repayment I realised i would struggle to make the repayment schedule as i was only a student teacher living off the minimum student loan. I contacted the company to explain i wouldnt be able to meet the pre arranged repayments so could i have a new payment plan. Quick Quid responded by telling me to complete an earnings/outgoings form so that they could work out a new payment plan. This was completed and sent back to them. Since this i have had 0 correspondence from Quick Quid, no emails/letters/phonecalls. I took it on myself to contact them via email -still no response, called them they said it was being processed and i would hear back. Nothing. I presumed the debt had been wiped as it was such a small amount in the first place and my earnings were 0. Fast forward 4 years and my credit report has defaults every month since the original loan which has affected my score massively and it has now been passed onto a debt recovery company. I obviously havent made payment as i have had 0 correspondence from QQ since 2017 and now they are in administration. The debt amount has obviously increased which i believe to be no fault of my own due to the lack of response from their party when trying to arrange a repayment. I do not know what to do!!!!!
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Comments
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You can either settle it and have it marked as such, or hope that you can get to six years and have it statute barred without a CCJ in the meantime.
As it's a small amount, settling it would be the easiest and cleanest thing to do.
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You would presumably have been receiving statements or been able to log onto your account at sometime in the last 5 years ?0
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I expect there minds were focussed elsewhere at the time, as they were heading towards liquidation at an alarming rate of knots.
If you believe you were disadvantaged by the lack of contact from Quick Quid, then you can still make a formal complaint to them.
However, as mentioned above, it would have been possible for you to make some kind of payment from your online account, you are I assume, a grown adult, so would have known some kind of payment was due, and what the consequences of non payment would be.
I really don`t want to sound harsh, but using there lack of diligence as an excuse not to pay doesn't really hold much water, you could have made some kind of effort to pay over that time period, even though an informal plan was promised, but not provided, so the blame cuts both ways here.
With that in mind, if you have the funds, see if you can cut a settlement deal with them, I've yet to see a PDL company, or tame collector, that would not negotiate.
Failing that your choice is a payment plan or to ignore it.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1
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