MSE News: Quick Quid & Pounds to Pocket to refund £1.7m to payday loan borrowers

in Loans
3 replies 4.6K views
CashEuroNet UK LLC, trading as Quick Quid and Pounds to Pocket, lent some customers more than they could afford to repay...
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Quick Quid and Pounds to Pocket to refund £1.7m to 4,000 payday loan borrowers

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  • Still_learningStill_learning Forumite
    3 Posts
    Fifth Anniversary First Post Combo Breaker
    MoneySaving Newbie
    Hi,

    I had a pay day loan from quick quid back in 2013 that lasted a few months, I basically ran into financial difficulty and then had to keep using a payday loan almost as an overdraft as I borrowed £700 that they would obviously take back every month. Unfortunately it just got worse and worse and I couldn't pay it anymore and the loan defaulted. They haven't chased me for the money but there is obviously the mark on my credit file. My question is... Can I write to the ombudsman about this and use the affordability arguement as I didn't pay it? And would thus apply to any other payday loan providers? Thanks in advance.
  • DCFC79DCFC79 Forumite
    40.4K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    Hi,

    I had a pay day loan from quick quid back in 2013 that lasted a few months, I basically ran into financial difficulty and then had to keep using a payday loan almost as an overdraft as I borrowed £700 that they would obviously take back every month. Unfortunately it just got worse and worse and I couldn't pay it anymore and the loan defaulted. They haven't chased me for the money but there is obviously the mark on my credit file. My question is... Can I write to the ombudsman about this and use the affordability arguement as I didn't pay it? And would thus apply to any other payday loan providers? Thanks in advance.

    If your due anything they will get back to you.

    The mark on the credit file is a true reflection of your finances.

    Can see what the ombudsman will say, doesn't cost anything to ask.
  • My loan with Pounds to Pocket was in February 2014 so before FCA take over, is it worth contacting the ombudsman?
    Sealed pot challenge 8 - £0.62+(?) / £100 (0.62%)
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