Business

QuickQuid customers to be compensated around £850 from March

BRITS took out a loan with short-term lender QuickQuid that will receive compensation payments next year.

Customers who miss a sale will receive 30p to 50p for every £1 of their loan, and the average payment will be around £850.

Customers will receive between 30% and 50% of the value - up to £850 in total.

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Customers will receive between 30% and 50% of the value – up to £850 in total.Credit: Alamy

QuickQuid went bankrupt in October 2019 after its owner, US-based Enova decided to leave the UK market.

This move comes after receiving more than 3,000 Customer complaints in the first six months of the year and thereafter the fall of Wonga just a year earlier.

Grant Thornton has been appointed administrator of CashEuroNet, the company that operates the QuickQuid and On Stride brands.

The administrator’s latest report states that compensation payments to customers who have been sold debt will be made on or before March 2022.

The total number of requests accepted was 78,519 with a total value of £135.7 million.

That means the average claim is around £1,700, but the company won’t refund the total amount.

Customers will receive between 30% and 50% of the value – up to £850 in total.

This is because it is expected that the total value of all accepted requests received will significantly exceed the amount available for sharing.

However, final payment rates and times are subject to change and depend on a number of factors, including decommissioning and tax clearance from HMRC.

How can I claim compensation?

Those who are sold insolvent loans can claim compensation from QuickQuid and its sister brands.

They need to prove that they were unable to repay the loan at the time they took the loan.

If having a loan means someone can’t pay bills or other debts, they’re lending irresponsibly.

Customers are entitled to compensation if they have any late payments or if they withdraw their loans to pay back as this shows that they really cannot afford to take out a new loan.

Administrators launched an online claim portal for customers to submit claims after QuickQuid went bankrupt.

Customers are required to provide contact details associated with their account and the company will then evaluate their request.

The last date to submit a claim is February 14 of this year – the portal is now closed and you cannot submit new claims.

If you’ve made a claim, you should get a response now as the admin must notify you within 120 days.

If it’s accepted, you’ll be told your requested value is accepted – but the payment will be less than that.

Expect to be between 30% and 50% of that amount.

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https://www.thesun.co.uk/money/16882931/quickquid-customers-claim-compensation-loan-refund/ QuickQuid customers to be compensated around £850 from March

Bobby Allyn

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