Over 78,000 QuickQuid borrowers expected to receive payments after being mis-sold

In its latest progress report, the joint directors of Grant Thornton revealed that affected borrowers are likely to receive a payment of between 30 and 50 pence per £ 1 of interest, fees and charges paid on their mis-sold loans (plus 8% interest on Haut). These refunds are expected to be paid by the end of March 2022.

The update comes after CashEuroNet, which included payday lenders QuickQuid and Onstride.co.uk, formerly known as Pounds to Pocket, entered the administration in 2019 and stopped lending.

Payday loans and other short-term loans have been badly sold. If you can’t afford the loan, or the lender hasn’t checked your finances properly, you may be able to get £ 100 or even £ 1000 back, although many borrowers are now getting less than that. which is due to them. the sale of receivables pushed lenders into administration. Check out our guide to Recover Payday Loans for more information.

What if I think I mis-sold a QuickQuid or Pounds to Pocket loan?

It is now too late to submit any new abuse claims to Quick Quid or Pounds to Pocket. A dedicated claims portal for those who thought they had been mis-sold was open between August 2020 and February 14, 2021. Successful claimants should have received a decision from Grant Thornton within 120 days of filing the complaint, which should also have been itemize the amount they were likely to return.

If you have submitted a claim, you would have been asked to include the contact details you used when you took out your loan, and these will be the contact details Grant Thornton will continue to use to provide updates on your claim. Your payment will be made by bank transfer by next March, so make sure your bank details are up to date.

If you need information about your complaint or need to update your bank details for payment, contact CashEuroNet customer service on 0800 0163 250.

I made a complaint but it was rejected, what should I do?

Affected borrowers should have received a decision from Grant Thornton on their claim by the end of June, so you’re unlikely to still be on time to appeal.

If for some reason you only recently received a decision, you can appeal to the administrators within 21 days of rejecting your request or if you disagree with the amount you are supposed to. to recover. You will also need to provide evidence for your appeal.

What if I think I was mis-sold by another lender?

If you believe you have been mis-sold for a short-term loan including payday loans, you can file a complaint yourself for free. We’ve included a brief summary, with links to our complaints tool below, but you can also see our complete payday loan recovery guide for more information:

  1. How do I know if I can make a complaint? Lenders should examine your finances to make sure that you can afford the loan and the costs. If, as was often the case, it was not done correctly and you should not have received the cash, or if the costs or repayment schedule were not clear, you were wrong. sold. See our checklist for more help.
  2. You don’t need to pay an indemnity firm – use our FREE TOOL. Claim companies can deduct 25% + VAT from your claim, so use this instead quick link to our tool (available through the Resolver claims site). Enter your contact details and it helps draft the complaint, sends it to the lender, follows up on it, and forwards it to the ombudsman if you are rejected. Or you can use our letter model to do it yourself for free by e-mail / post.
  3. Don’t delay – you could get A LOT less if your lender goes into receivership. Dozens of short-term lenders have gone bankrupt, including the big payday lender Wonga, leaving clients with legitimate claims to get drastically reduced payments – or even find it too late to file a complaint. See what to do if your business goes bankrupt.
  4. Even if a lender DOES NOT file for bankruptcy, you could still get less if you wait. High level lenders, including Provident Home Credit home lender, have received special authorization to pay poorly sold customers much less. See why you shouldn’t delay your claim.
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