QuickQuid & CashEuroNet Information – Refunds & Updates
For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.
For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.
Update: In October 2019, QuickQuid (a trading name of CashEuroNet UK LLC) went into administration. They no longer engage in lending activity, but any outstanding loans will remain subject to FCA regulations.
Information correct as of 20/04/21 (FCA)
This article is here to help you understand what’s going on with QuickQuid, the loan provider, and what it means for you if you have a loan with them. QuickQuid is not taking new customers now, but if you owe them money, there are new rules to know about.
We know it can be worrying if you’ve got a loan and are not sure how to pay it back. You might be scared about what could happen. But don’t worry, you’re not on your own. Every month, over 170,000 people come to our website for guidance on their debt problems.
In this article, we’ll explain:
- Who QuickQuid loans are.
- What you should do if you’re worried.
- How the government is changing loan interest and other costs.
- How to make a complaint about QuickQuid Loans UK.
- What you need to know about Continuous Payment Authority.
- What to do if you can’t repay the loan.
- How you might be able to write off some debt.
- Where to get free help with your debt.
We’re here to help and guide you through your options and find a debt solution that works best for you. Let’s dive in.
What if you are unable to repay the loan?
In this case, the law states that lenders must do the following under the legal obligations for lenders:
- Provide information about where you can get free debt advice and assistance.
- Refrain from attempting to recover the debt while you develop a repayment plan, and this may possibly include a debt advisor.
- Ensure you are given ample time to pay back the loan; this may include freezing interest and additional charges.
Continuous Payment Authority and What You Need to Know
Sometimes, the loan companies ask that you repay your debt via a Continuous Payment Authority (CPA.) With a CPA, the loan company may take money from your account to pay off the debt.
Thankfully, there have been new CPA regulations, which state that the loan company may only try to take the money on two occasions. If it fails, they cannot try again.
Other rules around CPAs state that they are not permitted to take partial payments from your account. If you don’t have enough in your account to cover the entire loan payment, they must not take anything. You may agree that they take partial payments, but this is the only way to take less than the full value.
How a debt solution could help
Some debt solutions can:
- Stop nasty calls from creditors
- Freeze interest and charges
- Reduce your monthly payments
A few debt solutions can even result in writing off some of your debt.
Here’s an example:
Situation
| Monthly income | £2,504 |
| Monthly expenses | £2,345 |
| Total debt | £32,049 |
Monthly debt repayments
| Before | £587 |
| After | £158 |
£429 reduction in monthly payments
If you want to learn what debt solutions are available to you, click the button below to get started.
Would you like to make a complaint about Quick Quid Loans UK?
To make your complaint, you should compile all the supporting evidence you have, including any phone calls, emails or letters and contact the administrators to start the complaint process.
If there is no satisfactory response or complaint resolution within eight weeks, you may follow it up by speaking to the Financial Ombudsman by phone on 0800 023 4567 or 0300 123 9123.
Government loan interest and other charges caps
The Financial Conduct Authority introduced a range of price caps to protect borrowers from excessive charges. Some of these are as follows:
- The cost cap of 0.8% per day is on the amount borrowed, including interest and fees.
- Cap on default fees of £15 – default interest can still be charged after this, but the rules state that it must not exceed the original rate of 0.8% per day.
- Complete cost cap of 100% – you should not be asked to pay over 100% of the money borrowed.
The limits relate to all credit agreements with an interest rate of 100% or more a year, which will be either fully or substantially repaid within one year.
Other FCA regulations were in force by May 2017 for borrowers’ protection. With these new regulations, the lender must provide details of products and credit agreements on a price comparison website, which the FCA must authorise. Borrowers must receive a summary of the cost of borrowing.
References
