Update: In 2019, Trusted Quid (a trading name of Trusted Cash Limited) went into liquidation. They are no longer engaging in lending activity, but any outstanding loans will remain subject to FCA regulations.

Information correct as of 20/04/21 (CompaniesHouse)

Are you considering a loan with Trusted Quid? Or perhaps you already have one, and you’re looking for further information about the company. Either way, we’ve compiled the most important, in-depth information about Trusted Quid loan for you in this loan guide.

Who are Trusted Quid Loans?

Trusted Quid offered loans between £250 and £1,500 with a maximum repayment period of six months. The company had been in business since 2011. Trusted Quid was registered in the UK.

Read what to do if you can’t pay back your debt.

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This 4 question debt calculator will tell you if you’re eligible.

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Government cap – interest and charges

There is now a price cap which was introduced by Financial Conduct Authority and is designed to protect borrowers from facing excessive charges on their loans. These caps include:

  • Cost cap – 0.8% per day on the value of the loan borrowed – including interest and fees.
  • Default fees cap – £15 – after this period, they would still be able to charge interest after a default, but it cannot be over the original rate of 0.8% per day.
  • Complete cost cap of 100% – you should not be asked to pay more than 100% of the amount you have borrowed.

These limits are relevant to credit agreements with an interest rate of 100% or more per year and that are due to either be fully paid back or paid back for the most part.

Other regulations were brought into place in May 2017. According to these, companies are required to give borrowers details of their products using a website for price comparison purposes which ha FCA authorisation and they must provide borrowers with a full summary of the costs, including any fees etc.

Continuous Payment Authority – what are the new rules?

You will probably be asked to repay the debt using a CPA or Continuous Payment Authority. With this, the lending company can take money from your account at any time.

The good news is that there are new regulations in place now, and these are designed to help protect borrowers. One of the new rules is that the lender cannot try to take the money from your account on more than two occasions. If it fails on the second attempt, they cannot keep trying.

Other regulations relate to the amount of money they are able to take. According to these new rules, they must not take partial payments. If there is not enough money in your account to cover the full payment due, they cannot take any money at all. You may agree that they can take a partial payment, but you must give them permission. If they do this anyway, they are breaking the rules and going against the legislation.

Is there anything you can do if you can’t afford to repay the loan?

These are some rules that lenders must adhere to in relation to debt:

  • They must provide you with information on where you can get free independent debt advice
  • They should be willing to hold off the debt recovery, while they come to a suitable arrangement with you to pay off the debt.
  • They have a responsibility to give you time to repay your debt, taking your circumstances into consideration.

Where can you get debt help?

If you need help with getting out of debt, there are several organisations who will be able to help you. These are a few of the most well-known companies:

References

CONC 2.1 Application

CONC 5.2A Creditworthiness assessment

CONC 13.1 Application

About the author

Scott Nelson

Scott Nelson is a financial services expert, with over 10 years’ experience in the industry, including 6 years in FCA regulated companies. Read more
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