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And you may be able to see where someone else has already found out the answer. The comments below this article are a good place to ask any questions. The administrators have now stopped collecting any money from the remaining unsold loans. You should have been informed if your loan was sold. More than 300,000 of the current loans were sold to Lantern in summer 2021. Still owe a balance on a QuickQuid or On Stride loan?

the upheld claims had a total value of £136million, so an average of about £1,700 per claim.

78,000 claims were upheld by the administrators.

169,000 customers made claims for unaffordable lending.

The administrators have given the following statistics about claims: It is now too late to submit a Claim for unaffordable lending. It isn’t possible to send any new complaints to FOS.

any new complaints sent to the Administrators.Īll complaints at FOS legally had to stop and were been passed back to the Administrators.

complaints that were underway at QQ or FOS when QQ went under.

any refunds that were in progress after an amount was agreed or a Final Decision from a FOS Ombudsman (FOS).

I have looked at the question here: More payday lenders go under in 2019 – was anything learned from Wonga? What has happened in the administrationĬustomers with a valid claim for a refund are “unsecured creditors”. This is an excellent question… Stella Creasy, MP called for an inquiry into the FCA over Wonga and QuickQuid. How could the regulators let this happen? In late July 2019, QQ agreed to accept several thousand FOS complaints it had previously rejected.īy accepting the FOS decisions on loans over 6 years, long chains of borrowing, and loans taken after 2015, the scale of QQ’s likely future liability for refunds will have become clear to the company.Īfter failing to persuade the FCA that a Scheme of Arrangement was appropriate, Enova, CEU’s large and profitable US parent, decided to close the UK business, blaming the regulatory environment in the UK.

This resulted in a huge backlog of claims at the Financial Ombudsman, where QQ had made very poor offers to customers and then rejected an adjudicator decision. In 2018, complaints going to the Financial Ombudsman (FOS) jumped with the involvement of Claims Companies and QuickQuid became the most complained about firm to FOS, excluding PPI complaints.įor a long time QQ refused to refund interest on any loans taken more than 6 years before or where the loans were given in 2015 or afterwards. These customers have good reasons to win an affordability complaint and get a refund of the interest they paid.Īffordability complaints started on a small scale in 2015 and increased in the next few years. They either rolling loans over or repaid one loan but were left so short of money that they had to borrow again.

Many of these customers had prolonged borrowing from QQ. 500,000 customers with outstanding loans. When it went into administration there were c. QuickQuid had well over a million customers. QuickQuid was one of the “Big Three” payday lenders in Britain, starting out in 2007.Īfter Wonga and the Money Shop Group had all stopped lending and gone bust over the last fifteen months, QuickQuid was left as the largest UK payday lender. Background to the QuickQuid Administration They set up a page about Redress Complaints – this is their term for people who have asked for a refund because they were given unaffordable loans.Īll emails that you receive will be from a or email address. If you receive an email you aren’t sure about, phone the CashEuroNet Customer Support Team at 08. Grant Thornton were appointed as Administrators. Everything here also applies to loans from Cashruronet’s other brands, Pounds To Pocket and On Stride. I will be talking about QuickQuid (QQ) rather than CashEuroNet as it is the more familiar name. QuickQuid went into administration in October 2019ĬashEuroNet (CEU), which owns the QuickQuid, Pounds To Pocket and On Stride brands, stopped giving loans and went into administration on 25 October 2019. In a few months when the administrators no longer talk to the CRAs you can ask for any remaining loans to be “suppressed” so other lenders can’t see them.