Over 78,000 QuickQuid borrowers expected to receive payouts after being mis-sold loans - but they'll only get back up to half of what they paid
Around 78,500 QuickQuid and Pounds to Pocket borrowers, who were mis-sold loans they couldn't afford, are expected to receive refunds of some of the interest and fees they were charged. But they'll only get back up to half of what they paid - and some will receive less than a third.
In its latest progress report, joint administrators at Grant Thornton have revealed that affected borrowers are likely to receive a pay out of between 30p and 50p per £1 of interest, fees and charges paid on their mis-sold loans (plus 8% interest on top). These refunds are expected to be paid by the end of March 2022.
The update comes after CashEuroNet, which payday lenders QuickQuid and Onstride.co.uk, formerly known as Pounds to Pocket, were part of, went into administration in 2019 and stopped lending.
Payday loans and other short-term credit loans have been widely mis-sold. If you couldn't afford to repay the loan, or the lender failed to check your finances properly, you may be able to reclaim £100s or even £1,000s, although many borrowers are now getting back less than they are owed as mis-selling claims have pushed lenders into administration. See our guide to Reclaim Payday Loans for more info.
What if I think I was mis-sold a QuickQuid or Pounds to Pocket loan?
It's now too late to submit any new mis-selling claims to Quick Quid or Pounds to Pocket. A dedicated claims portal for those who believed they had been mis-sold to was open between August 2020 and 14 February 2021. Successful claimants should have received a decision from Grant Thornton within 120 days of making a complaint, which should also have detailed how much they were likely to get back.
If you 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 details Grant Thornton will continue to use to provide updates on your claim. Your payment will be made via bank transfer by next March, so make sure your bank account details are up-to-date.
If you need any information relating to your claim or you need to update your bank details for payment, contact CashEuroNet's customer services on 0800 0163 250.
I made a claim but it was rejected, what do I do?
Affected borrowers should have received a decision from Grant Thornton on their claim by around the end of June, so it's unlikely you'll still be within the required timeframe to appeal.
If, for some reason, you only recently received a decision - you can appeal to the administrators within 21 days of being informed your claim was rejected, or if you don't agree with the amount you're set to get back. You'll also need to provide evidence for your appeal.
What if I think I've been mis-sold to by a different lender?
If you think you've been mis-sold a short-term loan, including payday loans, you can make a complaint for free yourself. We've included a brief summary, with links to our complaints tool below, but you can also see our full Payday Loan Reclaiming guide for more info:
- How do I know if I can make a reclaim? Lenders must examine your finances to ensure you can afford the loan and fees. If, as was common, that wasn't done properly and you shouldn't have been lent the cash, or the costs or the repayment timetable weren't clear, you were mis-sold. See our checklist for more help.
- You needn't pay a claims firm – use our FREE TOOL. Claims firms can take 25% + VAT off your claim, so instead use this quick link to our tool (available via complaints site Resolver). Enter your details and it helps draft the complaint, sends it to the lender, keeps track and escalates to the ombudsman if you're rejected. Or you can use our template letter to do it yourself for free by email/post.
- Don't delay - you could get MUCH less if your lender goes into administration. Dozens of short-term lenders have gone bust, including big name payday lender Wonga, leaving customers with legitimate claims getting significantly reduced payouts - or even finding it's too late to make a complaint. See what to do if your firm has gone bust.
- Even if a lender DOESN'T go bust, you still might get less if you wait. High profile lenders, including doorstep lender Provident Home Credit, have been given special permission to pay mis-sold customers much less. See why you shouldn't delay your reclaim.