Almost 80,000 QuickQuid borrowers will get back just over half of what they're owed for mis-sold loans
Around 78,500 QuickQuid and Pounds to Pocket borrowers, who were mis-sold loans they couldn't afford, will receive refunds of some of the interest and fees they were charged at a rate of 53.5p to every pound owed, it's been confirmed. Pay outs are expected to be sent within the next two weeks.
Joint administrators at Grant Thornton had initially said affected borrowers were 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). But they've this week confirmed - and have contacted customers by email - to say that they will actually receive 53.5p per £1 owed, plus interest.
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.
Payments will be sent to your bank account in the next two weeks
When you submitted a claim, you would have been asked to include the contact details, as well as bank details, you used when you took out your loan, and these will be the details Grant Thornton uses to provide updates on your claim. Any payment due will also be transferred to the bank account on file within two weeks of Monday 25 April 2022.
If Grant Thornton can't validate your bank details for any reason, it's too late to update them, so a cheque will be sent to the address you gave when you made a claim. If your address is no longer correct, or you need any further info on your claim, contact CashEuroNet's customer services on 0800 0163 250.
You can no longer submit new claims or appeal decisions on mis-sold QuickQuid and Pounds to Pocket loans
It's now too late to submit any new mis-selling claims to QuickQuid 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 on their claim by the end of June 2021, and a further email on 25 April 2022 detailing exactly how much they'll get back now that the final payment has been confirmed.
It's too late to appeal any decisions made by Grant Thornton as borrowers had 21 days from receiving an initial decision on their claim in June 2021 to do so.
You may still be able to complain if you think you've been mis-sold 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.