THOUSANDS of QuickQuid customers could be set to receive a £900 refund, months after the business collapsed into administration.
The payday lender collapsed in October 2019, leaving its customers in a state of financial uncertainty.
It appeared that many customers may have been mis-sold by the company and could therefore be compensated.
Some 169,000 customers have made claims against the company. Of these, more than 78,500 claims, totaling £135.7 million, have been confirmed.
These customers are now starting to receive emails detailing exactly how much money they will receive.
Grant Thornton, the company appointed as administrator, has confirmed that eligible customers will get back 53.5p for every pound claimed.
This equates to around £910 with an average claim value of £1,700.
QuickQuid was one of the biggest lenders in the UK until it took over a few years ago in October 2019.
It had around 500,000 customers with outstanding loans at the time and had lent money to over a million customers since its launch in 2007.
But many of these borrowers found themselves so short of money after prolonged borrowing from the company that they had to borrow even more.
Anyone who received these unaffordable loans has been able to claim a refund, even if they repaid their loan years ago – and some will receive up to £900 in return.
Complaints have been pouring in since 2015 about QuickQuid’s unaffordable loans.
In 2008, it became the firm most denounced by financial mediators, according to Sarah Williams, founder of Debt Camel.
The online claims portal closed on February 14, 2021, which means that refunds can no longer be requested.
Grant Thornton said: “Please note that if successful, the payment you will receive will be significantly less than the value of your accepted claim.”
Indeed, the value of all accepted claims will greatly exceed the money available to share.
Repayment calculations could only be made once the assets of CashEuroNet, which owned QuickQuid, were sold and other deductions were made.
If you have any questions regarding your complaint, contact the CashEuroNet customer support team on 0800 0163 250.
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