Payments – UPDATE – 25 April 2022
Administrators have started sending emails to everyone with an upheld claim telling them what they will be paid.
“The Joint Administrators are now in a position to declare a first and final dividend of 53.5p in the £”
The average claim value is c £1,700. Someone with that claim value will get a payout of about £910.
The payout details are given in the email:
- This will be paid over the next two weeks.
- If the administrators couldn’t validate your banking details, it will be sent by cheque. I don’t know how the administrators will “validate” your details.
- If you used a claims company, the money will be paid to them.
- Most people are not having any deduction for tax paid to HMRC, so there is no need to reclaim anything.
Credit records
The administrators may decide to :
– remove any negative marks on your credit record
– delete all loans that were upheld
– delete all your loans.
I don’t know what they have chosen to do – if people can check and report in the comments when they see a change, that would be great.
How much your credit score will change will depend on whether there were any negative marks. If you want to get a mortgage, you would like as many payday loans gone as possible, even if they were repaid on time and not hurting your credit score.
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. See https://debtcamel.co.uk/correct-credit-records-lender-administration/ but it is too soon to do that now.
QuickQuid went into administration in October 2019
CashEuroNet (CEU), which owns the QuickQuid, Pounds To Pocket and On Stride brands, stopped giving loans and went into administration on 25 October 2019.
I will be talking about QuickQuid (QQ) rather than CashEuroNet as it is the more familiar name. Everything here also applies to loans from Cashruronet’s other brands, Pounds To Pocket and On Stride.
Grant Thornton were appointed as Administrators. 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.
Background to the QuickQuid Administration
QuickQuid was one of the “Big Three” payday lenders in Britain, starting out in 2007.
After 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.
QuickQuid had well over a million customers. When it went into administration there were c. 500,000 customers with outstanding loans.
Many of these customers had prolonged borrowing from QQ. They either rolling loans over or repaid one loan but were left so short of money that they had to borrow again.
These customers have good reasons to win an affordability complaint and get a refund of the interest they paid.
Affordability complaints started on a small scale in 2015 and increased in the next few years.
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.
For 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. 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 late July 2019, QQ agreed to accept several thousand FOS complaints it had previously rejected.
By 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.
After 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 UK regulatory environment.
How could the regulators let this happen?
This is an excellent question… Stella Creasy, MP called for an inquiry into the FCA over Wonga and QuickQuid.
I have looked at the question here: More payday lenders go under in 2019 – was anything learned from Wonga?
What has happened in the administration
Customers with a valid claim for a refund are “unsecured creditors”. This includes:
- any refunds that were in progress after an amount was agreed or a Final Decision from a FOS Ombudsman (FOS);
- complaints that were underway at QQ or FOS when QQ went under;
- any new complaints sent to the Administrators.
All complaints at FOS legally had to stop and were been passed back to the Administrators. It isn’t possible to send any new complaints to FOS.
It is now too late to submit a Claim for unaffordable lending. The last date was 14 February 2021.
The administrators have given the following statistics about claims:
- 169,000 customers made claims for unaffordable lending;
- 78,000 claims were upheld by the administrators;
- the upheld claims had a total value of £136million, so an average of about £1,700 per claim.
Still owe a balance on a QuickQuid or On Stride loan?
More than 300,000 of the current loans were sold to Lantern in summer 2021. You should have been informed if your loan was sold.
The administrators have now stopped collecting any money from the remaining unsold loans.
This page is kept updated
The comments below this article are a good place to ask any questions. And you may be able to see where someone else has already found out the answer.
Can you get an overdraft refund?
Catalogue or card limit too high?
Unaffordable car finance – your options
justin says
53.5 p in £ – email just landed :) – no witholding of tax
Nike says
Just had email they are paying 53.5p
Ian says
Just came on here to say 53.5p… looks like I got beat to it ! Phew! Thanks Sara for your updates etc :)
Paul says
Result… for all concerned I think… to get 53.5p back in the pound is well above what I was expecting. Within the next two weeks too! Nearly £6k refund means a lot to me. Hope everybody needing this money is well pleased! Finally concluded.
Geraint says
Think everyone was expecting the lower end of the percentage but to get slightly over the higher is a major bonus! £864 coming my way wooop!! Enjoy the money everyone! We all deserve it after what weve been through with these companies! Lets just hope we get it sooner rather than later though :)
Carol says
Just received my email. Can’t believe it’s 53.5p in the £!! Awesome. Thank you to Sara for keeping us going
Steve says
Just got my email! It’s true! Buzzing!! Double what I was anticipating too. Glad the finish line is near now. Brilliant start to the week!
Claireo says
At what point should we be concerned if no email recieved. I’m jelous seeing everyone getting there’s
Sara (Debt Camel) says
See AS’s comment just below
AS says
Just got my email folks. Comfort to everyone who hasn’t got it yet, as a software engineer I want to tell you that sending thousands of emails take a considerable amount of time. It’s probably going through a queue. It might take hours till it sends the last email. Keep your eyes peeled. Thanks again Sarah for everything.
Clara says
No email yet here 🙈
Ciara says
Just got my email
Mark says
Thats me just received my email confirmation,
Thanks for all your help, Sara.
Since i found this sitE ive recouped over £8000.
btw, no tax deducted from my payment..
owed 14k says
Just got my email. 53.5p in the £ so a nice £7,700 on its way.
Thanks Sara.
Rebecca says
Just had my email from CashEuroNet 👍👍
Sue says
I have my email .. 705 redress .. 377 payment. Good luck all xx
Ps it also says payment may take up to 2 weeks due to volume of payments
Trevor H says
Still no e mail :-(
BM says
Has everyone on here had emails? I’ve not had one
Nick says
Should I be concerned if still not had an email or in spam? Last email I had was Nov in 2020 confirming amount accepted?
Nick says
Email now received 😁
Joe says
I have an amount being held for tax while I can see a lot of people aren’t, why is this?
Sara (Debt Camel) says
how large is your claim and how much is being withheld?
Graham says
Good evening not had my email yet hopefully it will arrive soon
Andre says
Anyone else still waiting for the email?
David says
Just had my email now, saying amount and payment will be made within the next 2 weeks of this emai
Frank says
I know emails going out in batches but still not had mine….should I be concerned?
Callum says
Hi, still no email received – should this worry me?
paul says
No mine just came through about an hour or so after first reports.. it’ll come
Fingers crossed the payments go through without problems
Gabrielle says
Would be great if people post when they get the actual funds in their bank, so we can all keep checking…I’ll miss this fab thread! Thanks for being absolutely brilliant, Sara. Your advice is ‘priceless’
Sara (Debt Camel) says
I am sure people will post when the money arrives!
Rachel says
I just got my email saying 53.5p in the pound
Rachel O'pray says
Payment within 2 weeks
James says
Mine was in junk, best junk email ever had. £12.6k
Tom says
holy sh*t, what a brucie bonus!!!
James says
No tax off either as Jersey resident.
Geraint says
Wow! Think you might be top of the leaderboard with that amount! Well done ! :)
James says
I’m not sure, but it’s not a leaderboard I’m proud to be top of, some stupidity in my younger years. Now debt free paid every penny back.
Emma says
Mine has just come through, going to treat the other half to a nice meal out seeing as though its an added bonus
Julia says
Got my email. 53..5p payable within two weeks.
Stephen says
£0.00 tax is being taken off mine. £900 odd back. I’m in a full time job. Will I have to pay tax on this? Thanks to Sara and all the board for your comments.
Sara (Debt Camel) says
Only the 8% part is taxable And you have a tax free allowance of £1000 a year. Unless you have had other refunds, you should not have to pay tax on this if you are a basic rate tax payer.
Stephen says
Excellent advice. There will be no tax due on mine then. Thanks again
Rachel says
What if you’re a higher rate tax payer
Sara (Debt Camel) says
I am going to try to find out from the administrators what has happened about tax. This may take some time…
Dd says
Mine came at 17.16 into junk
USHA says
Wowo wow wow….great result! Absolutely worth the wait. I wasn’t even holding mt breath for 30% by 53.5%….AMAZING! Such a relief and just waiting for payment but at least the biggest hurdle is done! I hope everyone is over the moon with this result!
bob says
email received, very surprised at the 53.5p, what a bonus, thank god this is over with now
Sarah says
I am amazed by this after being let down by provident and wonga. I had forgotten all about it but apparently I will be receiving £703 in the next two weeks. This has totally made my day! I won’t believe it until it is in my bank account though!
Luke says
Still not received my email.
Starting to worry
mark says
not had my email yet
Ricky Fisher says
Thank you Sara and to Debtcamel, this thread has been a fantastic help through the entire process!
Deb says
Just received mine £1.9k redress!! WOOP WOOP !! After years of being in debt I made it through about 3 years ago, we’re going on our first holiday in two weeks so fingers crossed it here just before I go and I can have a few cocktails in Greece 🥳
FrankieTheSkin says
I don’t usually comment anywhere, but this is one of those times I make an exeption. A few days ago, I already got a grand and a bit back from Lending Stream, currently waiting for Safetynet Credit to investigate my complaint, and received the unexpected email from the administrators bringing me these highly unexpected news:
“You will receive a payment of £2,550.96. Your payment represents 53.5p in the £ on your agreed claim value of £4,763.88. Where required, the Joint Administrators have deducted withholding tax, which will be paid to HMRC on your behalf. We can confirm that £0.00 of withholding tax has been deducted from your dividend payment and will be paid to HMRC.”
WOO HOO!!! :-D
FrankieTheSkin says
It’s almost like you’re waiting for comments to come in so you can approve them straight away, I was only just finished reading your explanation of how it may take about a day to be published, hahaha! :-D
Amy says
Just had email , £1,765 back , at last the end is in sight 😬😬😬
FrankieTheSkin says
And, evidently, it was worth the wait, nobody actually expected even the max 50% they anticipated, let alone another 3.5% on top. 😀
Timbouk says
Just for a matter of interest what email address did the email come from?
Thanks
Helen says
claims@mail.casheuronetuk.co.uk
Ip says
Hi, Still no email received…
Jess says
Hello! Does anyone know any further information regarding this statement in the email that came out today ‘As per our previous assessment email, we have also taken steps to update your credit file in accordance with the outcome of your redress assessment. All credit file updates in association with this claim should now be complete’ – is this right that any loans taken out with Cash Euronet will be removed from my credit report based on my claim being accepted? Thank you in advance :)
Sara (Debt Camel) says
The administrators may decide to :
– remove any negative marks
– delete all loans that were upheld
– delete all your loans.
I don’t know what they have chosen to do – if people can check and report that would be great.
Jess says
Thank you Sara for your reply – I’ve been trying for years to address an incorrect default that On Stride allocated on my loan (backdated to 2017, but I had no idea until it appeared on my credit report 2 years later in 2019) so this would be incredible news. I’ll update on here.
Stressed says
Hi all
Will you only get an email if you signed up for updates?
Sara (Debt Camel) says
no everyone who is getting a refund should get one.
Mark says
I never signed up and got my email at 1715
NATALIE says
Just got my email and how much I will be receiving whoop whoop.
NATALIE says
Sorry forget to say with all the excitement, they said I will reieve my payment within 2 weeks.
When will I receive my final dividend payment?
Due to the volume of dividend payments due to customers/creditors, you will receive your payment within two weeks of this email. If you do not receive your payment within two weeks, please contact the CashEuroNet Customer Support team using the details provided below.
Peter says
I haven’t received the email yet. Didn’t get the last email either….
Have had a claim accepted too! Hopefully it comes through eventually
Steven says
Me also getting woried
Steven says
Hi has your come through yet?
Terri says
Just got the email to say payment will be 53 p in the pound and will be made within the next 2 weeks .
Paul C says
Got my email 17:32 . Email was from claims@casheuronetuk.co.uk so check spam too.
53.5p in the pound is most welcome. I was grateful for 30p given others have given me 4p in the pound. I’ve got £1500 coming in and it’s going to clear so other debt and my credit file will improve. Payments within 2 weeks but I’m hopeful I’ll get mine this week but at least its happening
Patience to those who are waiting. Thousands to update and you’ll get your email and payment soon
Thank you Sara!
Andre says
Email finally came! Woohooooo
Thanks again Sara, I’ll be back to update on when the payment is actually made if it helps others! 👍
Caroline says
Super happy with that, way more than I think most of us were expecting. Just waiting on the first person to post that they have been paid now 😂😂
J says
Hi does anyone know what it means when it mentions about being represented by a third party? Thanks
Sara (Debt Camel) says
did you use a claims management company to complain?
Scal says
Got my email today, barely even remembered anything about it, so a total surprise to find out I was due almost £1800. Problem is, I don’t know what bank account or address they have on file for me, and nobody answers any phone numbers I call. Just my luck to not get anything 🤣
Sue says
Dont worry they didnt have my up to date details for over payment and sent me a cheque when I contacted them
David W says
email arroved peeps…. 53% payout. wow. can take 2 weeks from email to arrive though.
Julia says
Received an email 🥳 thanks Sara for your help, all the best xx
Martin says
Mine has tax deducted, can reclaim this at a later stage.
You will receive a payment of £292.47. Your payment represents 53.5p in the £ on your agreed claim value of £682.73. Where required, the Joint Administrators have deducted withholding tax, which will be paid to HMRC on your behalf. We can confirm that £73.12 of withholding tax has been deducted from your dividend payment and will be paid to HMRC.
FrankieTheSkin says
The tax is confusing me. Lending Stream took off about £90 tax and paid me just over a grand, but QuickQuid deducts no tax and pays me over two and a half grand, something seems a bit backwards to me here…
J says
Not that I am aware of. Just through QQ/ cash euro net/ grant Thornton ?
Sara (Debt Camel) says
then the money should come to you. Your email doesn’t say it is definitely being paid to someone else does it?
Dan H says
Just received the email at 17:44.
A most welcome bonus, well done everyone, the wait is finally over!
Stressed says
Still no email… 😬😬
Sara (Debt Camel) says
they are still coming through…
Itsy says
Hi Sara why are some people having tax deducted.Im still waiting for my email from casheuronet but worried about the tax
Sara (Debt Camel) says
I don’t know, it doesnt seem to be many – not something to worry about until it happens to you.
If it does you may be able to reclaim it!
V says
I arnt sure why tax is deducted on one or two people. I know I had tax deducted from something else once that I claimed for and you can use the R740 form savings and investments to claim it back from HMRC as you are allowed a certain amount of savings before tax is deducted also you would have tax from your wages deducted so they will see all that and if you’ve paid to much you can get it back. It did take me months to get mine back I will be honest.
Stressed says
6.11pm just received my email!! Woohoo
Many thanks Sara and all, this website has really helped x
Jamie Donnan says
Cracking start to the week and a great result for many! Massive thank you to Sara and everyone on this thread who have asked some great questions throughout! Cheers all
Sharon Mitchell says
finally we have some good news ☺️
Oddball says
Email in. Wow finally and end to this nightmare. Glad GT sorted this out for us. It’s welcomed news. Good luck all. Emails will soon come.
Kirsty says
I got my email too 🥳 £497 and they withheld £29.30 tax. Thanks so much for this thread. I’ve felt so alone in my debt issues, but reading how many of you have been/are still in the same boat is very reassuring. X
Dan says
For people saying they are concerned about not getting a message because they not heard from them for so long – I have not heard anything since early 2020 but just received the email confirming payout.
Chris says
Wow I literally just received the email, like others I was a little worried that others seemed to be receiving theirs. However it appeared at 17:54 and what a results!!!! Thank you so much Sara for all the work you do and to anyone worried email are coming through in batches. 53.5p is above anyones expectations.
Amazing result!!!
J says
Hi Sara, please see extract from email:
Please note, if you are represented by a CMC/Third Party and have provided us with instructions that your CMC/Third Party representative should be paid on your behalf, the above amount of £4,112.14 will be paid to your CMC/Third Party representative directly.
If you are being represented by a CMC/Third Party, details concerning your claim have been sent to your CMC/Third Party representative.
I’ve asked them to confirm but I have only ever spoken to QQ and casherueo net
Thanks
Sara (Debt Camel) says
Then this shouldn’t be a problem.
This is a standard email going to everyone. The only bit that is personalised is the amount and the tax deducted,
Martin says
Emails are in 53.5p in the pond 👍👍👍
Ed says
Gasp!!
Just found mine in my junk folder so if anyone hasn’t seen theirs yet, that’s the place to look!
Considering I didn’t know how much my claim figure was, I’m absolutely delighted to find I’ll be receiving £1946!!
Thank you Sara for guiding us all through this, I’m just beginning my journey seeking recompense for two credit card / irresponsible lending claims so I’ll still be checking in from time to time ;)
Nadine Wood says
Got my email its 53 oercent
Norbert says
I just received the email guys. Check your inbox.
David says
I’m getting £800. I’m in a pretty good position now anyway but this is a lovely bonus and I’ve appreciated all the advice on here, although I appreciate it’s been stressful for many others. Finally over and enjoy a nice glass of something!. Thank you Sara.
Michael says
Got the email from QQ. Nice, 53.5p to the £ totalling 10K, happy with that.
mark says
STILL not recived my email
mark says
hi juat got my email at 18.13 pm wow wow a refund of 2,599 .thank you sara for your help
Callum says
Me either, but I imagine we will have it by the morning
Callum says
Me either, but I imagine we will have it by the morning – update literally just come through as I typed this.
sharon says
ive got my email £1139 quid bk so im happy thank god this is all over
SophieC says
Just had my email through at 5.46pm, almost £500 to come back to me which couldn’t have come at a better time!
Thanks to everyone’s comments on here, it’s been really useful!
Sian says
How do we check the address they have on file is correct?
Sara (Debt Camel) says
email address or home address for a cheque
Sian says
Home address for cheque… I have no idea which address is on file
Sara (Debt Camel) says
well unless you think they don’t have your bank account right, this shouldn’t matter.
Sian says
Address for cheque, I am on hold to 0800 016 325 number and have been for nearly an hour to check which they have on file…. Do you know if that’s the right number? Or of any other numbers? Thank you!
Andy says
Just had my e mail 53.5p in the pound so getting just over £1220 v happy. Just says though could take 2 weeks to be paid but at least I know its coming happy days.
CSS78 says
Well I can’t complain
You will receive a payment of £3,357.91. Your payment represents 53.5p in the £ on your agreed claim value of £6,270.85
All good things come to those that wait, good look all
K says
Glad most people are happy – i’m having a bit of an issue with mine. I received my claim assessment in September 2021, and received a copy of this in January 2022, showing an accepted claim value of £8147, however, in the email i received just now, it says
“You will receive a payment of £1,454.21. Your payment represents 53.5p in the £ on your agreed claim value of £2,715.72. ”
How has £5400 just disappeared from my accepted claim amount??? Somebody please explain, im trying to ring them now but on hold
Sara (Debt Camel) says
several people have had a problem like this. You c=need to ask the adjudicators to explaint what has happened.
BT says
Best best case scenario! Great news everyone!
I am getting £1500 and very happy with this bonus!
Thank you Sara for all your hard work and for helping us by managing our expectations and guiding us through the process.
BT says
It does say on my email tha £0.00 will be witheld to HMRC. I assume this is an error and may receive another email. Is there a case when people like me doesn’t need to pay tax on the dividend?
Sara (Debt Camel) says
I think the administrators have arranged it so that most people won’t have any tax deducted.
How large was the 8% part of your redress total?
Laura says
why is it some people are having tax deducted and others are not?
Sara (Debt Camel) says
this seems mysterious. Have you had tax deducted?
Laura says
No I was just curious as others have stated deduction amounts for tax.
V says
Mine says no tax deducted I don’t earn a lot tbh I am minimum wage and only earn £13,400 a year roughly I wonder if they have some sort of HMRC check on people beforehand 🤷♀️
Sara (Debt Camel) says
unless they have your NI number I don’t see how they can do that.
SUE says
I havent had tax deducted and work full time
Sara (Debt Camel) says
i doubt it has anything to do with whether you are in full time work
Jon says
My claim is with pounds to pocket / stride. No email yet. Anyone else received emails in respect of a similar upheld claim.
Jo says
Mine was pounds to pocket just received my email from cash euro should recieve yours soon