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.
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Gareth says
Fantastic result, been watching this feed for a few days now and hope this news helps a lot of people out. 53.5p is an amazing result so fair play to the administrators for getting it.
Russell says
Got my email at 16:54
Will be nice after such a long wait I had almost given up in it.
Still have doubts until that money hits my account.
For those still waiting for an email there was hundreds of thousands of claims and they might be sending emails by alphabetical surname so don’t worry am sure you will get it as soon as they can.
Rob says
Still waiting for a email
Emma says
Also worth mentioning that I had updated my email address and originally communication was sent to the new email but my redress amount today was sent to my old email address.
Kelvin says
Hi, I’ve updated my email and bank details – no final amount email yet. Hopefully they won’t use old email AND OLD BANK ACCOUNT – like WONGA did.
john says
still no email on my end, is anyone else the same?
james says
yeah still no emails myself either…ive been waiting for them to contact me for ages after they ‘escalated’ my claim and never bothered telling me anything else
Steven says
Me to at my wit’s end now
Gaz says
Yeah so dont worry
Laura says
I’ve not had mine yet either
Victoria says
Nothing for me yet. I am just going to take a deep breath and wait. I did change my email address as I dont have access to my old address so I might not get an email. Jill just be a suprise if/when the payout arrives. From memory my claim was about £200 so I am not too worried. It will just be nice to close this one out.
Steven says
Yep me to still waiting fingers crossed
Laura says
No email for me yet either
Ryan says
Yes as of 18.47 no email.
Ryan says
Email received 19:10. Get just under 5k
Emma says
Mine bounced into the junk folder at 18:18. They might be coming in batches
Jay says
Yes 💪 I have an email with a lovely amount! Can’t remember how I claimed for this but happy bloody days, well happy and can’t come quick enough at such a bad time….
V says
I’ve just checked my junk box and I have also received an email confirming the amount paid in the dividend which is 53.5p in the pound!! Get in happy days whoop whoop 🙌 they have said in the email this will be in my account within 2 weeks of the email as they is so many to pay out. Well chuffed with the amount. Your email will be coming guys hold tight
Mary says
Just got my email it was in junk. Check junk
Steven says
Still no email crazy how I know it will arrive just a waiting game
Kelly says
I had no idea I’d made a claim, it’s slipped my mind completely, so the my email an hour ago was a lovely suprise.
Helen says
Just got my email at 6.25pm!
For what it’s worth, my last name starts with S
Jason says
Because I am neurotic I called at about 4.30 and after an hour spoke to someone. They assured me e mail had been sent about 5, still not got it, but I got confirmation my claim is there and account details are correct.
I hope the e mail comes through soon but I feel I have confirmation everything is ok. If nothing by Wednesday I will e mail and ask for it to be resent
Jason
carl says
Anyone got a much lower value in their email? It’s saying my excepted claim value is around £8000 less than what was previously accepted on the email received in 2020.
Sara (Debt Camel) says
One person has said this. You need to contact them urgently – the contact details are on the email.
K says
Hi Carl, it was me who said this – I think my comment didn’t get approved for some unknown reason.
I think what has happened with mine, maybe worth checking, is whoever manually generated the email copied in the wrong persons assessment into my email. This isn’t confirmed by CEU but looking back at the assessment email i have noticed that the “interest and fees on loans” figure doesn’t tie up to the interest and fees column in the loans breakdown further in the email.
Frankly outrageous that the administrators are not only able to spend years picking at the bones to stop creditors getting the full amount owed, but are incapable of simple review processes to ensure correct figures are being sent out.
Sara (Debt Camel) says
I don’t think the numbers in the emails were copied manually! That can’t be the reason. You both need to contact support urgently.
Ronny says
I’m in no rush for the money so haven’t really been worried about wait time etc but I haven’t received an email. Should I be concerned?
Sara (Debt Camel) says
probably not. Other people haven’t had theirs either.
Callum says
Still no email :-(
Carl says
I’ve emailed those addresses Sara. For some reason I can’t locate the original redress email which is weird as every other email is there from that time period. I actually think they have worked it out missed a ‘1’ from in front of my accepted claim value and then they have worked out the awarded value from that as the accepted value is now £3,207.85 and I’m sure it was in the £13k region.
Lucy says
Does anyone know if this will be classed as income for universal credits please? Soooo excited. 😆
Sara (Debt Camel) says
no it isn’t income. It will be treated as capital, but unless you will have over £6000 in the bank that won’t be a problem.
K says
What happens if we get a total of more than £6k and we’re in universal credit ? What should be done.
Sara (Debt Camel) says
do you have any outstanding bills or debts?
K says
Yes debts and car finance x
Lucy says
Universal credits need to be notified and proof of how it’s been spend if go back under 6k..
Sara (Debt Camel) says
yes but this may be straightforward.
Sara (Debt Camel) says
Then I suggest you talk to your local Citizens Advice (or National Debtline on 0808 808 4000 if you cant get a quick Citizens Advice appointment) about a plan to clear some debts and tell UC.
This should be fine, but it’s good to be clear about what to do and what to say to UC.
You dont have to use all the money to do this (although if that cleared rent arrears or car fainace say that could be a very good plan) as you can retain some money in the bank and staill get UC.
Michelle Johnson says
How can I check what bank details they have for me? I have moved house since I last used them years ago so worry if they send a cheque I won’t get it.
Sara (Debt Camel) says
There are contact details on the email.
Chris says
Hi. What does it mean it’s being paid into HMRC? Will I still get the money in my bank account or not?
Sara (Debt Camel) says
Only tax deducted is being paid to HMRC. Does your email say how much tax is being deducted? Most people’s say £0.00 – so no tax deducted.
Kelvin says
Such a shame it will take 2 weeks. Glad GT. don’t work in the payroll/wages department. However, thanks Sara x
Dainora says
Finally
The Joint Administrators are now in a position to declare a first and final dividend of 53.5p in the £.
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.
Jh says
Received email at 18.18 in junk folder so 🤞guys and no tax deducted
Suzy says
Still no email but my surname begins with a w, do we think it’s alphabetical?
Nicola says
I doubt it because mine’s W too and I got my email earlier – it went into my junk x
J says
I wonder now we have had our emails how long it will take for payments to be paid.
Although the email says up to 2 weeks surely it wont take that long for those that are being paid via bank transfer
Sara (Debt Camel) says
They will be going out in batches. And there is another 3 day weekend coming up.
Danny carmody says
So happy we got there at last, just have to wait till it hits the bank, Big thank you Sara, for all you great time and help, xxxxxxx
Lyndsey says
I’ve had no email – but I did appeal the original amount offered – sent off all the paperwork and heard nothing at all … I had emailed a few times and not received a response from them – so I sort of forgot about it, so Joe I’m on tender hooks waiting for the email.
Lyndsey says
Email now received- but for the original amount … I think the appeal must have disappeared- however it’s defo better than nothing 😄
Layla says
Just received my email.. going to be getting just over £600 absolutely made up with this. For those who haven’t received they’re email yet it maybe worth noting that they emailed my old address and not the one I registered my claim with and Received the original claim email to back some time ago.
Jack sparrow says
Fantastic news!
You will receive a payment of £2,628.81. Your payment represents 53.5p in the £ on your agreed claim value of £4,909.25. 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
Nathan says
Why have some people paid tax and others haven’t?
Sara (Debt Camel) says
I don’t know! Have you had tax deducted?
Simon says
18.18 email received. Nice
Thomas says
https://turnkeyinsolvencyservices.biz/Viewer/pdfViewer.aspx?sid=n3jky0smopvq0khrtmeizm4q&did=8a4bcc0e-5b3f-4d64-98d7-a61085216fef
Press release
Sara (Debt Camel) says
thanks!
Lauren says
Feeling very deflated having received no email and have checked all inboxes and my old email 😰
Carl says
Just a couple of points.
1. The repayment amount is still a disgrace. We are nearly 50% short of what we should be getting.
2. Realistically, will payments now start being sent? If so, could they potentially land within days?
Thank you.
Sara (Debt Camel) says
1. True. Blame the FCA.
2. Possibly.
Tamara says
HI
Got my email about 5 min ago ( I checked every 20 min :) ) fantastic news at the start of the week ! Finger crossed for others
and one more time thanks Sara for help and setting this website !
David says
Would just like to say a big shout out to sara for the amazing job she has done through all this and what she does. Thank you
Steve says
Does anyone know how the tax deduction is personalised? I had zero tax withheld but expect the taxman would want his cut of the interest… I don’t suppose the taxman is looking at each case to decide if tax is or isn’t to be charged at some point I.e. personal tax returns?
Sara (Debt Camel) says
how large was the 8% part of the redress you were paid? That is the only part that is possibly taxable.
Steve says
53.5% of £2800ish
Sara (Debt Camel) says
no, that was your total redress. The bit that is a refund of the interest you paid is never taxable. Only the statutory 8% added on is – go back to your original redress email which should have told you what the numbers are.
Steve says
Nope, total redress was £8089
Sara (Debt Camel) says
and it didnt say how much was an interest refund and how much was added interest?
Steve says
Yea it did.. 5222 in interest paid back and 2867 is the 8% interest and redress total is 53.5% of £8089
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…
Steve says
Great, thanks
Michael M says
I received my refund amount which although it’s 53.5% of assessed amount, it’s way below the original assessed amount of around £5800. I don’t understand why the figure has now been reduced. So I am only getting £500 instead of around £2.5k that I was expecting. Is there any way I could appeal?
Sara (Debt Camel) says
That doesn’t sound right. Unless you owed a large balance on a current loan?
If you think its wrong, you need to contact the QuickQuid Customer Support team on 0800 056 1515 or support@quickquid.co.uk urgently
(Or the On Stride Customer Support team on 0800 210 0923 or customersupport@onstride.co.uk if your loans were from Onstride).
Paul Mc says
Email was in the junk folder. Decent result. Can’t believe some of the amounts folk are getting – just shows the level of irresponsible lending. I’m getting £773.
Big D says
Just had my email too! 53.5 pence! Even more than the anticipated range. Result, worth the wait.
Benny says
Had my email and over the moon. My only guess on the tax is possibly due to some people debt is over 6 years ago. Can HMRC only go back 6 years for tax?
Sara (Debt Camel) says
no, the tax is due in the year it is paid, it’s not related to how old the loans were.
Robert James says
So, will I have to declare tax on it myself or will the tax man contact me? I am down for no tax.
I am no businessman so no nothing about declaring taxes etc.
Sara (Debt Camel) says
how large was the 8% part of your redress?
Sarah says
Thank you so much Sara, you have been so patient and so so helpful! This money will help massively whilst on maternity leave!!
Thank you again!!
Dave says
And breathe everyone! A better than expected outcome is better than no outcome and certainly much better than Wongas pitiful 4p per pound and even a bit better than “the best outcome” of 50p to the pound. I know people will be clambering to ask when it will be paid but please remember that is on GT and not Sara! I would like to thank her from the bottom of my heart for her help, support and guidance through what has been a troubling time for all involved. In other news I hit Lending stream with a redress letter today (using one of Sara’s templates naturally!) so I can try to get 100% back instead of waiting until they go bust to get half the value. I strongly advise others to do the same even if you rely on them to survive. Follow Sara’s advice, seek help and become less reliant. Put it this way,.. you will need to do so WHEN they go bust!
Stephen says
Just got my email at 18:19 with a payment of £399.77 on the way.Not a massive amount i know but still glad to see something.
Thanks Sara for all your help and hard work,much appreciated.
Danny says
£5930.55 claim, £3175.69 back, no tax, thank you very much, worth the wait,
Steve says
53.5p in the pound, better than I was expecting
Steve says
CashEuroNet UK, LLC- In Administration (“the Company”, trading as Quickquid, On Stride Financial and Pounds to Pocket)
The Joint Administrators are now in a position to declare a first and final dividend of 53.5p in the £.
KarenH says
I’ve just received my email & £3400 coming my way!! Email landed in my junk mail folder. Look forward to seeing people start receiving their payments 😀
Big thank you to Sara. This site has been a godsend!
Lauren says
What percentage is that Karen x
Jimmy says
My debt was bought by lantern who will my redress go too? How does it work I never got contacted by lantern either it only flagged up when I put a claim in
Sara (Debt Camel) says
I have asked the administrators if they can explain what will happen here.
Sara (Debt Camel) says
also see this thread https://debtcamel.co.uk/quickquid-casheuronet-administration/comment-page-28/#comment-481691 whioch sounds like it may be good news for you.
Jonathan says
hi good news got my email .. check in my junk box and it was they .. happy we get it.. pain it going up 2 week but can’t complain !
Richard White says
Hi Sara,with this redress off cash euro net,im due £1600 but have moved house and have no idea if they have my bank details as ive done so many of them over time! Shall i contact them tommorrow to sort this out? Thanks
Sara (Debt Camel) says
It is a shame you didn’t think of this before! But yes. Contact details are in the email.
Steve says
Hi Sara,
Just received my email but they have the wrong bank and address details for me. What the best number to call on to get this corrected?
Thanks
Sara (Debt Camel) says
there are numbers and email addresses for customer support on the email.
BT says
The tax thing is weird. Some people paying tax and some don’t. Maybe it is an error. I do remember that in the early days of the administration they were sending out very odd emails and had to apologise on a couple of occasions.
I got a figure of £1500 without tax but I won’t be surprised if I get a second email about it
Ian W says
Just received my email
£2,135 will be paid within 2 weeks .
Kayleigh D says
Oh wow it’s happening. Congrats to those that have their emails, looking forward to mine now x
Clare says
No I’ve still not received any email from them.
How long will this wait go on for?
sam says
no email for me yet either
FrankieTheSkin says
They’re sending out 78,000 of them, that will take a while, possibly all of tomorrow as well. It’s coming, don’t worry, and check your spam folder, a few people found it in there.
Th says
I haven’t received an email but gave a valid claim
Steven says
Hi have you received as yet? I have not thanks
MrsR says
Great result for all.
Wonder if emails being sent from the USA, hence why they started late afternoon, will probably be going out all evening if that’s the case. So people still waiting, be patient, it will come.
Sara. Enjoy that drink tonight.
Thank you for all you do for those in need.
Robert says
Woo hoo! 53.5p in the £ just confirmed
Scott says
Regarding payments everyone’s asking, I got an overpayment back from from the administration last year and they said it would take upto 2 weeks but was there the day after, I would assume people would start getting funds from tomorrow onwards but don’t bank on it count our blessings schemes like this got us at least something back and no matter how long it takes it’s coming, congrats to everyone who has finally got it
Daniel Regan says
ou will receive a payment of £2,492.40. Your payment represents 53.5p in the £ on your agreed claim value of £4,654.51. 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.
Does this mean I will receive the 2492 if someone could reply to me that would be great
Sara (Debt Camel) says
yes :)
Daniel Regan says
And I won’t have to pay anything back to anyone the 2492 will be mine. I received a payment off 7566 from lending stream but had to pay 2400 of that back to the company I went through. Can you just confirm please Sara. Thanks
Sara (Debt Camel) says
did you make the QuickQuid claim through a claim company?
Daniel says
Apologies just checked. It was through the claims portal with cash euro net.
Jos says
Hi sara
My original accepted value was £414 back in 2020. But todays email shows reduced value to £95. I am getting less than £50 quid. What shall i do. I dont think qq will reconsider my claim value again.
I expected this money at least to pay my council tax this month. I am already behind with 3 months rent. I am totaly devastated now . I lost my job 6 months ago and struggling to meet my daily needs. What is the best solution to overcome? I stopped DMP with step change after loosing my job and cant access Universal credit due to family issue. I am going through family breakdown and divorce @family court in Holborn. I had a couple of psychotherapy.
Sara (Debt Camel) says
That doesn’t sound right. Contact customer support urgently, the contact details are on the email.
But I think you need to talk to a debt adviser. And you have to rethink claiming benefits – whatever your family think about this.
A couple of hundred quid refund won’t keep you afloat for long.
I suggest you talk to your local Citizens Advice and explain about your mental health problems.
JG says
Happy I’ve recieved my email. However, I updated my bank details over a year ago with them and double checked them recently to make sure. Received an email to confirm my details and they aren’t correct. I have emailed back my correct details. I’m guessing this is gonna affect my funds received time
Claire says
Got my email at 7:21pm :D fab news!
Steven says
Are they still coming still not got email yet anybody els still in same boat thanks
Steph says
I haven’t had mine yet either! Had claim accepted etc and checked an old email account just in case! Hopefully soon 🙏🏼
Hayley Bradley says
Yes, me….. refreshing email like a nutter… fingers crossed 🤞🤞🤞
Richard says
My claim seems lower! Claim of £3591/ refund of £1923
I swear my original was well over 5000 or more! Yet im still waiting on my claims copy! So I have no breakdown on my loans, I have had many loans from qq plus p2p for over 1k! Dosent sound right? Yet I know im only 290 in arrears
Clare says
Yes I’ve just received it – thank you as I was getting worried. It was in Junk at 19.22pm
Chris says
Got my email it was in the spam folder. Also got an email saying a Nigerian prince is leaving me his fortune and there’s hot singles in my area trying to contact me. What a day! Jokes aside I was fully expecting 30p to the pound so fair play to them for going over the 50p they originally stated. I’m just glad this is finally over.
Natashia says
I got my email 16.16pm today :)
Clare says
They have taken tax off me for some reason
‘ Where required, the Joint Administrators have deducted withholding tax, which will be paid to HMRC on your behalf. We can confirm that £123.39 of withholding tax has been deducted from your dividend payment and will be paid to HMRC’
I can claim this back from HMRC can’t I?
Sara (Debt Camel) says
probably. Read https://debtcamel.co.uk/ppi-payday-refund-get-back-tax/
Tim says
Only just got my email, so they are still coming guys. If you haven’t had one yet, you will soon.
Jamie says
Still awaiting my email. Getting a bit nervous now but hopefully they are just going out in batches.
Still have no idea what the size of my claim is as they would never tell me and the Zendesk link they provided me with to find out has expired long ago.
Calum says
So happy! Emailed received today in my junk folder. £910 redress to be paid within the next 2 weeks. Massive massive thank you to Sara and the team for their infinite wisdom and support! Can’t thank you guys enough