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QuickQuid administration is paying 53.5p in the £

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.

CashEuroNet administrators to pay 53.5p in the £ to QuickQuid and OnStride customers mis-sold unaffordablepayday loans

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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Comments

  4. Jayne says

    I bank with Santander and was one of the first to receive email but nothing in my account I don’t understand why I’m gutted

    Reply

  5. Alan says

    Hi
    I got my email on Monday and I bank with Santander and just checked my online banking and it’s just been received in my account so very happy

    Reply

  6. Nic 51 says

    Anyone bank with TSB? I’m staying up to check at 1am to see if anything has been deposited. Got my email on Mon about 5.30pm.
    The redress couldn’t have come at a better time need to help pay for a funeral if I had got this last year the money would all be gone by now, everything happens for a reason.

    Reply

  9. Jim says

    Hey everyone! Just to say that I got my payment in my account today 28/4
    Over the moon to finally have something come out of this!

    Reply

  12. paul says

    My money cleared at midnight, Halifax bank. Got my email about 17:15 on 25th April … so happy it’s over.

    Hope it’s smooth for everyone else

    Reply

  13. Henry says

    Money was in bank at 00:01 (Barclays) today Thursday early hours.

    Deception was CASHEURONET REDRES BANK GIRO CREDIT
    Thursday 28th April, 23:59

    I too was worried about which bank it was going into as I too have moved like others and updated address.

    For others worrying about which bank it will go into if I remember rightly the email we had ages ago asked us if the bank they held was correct and if not to update back then.

    Good luck everyone who’s still waiting I’m guessing as more are paid the phone lines will free up to any with queries.! 😇👌

    Reply

  16. Marie says

    Received mine (Nationwide). Paid off my credit card and I have a good amount left over so can afford to treat myself. Going to contact my credit union in the morning and ask them to increase the amount I save with them each month now that I won’t be paying interest on credit card.

    Reply

  17. Jay C says

    Rang a lovely lady a few hrs ago, confirmed my bank details but still oddly had my old home address. She then put me on hold for 5 m before confirming i was being paid via Bank Transaction and not cheque.

    Odd they’re deciding to send cheques to some..

    Reply

  19. Ben says

    So I was quite taken aback when I got a notification at the top of my screen saying I had been paid £909.60 I had completely forgotten that I had made this claim and to be honest when I made the claim I thought nothing would come of it so this is a wonderful suprise.

    Reply

  20. Dean says

    I have received my money on the stroke of midnight. I bank with Barclays.

    I’ve been checking in for updates frequently on this forum and I would like to thank Sara for the updates and advice given.

    It’s been a long time coming, but patience is certainly golden! :)

    Reply

  22. Lelly says

    I’ve just logged into my bank to transfer some money between accounts and my refund is there, so it’s taken 3 days for them to pay out after receiving the suprise email.

    Reply

  23. Andre says

    Late msg, but good news for Natwest/RBS customers in the first batch of payments made!

    The money is now in as of 2am 😁

    Thanks Sara, and good luck to the rest of you awaiting the payout! Hopefully not too long now for the rest of you👍

    Reply

  26. Lisa recber says

    Everyone check your banks mine has been paid in already got email on Monday so was very quick.over the moon weren’t expecting this after the payout I received from wonga

    Reply

  30. John says

    Payment Received Bank with Nationwide. Thank you Sara and all those people who were on this page throughout the last 2 years.

    Reply

  31. Mark says

    Just received my QQ payment of £760. No email from them about payment be sent though. Considering I had the loan off them over 10 years ago I can only be happy about this. Cheers Sara for the job you do on this site.

    Reply

  32. Scott Mather says

    Money recieved this morning in rbs bank , at usual clearing time of 2-2.30am was up so checked . So must be bacs payment as some have already said.

    Reply

  35. Reesa says

    Check your accounts, my money went in just after midnight!
    Sara,
    I dont know how on earth you did it, but your patience was that of a saint. Thanks for keeping your cool and answering all the questions.
    It is finally over and done, whoo hoo!!

    Reply

  36. David says

    Hi all fellow patient folk,

    yippee the spondoolies landed a few hours ago. i am with thinkmoney bank who i dont believe are particularly speedy.

    the first batch who received email confirmation Monday/Tuesday should it seems be getting paid today.. good luck to those peeps.

    and for those of you still waiting, seems once the email arrives you are just 2 days (damn the bank hol monday coming up) from putting this saga to rest.

    good luck to you all and Sara, bless you big time gal.

    Reply

  38. BT says

    The money landed on today. What a wonderful day. Signing out for now and wish you all the best in your lives. Use this blessing to help you not get into this situation again in the future.

    Cheers

    Reply

  40. Mark H says

    I am up early for work and I’ve just checked my NatWest account and my redress has been received. Happy days, again thank you Sara and I believe on reflection the administrators have done a really good job too. Good luck to everyone else who’s still waiting the finishing line is extremely close.

    Reply

  41. Zain says

    Hey Folks,

    It’s real – I got my payment in today. I am going on holiday next week so the timing could not be better. I actually put my bank details on the portal so it got paid straight into my account – this with receiving an email four days ago. Thank you and good riddance quick quid :)

    Reply

  44. Tarene says

    Just to let you all know the redress arrived in my bank account this morning. I could not be happier. I received my email Monday at 4 pm and funds arrive Thursday. So don’t lose hope. ( ps I am with Barclays)

    Reply

    • Blake says

      Same here, no email but money in the bank this morning and it works out as 53.5% of the amount I was originally told so all is good.

      Reply

    • Leanne says

      I bank with NatWest and have received my redress this morning, I received my emails on Monday around 4pm hope this helps, thanks Sara for all you knowledge and support with this it took a while but we got there

      Reply

    • Kash says

      Woke up this morning with my payment! (natwest)

      Hopefully everyone else can start receiving.

      Many thanks to Sara for this website and all the help she’s giving!

      Reply

  51. BK says

    Woke up to a repayment. What a pleasant surprise! No comms from them to confirm repayment – last comms was in Aug 2020 to say they’ve received my claim.

    Reply

    • MrsR says

      I bank with NatWest and my redress landed in my account this morning.

      Thank you Sara.

      Fingers crossed for speedy payments for others.

      Reply

    • Luke says

      Email received 16.39 Monday, funds cleared in my Nat West bank account this morning. Thanks Sara, without this site, I wouldn’t have known to claim. A chapter in my life is now closed.

      Reply

  53. Laura says

    As someone that had had my claim confirmed before they went into administration I am very pleased to finally have £4990.70 hit my Nationwide account this morning!

    Reply

  54. O says

    Woke up this morning to an extra £1000 in my account. Its payday for me today as well so I had to rub my eyes when I saw the extra payment from CASHEURONET REDRES initially I thought it was my bonus. I had loans with QQ a long time ago and can’t even remember putting the claim in. Brilliant surprise!

    Reply

  55. Simon says

    So I’ve just been paid out this morning £2336 what a long journey its been but finally done with now. I also received £1327 off lending stream this week and I only put the complaint into then last week so I’m very happy.

    Reply

  56. Chris says

    Hi
    I bank with Halifax and not received payment as yet. Can payments go in throughout the day or just overnight when they do the bacs run ?

    Thanks

    Reply

  57. Paul says

    Paid! ( NatWest)

    Just Satsuma ( £90+) to go.

    I’ll have a look to see if there are any others to do but I think I’ve done all ones with rollover borrowing in the the last 6 years.

    A stupid error along the way – accepting Lending Stream’s derisory initial offer because I’d convinced myself they were going bust any day -and a spectacular £10K result with SafetyNet.

    I’ll be out of the financial woe woods in July 2023, which compared to the wait for QuickQuid resolution is in no time at all.

    Reply

  58. Jp says

    Bank with Barclays payment in had email Monday
    Best of luck everyone
    Some satisfaction from probably dark desperate times for some getting these kind of loans over the years including myself when things got tough
    Hope all get monies they deserve and enjoy x

    Reply

  59. Lesley-Anne says

    Hi Everyone,

    The money is in!!!

    I can’t believe this is over, after such a long time :-)

    So, I got my email on Monday evening. I don’t bank with Monzo or Starling, I’m with RBS so I couldn’t see it as pending or anything. But checked first thing this morning and it’s there.

    To everyone still waiting, keep the faith. It will get paid. At long last!

    It’s only £1,927 but this is life changing for me. I truly hope this money makes a huge difference to all of us.

    Reply

  60. OddBall says

    QuickQuid. Redress pain into bank this morning. Don’t worry everyone. It is coming. Finally an end to this. Thanks Sara for all the help from your site.

    Reply

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