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
Ryan says
Still no payment through, provided updated bank details on 16-5, constantly told these were received and I’d be in second batch of payments. Called today and told my documents are still pending and awaiting confirmation from adjudicators and second batch can take up to 6 weeks.
Chris vaughan says
If you have sent the information and required support to the company then you do not need to do anything further. However, we can arrange for the payment to be re-attempted electronically if you provide the below support to this email address:-
1. Proof of ID (i.e. passport/driver’s licence)
2. Proof of bank details (Bank statement or bank card)
· Customer name must be clearly visible (and match the name on the proof of ID)
· Bank account no. and sort code must be clearly visible
· Other details can be redacted (such as card number, CVV code, bank account balance, etc)
I thought i share this email i have just received i had sent many emails saying that this matter needs to be resolved asap i know lots of people on here are being told lots of different things .i have been told on the phone and by email that i was going to be sent a cheque but as you can see they are now saying they can do a bank transfer after all .i was told that they can not do a transfer i hope this helps
Claire says
Has anyone received a payment this week ? Despite having an Email assuring me I was included in the second batch of payments have received nothing. At this point I’m resigned to never seeing this Money
Chris Knowles says
I emailed them asking for an update and received this today after sending new bank details
I confirm that you were on the most recent batch of re-attempted payments. The payment should arrive in your account tomorrow.
So we will see tomorrow
Chris Knowles says
Just a follow up on this I received mine this morning, I do believe there is hope for everyone that is waiting, hang in there and good luck it Will come
Chris vaughan says
Just had the following email regarding 2nd payments
Thank you for your email and for providing the support.
I confirm that you are on the next batch of re-attempted payments. The payment will be initiated within the next 14 days.
Darren H says
As Chris Knowles has said above, I have received this email confirming money has been sent Monday and should be available Wednesday.
Dear Darren
Thank you for your email.
The BACS payment that you were included in was initiated on Monday and therefore should be received in bank accounts tomorrow.
Kind regards
Chris Knowles says
Received this morning in my bank
😀
Brian says
No payments for me today, rang quickquid, spoke to a very disinterested lady called sunny, she said they couldn’t give a timeframe at all as to when my payment would be made, totally different information from the last person I spoke to, keep checking my account then hung up on me, last week was told payment should be in account Monday, thought I’d give it a couple extra days just in case, long bank ho.I day weekend now so it won’t be this week, hope everyone else is having better luck
Claire says
Money finally arrived in bank today. Hope everyone else is paid soon. I honestly thought I would never see this money. Don’t loose hope.
Pete says
Still waiting as my payment was sent to someone else’s account and they have more than likely spent it.
I now have to ask QQ to forward trace the payment so my bank can ask whoever has my payment if they are willing to pay it back as they don’t have too. Not sure where I stand as I will likely have to prove I haven’t had it.
Starshine says
Similar happened to me with one of the other debt companies a year ago , they’d sent to old account as gad not verified mine , they had to resend as I advised they’d breached data protection by not clarifying, if it’s their error and you updated correctly they’ll have to resend to you and tackle whomever received the money in error .
David Burne says
Received this, this afternoon.
“We apologise for the delayed response to your email. Our records indicate the dividend payment was attempted the first time and sent to the following bank account shown below as these are the bank details that were provided in your claim:
Because the payment was returned to us, the payment will now be sent to you as a cheque to the following address provided in the claim:
Note that the payment will be issued during the second attempt of payments. Please check your post at this time.”
I sent them 4 emails containing all relevant information with new bank details etc but they are still choosing to send it by cheque. At least I finally got a response from my original email sent 3 weeks ago.
Eric says
Only some people have been paid and the rest of us will never see this money. I have tried both by email and phone and still they have not paid me.
Ash says
I’ve been paid two days ago. I changed bank accounts just as the payouts were happening.
Don’t worry, you will get paid even if it’s by cheque. I’m paying off a credit card with mine and then using the rest for a well deserved holiday.
I originally got in debt due to gambling. I’ve thankfully stopped that now. So onwards and upwards.
Kim says
I have changed emails a few years ago. Would I be sent details in the post if I was eligible ?
Sara (Debt Camel) says
If you haven’t yet claimed, it is now too late I am afraid.
Kim says
Okay thank you. I was only hopeful because I had post from provident and my jar. Never mind
Bri says
So, as the service centre has now closed, who do we get in touch with about missing payment?, I’ve tried the email address several times and never received a reply, would have thought all payments would have been made before they closed customer services
Lesley says
Hi, I’ve had a call from a Matthew Drinkwater on 0161 953 6386
Manchester, England
He’s confirmed my details and that payment should be made this week
Tracey says
What happens to any funds leftover following all the redress payouts, once the administrators take their cut if there is money left over is this then split up at a later date same as happened with Payday UK?
Sara (Debt Camel) says
Any payments that haven’t been made are sent to the insolvency Service and people can claim them from there.
Greig says
Just called and told by Mr Drimkwater that payments being uploaded for payment this week….let’s see!
Ryan says
Had to call 12 times to get through but finally spoke to Matthew Drinkwater who confirmed payment will be in my account by the end of this week. Fingers crossed it’s the truth but he sounds more reliable than the call centre workers
Chris vaughan says
Hi i thought i would share this email that i received this afternoon This payment will issued to your bank within the next 14 days.
Kind regards
Haley
For the Joint Administrators
David says
It’ll be 2 weeks on the 9th they told me the same thing so fingers crossed haha
Chris says
How can a customer help line close with no payment received ? Supposed to of been paid 2 months ago an still no help or support. Looks like me an many others are not gonna see a penny of what we’re owed I’ve called an emailed with no response apart from automated ones which don’t answer my questions . 🤔
Carolyn says
Hi Chris
Call Matthew Drinkwater 0161 953 6386
He seems to be on the ball and answered me straight away yesterday
RJ says
Is there a new email address or phone number we can contact on this? Very frustrating process really!
Lesley Whitton says
Hi, if you look through the thread there is a name
Of Matthew Drinkwater and his direct line number. He’s dealing with outstanding payments :)
Bri says
He seems to have an answer phone message now saying direct all queries to the casheuronet email address
Lesley says
Just emailed Matthew again to check dividends were defo being made this week.
He responded quickly saying they were
David says
The number for Mr Drinkwater is ringing but there’s no answer, the message he has left just tells to message the email that we’ve all been emailing for ages now.
Getting tired of this.
Eric says
I spoke to my old bank (HSBC) it see if the closed account received the payment and they told me it did not. I first spoke to someone at CASHEuroNet asking about the first wave of payments back in 20th May and she told me since my old bank account is closed the money should be returned to them soon. Made sure to double check on the 23rd May and confirm my closed account did not receive the money and she told me it did not. So the the F**K IS THE HOLD UP??
So now I know for a fact that my HSBC account cannot receive the payment and I updated my new bank details with them back on 5th May. So we will see if the payment goes into my account this week.
Dread pirate roberts says
I had a very similar situation to you. My old account was with HSBC. I asked the administrator for proof of payment, they sent me it so I took it to the branch who found the money waiting in a holding account. They moved it for me and I was able to withdraw it cash.
I suggest you got the reference for the payment and then take it to the branch you opened your account with and hope they find it. HSBC had my money in a holding account for six weeks.
Eric says
I called again to make sure my closed account (HSBC) did not get the payment. Was told that no payment was received and it’s not in some holding account. I will talk to MR Drinkwater tomorrow morning and see what’s up. These clown at CASHEuronet are taking the piss. I just hope my redress refund with myjar goes a lot smoother than this shit show.
Ryan says
Just to let everyone know, I have just received payment into my account. I called on 16/5/22 and gave them my updated bank details, I was told a lot of incorrect information about when it would be paid. I spoke to Mr Drinkwater yesterday who confirmed I was in the next list of payments to be made this week and that has now happened. Don’t give up on it, I called him 15 times throughout the day before he eventually answered
Ben B says
Well I received my funds today, just a pity I’m in an IVA so its 100% payable to the IVA. But it came in after 4pm today.
Greig says
Well there you go …payment received earlier today.
After 2 months of non information and excuses etc.
One call with Mr Drinkwater and it happened. Do t give up!!
David says
Money has gone in this afternoon, thank you
Bri says
Money went in account 6pm tonight
Noel mccready says
Can anyone tell me if we are liable for tax on the interest we received on our money
Sara (Debt Camel) says
Was any tax deducted showing on the email you received from QQ about the amount you would be paid?
Chris vaughan says
Money went in this morning. I hope everyone gets paid out soon 🙏
Rob says
Tried contacting them daily and had nothing back. Changed bank details weeks ago and have had no further correspondence. Really not sure what other options I have here? Tried that number but it just goes to answerphone every time 🤷🏼♂️
Eric says
Indeed. I too are out of options. Talked to Mr Drinkwater at 8:45am today and he told me to leave it to him. This does feel like a war.
Rob says
UPDATE!:
Just spoken to Matthew who explained that they are basically getting hammered with emails and calls (no surprise). Told me he could see my claim but the old customer support folk hadn’t updated my bank details!
I was asked to forward the email with my bank details on to a different email address and that my payment would be on the payment run for Monday next week. Fingers crossed between now and then!
Will provide another update if/once I get my money! 🤞🏻
Lenny says
Active Securities have just added a entry on my credit file for a £150 payday loan taken in 2014. They have put a satisfied date of May 2022. Does this mean it would remain on my credit file until 2028? How can I get this removed. This is an 8 year old debt (which I’m 99% sure was paid and didn’t default, especially for that amount). Even if I didn’t pay it, shouldn’t it be statute barred and therefore not be able to be added?
Sara (Debt Camel) says
This is Moneybox 247 and 2 other readers reported this yesterday.
A loan that old should not be showing on your credit record as either you paid it (which you think you did) or it should have been defaulted over 6 years ago and it would now be statute barred.
The website is still there but they are in the final stages of administration. If you email the administrators, I doubt they will reply to you let alone correct your credit record.
You can ask the Credit Reference Agency (was it Equifax?) to “suppress” this loan, as it was paid and you cannot dispute it with the lender. See https://debtcamel.co.uk/correct-credit-records-lender-administration/
Eric says
Spoke to Drinkwater again and he told me the payment was sent on the 21/04/2022 of £1,890 . So I rang HSBC to see if I could get the money back into my new account. Was on the phone for 1hr and yes they did find the money but told me the account over draught swallowed the payment. I told them how can you accept money on a closed account? They told me the account is closed but could still receive payments to cover the over draught! I told them my DRO covers me in this case. They put me on hold for 25 minutes while he spoke to someone who could handle this. His manager comes back on the phone and says she is having problems finding the money and ask for my new bank details and mobile phone number. She also told me it would she will escalate it to the higher ups and will do investigation into this. She gave me no time frame but we will see. 😌
Matt Lenton says
Does anyone know when they’re sending out cheques? Even though they have my bank account they said that they will be sending a cheque out when I called them. I got my initial email stating that I’d be paid with two weeks this was 25th April.
Ben says
“By the end of this week” meaning today presumably.
Gemma says
I received this email today regarding MyJar ☹☹;
I refer to a complaint that you have recently made against the above. Please note that Myjar was placed into Administration on 22 December 2020 and Paul Boyle, Anthony Murphy and I were appointed to act as Joint administrator
Unfortunately, I regret to inform you that you do not meet the criteria contained within the Redress Methodology and as such your complaint cannot be upheld.
Please note that as Myjar is in Administration and given the Redress Methodology applied to all customer accounts there is no right of review by the Financial Ombudsman in this instance and the decision of the Administrators is final. You do however retain the right to seek remedy by application to court, however we would urge you to seriously consider whether to do this as such an application comes at an expense. Given that Myjar is in Administration should you be successful in all likelihood the costs of any court proceedings would outweigh any prospects of recovery by way of dividend in the Administration, which will be very modest indeed, potentially between 1 and 2 p in £.
Shaan ali says
I changed me details with quickquid regarding my refund I’m December of 83.79 but they still sent it to my old account and they are refusing to transfer it over because I was overdrawn. So annoyed with this. They madee a mistake now I can’t contact anyone
Jimmy says
So my pounds to pocket loan was sold to lantern and my claim was accepted to have it removed from my file and interest removed. When will this happen or do I need to let lantern know about it or how will it work? Has anyone got any idea?
Thanks
Kevin says
Good evening,
Did anyone received his/her cheque please?
Hoping to receive it soon.
Many thanks.
Matt Lenton says
Nope…not sure when I’ll get it as I’ve not heard anything since April
Harry says
I’m also waiting for a cheque since April…
Ben says
This is what I was told last week: “We have added you to the next batch of cheques which will be sent out by the end this week. Please keep a look out for the cheque in the post next week.”
If they had sent a cheque last week it would have arrived by now. Seven weeks and counting…
A says
Emailed previously sent new bank details four times today and got an automated reply wich included this email addresscaseuronetuk@uk.gt.com , only for updating bank details and I again sent my screen shot of bank card covering the long number , my drivers license, full name and post code and claim number . Had a reply to verify accepted and fund will be sent in the next round within 14 days !! Better than waiting around for a cheque 🙀
Ben says
I don’t trust them with my ID documents as I have sent a bank statement before which they keep asking me to send again. I asked where they are storing our personal data and which privacy policy applies… no response. They seem to be operating in the wild west of regulation.
Sharon Jones says
Does anyone have Matthew drinkwater’s email address?
H says
The CashEuroNet redress payment went into my account in the past 3 months – if am applying for a mortgage and the mortgage lender is looking at pervious bank statements from past 3 months, will it cause red flags if it says casheuronet even though its money going in and even though the loan is off my credit reports?
Sara (Debt Camel) says
People worried about this with Wonga, but no one ever said they had any problems with it. Mortgage lenders are only really worried about payday loans in the last few years – not ancient history.
Chris says
Took a few tries but got through to Matthew Drinkwater who was very helpful, especially as I found out that my cheque had gone to an old address and my previous attempts to change it had not been heeded. I remember speaking to a foreign woman who said she had changed it but was not convincing. Anyway, said he would get a colleague to email me asking for bank transfer so can do it that way. Hopeful, but just a reminder to keep on top of it and chase up.
Nisha says
Chris, which number did you contact? I have two numbers and both say they are closed. I still have not received anything or spoken to anyone in over a month!
Harry says
Has anybody received a cheque?
Sharon Jones says
Money’s in this afternoon!! Thank you Mr Drinkwater!
Rob says
UPDATE:
Payment finally received at 4pm today!!!
Can’t believe it. Good luck to the rest of you, have patience and it will come :)
Matt Lenton says
Are we automatically going to get the payment by cheque? As it seems that you have to call this Matthew guy to get paid..
Kayleigh says
I received a email saying that they could not update my bank details and a cheque has been sent. This was 2 weeks ago now and still nothing! I updated and checked my bank details 4 times since April and nothing, they then went to say the bank returned it and when I contacted the bank they said no payment has ever been processed from them! So this cheque has took nearly 3 weeks, any ideas anyone as this is beyond a joke?
Nis says
Hiya
Does any one know if we are getting second batch payment soon ?
Ben says
Cheque received today, dated 8th June.
Matt Lenton says
Did it just come or did you have to call Matthew Drinkwater to prompt it?
Ben says
I have been chasing them via email.
Joe says
I’ve filed the claims form back in november 2020 when i received the email however, ive not heard back from them regarding any payments due to me? should I also email them/call them?
Sara (Debt Camel) says
YES you have no idea what has happened. If they have rejected your claim it is now too late to appeal this. But they may have accepted it.
Alex says
Hi all, does anyone have the email address for Matthew Drinkwater, I’ve left 6 messages since last Monday with no return call.
Ben says
I emailed Matthew.Drinkwater@uk.gt.com however I got a reply from casheuronetuk@uk.gt.com
Eric says
Drinkwater & CO have turned off their phones and don’t responded to emails. Check with my old closed HSBC account and HSBC say they cannot find it nor was it put aside into an expense account they were even kind enough to do an investigation. They told me go back to CASHEURONET and tell them to put a trace on the money from their end so Emailed CASHEURONET and no response. I have come to understand that I may never ever see the redress money. 😞
Kayleigh says
I emailed ceudividend@uk.gt.com which Matthew gave me I and got a response the same day. They have assured me my details have been confirmed and updated and will receive payment on the next run within 14 days. Hopefully fingers crossed that’s the last time I need to contact them and the payment that I’m owed is made.
Eric says
Drinkwater & CO have turned off their phones and don’t responded to emails. Check with my old closed HSBC account and HSBC say they cannot find it nor was it put aside into an expense account they were even kind enough to do an investigation. They told me go back to CASHEURONET and tell them to put a trace on the money from their end so Emailed CASHEURONET and no response. I have come to understand that I may never ever see the redress money. 😤
Donna says
ceudividend@uk.gt.com is the address I’ve used and I had an email today saying I’d receive my money within the next 14 days.
Good luck
Eric says
Thanks for the email address. But they have been saying 14 days for the last six weeks. My faith with them is gone.
Eric says
It appears that when my HSBC account was closed the account was overdrawn and therefore the bank retained the funds from the dividend payment. In other words I will never see the dividend payment of £220.45. The good news is Myjar will pay before 15/07/2022 into my current bank account. But I will write the CASHEURONET dividend loss as down to just bad luck.
Eric says
“There have been other customers who also provided details for a closed bank account, but the account was overdrawn and therefore the bank retained the funds from the dividend payment. Please be aware that if you are in a similar position to this we will not be able to recall the funds.”
That is the message I got from casheuronetuk@uk.gt.com a few minutes ago. I am done with CASHEURONET and just chalk it down to bad luck and move onto Myjar.
Ben says
If it’s any consolation, if you had changed your bank details then it would have been ignored. Someone posted on here that they had a payment of £6,234 sent to an old bank account even though they had updated their bank details, the bank withheld £1384 before returning the rest as the account was overdrawn. So the person lost £1384 due to Grant Thornton’s error. The Joint Administrators have made a real mess of this.