THOUSANDS of QuickQuid customers could be about to receive a refund of £900, months after the firm collapsed into administration.
The payday lender collapsed in October 2019, leaving its customers in a state of financial uncertainty.
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It emerged that many customers may have been missold loans by the firm and could be due compensation as a result.
Some 169,000 customers made claims against the firm. Of these, more than 78,500 claims, totalling £135.7million, were upheld.
These customers are now starting to receive emails detailing exactly how much money they will get back.
Grant Thornton, the firm appointed as administrator, has confirmed that eligible customers will get back 53.5p for every £1 claimed.
That works out to around £910 for the average claim value of £1,700.
QuickQuid was one of the biggest lenders in the UK until it went into administration a couple of years back, in October 2019.
It had roughly 500,000 customers with outstanding loans at the time, and had loaned money to more than a million customers since it launched in 2007.
But many of these borrowers were left so strapped for cash after prolonged borrowing from the company that they had to borrow even more.
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Anyone given these unaffordable loans was able to make a claim for a refund, even if they repaid their loan years ago – and some will get as much as £900 back.
Complaints have been rolling in since 2015 about unaffordable lending by QuickQuid.
In 2008, it became the most complained about firm to the Financial Ombudsmen, according to Sarah Williams, founder of Debt Camel.
The online claims portal closed on February 14, 2021 – meaning no more refunds can be requested.
Grant Thornton said: “Please be aware, if successful, the payment you receive will be considerably smaller than your accepted claim value.”
This is because the value of all accepted claims will significantly exceed the money available to be shared out.
Refund calculations could only be made once the assets of CashEuroNet, which owned QuickQuid, were sold and other deductions were made.
For any queries about your claim, contact the CashEuroNet customer support team on 0800 0163 250.
Meanwhile, a pensions expert reveals how you could be missing out on thousands.
Here’s the most common money mistakes you’re making and how they’re costing you thousands.
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