Quickquid early repayment conundrum

[Estane]

I have an issue regarding early repayment with Quick Quid. Initially my partner had a loan of £400 with them, which she succesffuly applied for an extension. However, on her next pay date a company bonus meant she was able to afford to pay off more of her loan. The extension fee was automatically taken in the early hours and she then made a payment of £150 towards the rest of the debt. Both of these transactions occured in the early hours of the morning on her due date.

 

Now, my calculations put her outstanding debt for next month at £250 + interest for the month (21.25%), approximately £303. However, Quick Quid have applied the second extension fee before allowing her to make the partial payment and are now demanding £335 on her next due date.

 

She spoke to a rep (recorded of course) to try and clarify how they could justify the cost and asked if the loan would have been cleared had she made a payment of 400 on the due date. The rep stated that it would not.

 

Is this something that they can do, add on additional finance charges before taking into account early repayment?

[renegadeimp]

Did they have permission to extend the loan?

[Estane]

Yes, she knew she wouldn't be able to make a full payment.

[Littleboys]

Don't ever get an extension on any payday loan. Call them or use live chat on their website, explaining you can't pay in full. They will always (usually) give you 1 Pre Default plan every 12 months, which allows you to repay them, interest free, at 1/4 of the debt amount each month, I.e £400 would be £100 a month. This won't affect your credit history if you do it once, and pay on time each month, interest free.

[renegadeimp]

Dont call them or use live chat. Letter or email only when dealing with pdls.

[Guest QuickQuidCustomerService]

It's hard to know exactly what happened here without looking at your account and the timetable. However, if you'd like one of our representatives to review your account again, we would be more than willing. If you choose to contact us again, mention that you are from CAG. I've alerted our team of your post and that there is a chance you may contact us so that they're aware of your situation. Thanks for using QuickQuid!

[renegadeimp]

It isnt hard to know at all. The same thing happened that happens every time with your little outfit.

[Estane]

Situation resolved. Phoned in (recorded of course) as she needed it dealt with quickly to make early repayment, wasn't in the mood for them dragging heels and adding extra interest for no reason. They tried to argue it at first, but after a couple of minutes of my prettier half not backing down it was passed to management and they sorted it in seconds.

 

In fairness to the frontline operatives, their system for processing payments seems fairly archaic and unfriendly, which is why this happened in the first place. No excuse for using it obviously, it's finances afterall, but it explains why their representatives kept getting tripped up.

 

It seems the moral is keep at it, there are far worse guys out there to deal with in my experience. By no means a perfect company, but being open to negotiation puts them head and shoulders above others straight away.

[maroondevo52]

Hi, Estane.

 

Glad you got that sorted.