QuickQuid Repayment Plan

[Samson42]

Before I start trying to negotiate with QuickQuid, I wanted to post here and see what other people advise.

 

I have an outstanding loan with QQ which I've defaulted on. The loan amount was £650, plus the month's interest which was £150 or so. I arranged a payment plan with them, or rather, they arranged one with me which I agreed to. At the time £200 a month to repay the debt was better than £160 to just roll over and try and knock some off each month.

 

I paid the first £200, then I had some time off sick in December, and I didn't know I wouldn't be paid for it so QQ's payment defaulted, though they still cleaned my account first of £45, then £35 the day after. I've logged onto the site and agreed to pay the rest of this month's payment, £135 or so when I get paid. So my original debt will be cut in half from £800 to £400.

 

How easy will they be to negotiate a new payment plan with? Because £200 a month is a lot for me to pay, and I've ended up having to get a couple of £100 or so loans from other lenders. I don't want to pay off QQ and still owe £800 across 2 or 3 others.

 

An ideal amount would be £50 a month, but I don't know how realistic this is. Can someone whose been in the same situation or similar share their experiences?

 

Thanks

[Bombaymix]

As long as your finances are secure you are in the driving seat as far as repayment plans are concerned. They're dictating to you at the moment telling you they want £200 a month. If you genuinely can't afford this, reduce your payment! It's a low priority debt and if you're in financial difficulties should be treated as such.

 

How are they currently collecting the monthly repayment? Debit card? Direct debit?

 

If my memory serves correct QQ won't freely give out their bank details for standing orders. If you can advise us how you're paying these payments we will be able to offer further advice.

[Samson42]

I use my debit card for everything. They use my card details to withdraw money on my payday. I'm past the point of stressing about these companies now, my attitude is pretty much; if you decline what I offer, then you get nothing!

[Bombaymix]

Hey Samson!

 

Ok. Right...

 

Be very cautious about allowing QQ to have your debit card details! I am extremely surprised that your bank account hasn't been raided already!

 

Negotiating with QQ (as you've probably already learnt) is like pulling teeth. I had my problems with them about 3 years ago and give up in the end. I had to wait until they passed the debt onto a DCA before I could negotiate a payment plan with them.

 

I'm quiet surprised you achieved a £200 a month payment plan with them to be honest!

 

I would suggest to you.

 

Remove them from the driving seat straightaway! "lose" your current debit card and pick up one of those pre pay cards. (loads of reputable cards available online and other places. I believe the post office might do one!)

 

Contact your bank, in writing to ensure a paper trail and advise them to cancel any CPA that they might have set up.

 

Only then TELL (don't ask) QQ that due to a change in your financial circumstances that you can only afford to pay £50 per month until your financial situation improves (as a gesture of goodwill tell them this will be reviewed in 3-6 months).

 

You can then update them with your new (pre pay) card details and load it up with your monthly £50. This will avoid them going back on anything and trying to raid your account.

 

All correspondence in writing with them (or email), if you have to speak to them on the phone make sure you're able to record the call!

[Bombaymix]

(best way to be by the way! @past caring and no stressing! My own payday loan nightmare made me ill!)

 

Regards

 

BM

[Samson42]

I returned to work today, to find out that QQ has been calling my work non-stop to try and contact me. I was out of the country for 2 weeks so my personal means of contact were unavailable.

 

It's gonna be hard to not scream and shout at them tomorrow when I send them emails telling them how we're going to proceed! It's lucky for me that my manager is a friend of mine

 

I'll keep you updated tomorrow when I contact QQ/Lloyds.

[renegadeimp]

Hi samson. WHat you need to do now is write formal complaints, both to QQ and the OFT. Also, ask your manager if they can write out a letter for you to send to QQ as well, which you can also add into the complaint with the OFT.

 

Also send QQ http://www.consumeractiongroup.co.uk/forum/content.php?493-Harassment-by-telephone-response-letter and add in that they arent to contact you at work.

[Samson42]

Finally got a response from QQ.

Dear xx

Customer # xxx

 

We received your email regarding your loan balance and your situation has been noted. Unfortunately, £50.00 per month is not an acceptable repayment arrangement. Collection procedures will continue until an acceptable payment arrangement is made. We apologize for any inconvenience this may cause. Collection procedures will continue until an acceptable payment arrangement is made.

 

Please call our Collections Department to set up a scheduled payment plan.

 

QuickQuid Collections Department

Direct Line: 0808 234 4561

Fax: 0808 101 1381

Collections@QuickQuid.co.uk

http://www.QuickQuid.co.uk

 

Call free from landlines. Mobile phone companies may charge up to 40p per minute.

 

Terms and Conditions apply. All loans are subject to status and affordability checks prior to approval. All applicants must be 18 or over.

 

QuickQuid is the trading name of CashEuroNetUK, LLC. CashEuroNetUK LLC is a Limited Liability Company incorporated in the United States. Head Office: 200 W. Jackson Blvd., 14th Floor, Chicago, IL USA. Correspondence Address: 483 Green Lanes, London, N13 4BS. Consumer Credit Licence #: 603395.

Alva F

[renegadeimp]

Perhaps you could remind this silly american company that they are operating in the UK. Also remind them that they are meant to adhere to OFT guidelines on debt collection. Specifically the part of negotiating repayment. They cant demand a certain amount per month if the debtor cannot afford that. If they do, then its in breach of multiple areas of guidance and puts their credit licence at risk.

[jbscotland]

I would be happy for them to continue the collections process so long as they did not contact me at work.

Cancel debit cards, change bank details and let the collections team come back and beg you for the 50.00 per month

[Lomondshore]

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Hi,

 

I've noticed a lot of conflicting stories re setting up repayment plans so wanted to share mines.

 

I got in to a payday spiral and have now set up repayment plans with the following companies

 

Wonga

Quickquid

Both were very easy and done in live chat with the companies as I wanted email / proof of what they had agreed with me. If you find yourself borrowing more to pay these companies please call odr email than and discuss your options as legally they an not force you to get in further debt to pay them back. Also if they decline your payment (which they won't) then you don't need to bother with them as they are maki g it hard for you to pay back the debt.

 

Most companies will decline your offer at firs but if you stick to your guns and explain that is the maximum you can pay they will eventually accep it.

 

Good luck

 

 

QUOTE=Samson42;4111302]Before I start trying to negotiate with QuickQuid, I wanted to post here and see what other people advise.

 

I have an outstanding loan with QQ which I've defaulted on. The loan amount was £650, plus the month's interest which was £150 or so. I arranged a payment plan with them, or rather, they arranged one with me which I agreed to. At the time £200 a month to repay the debt was better than £160 to just roll over and try and knock some off each month.

 

I paid the first £200, then I had some time off sick in December, and I didn't know I wouldn't be paid for it so QQ's payment defaulted, though they still cleaned my account first of £45, then £35 the day after. I've logged onto the site and agreed to pay the rest of this month's payment, £135 or so when I get paid. So my original debt will be cut in half from £800 to £400.

 

How easy will they be to negotiate a new payment plan with? Because £200 a month is a lot for me to pay, and I've ended up having to get a couple of £100 or so loans from other lenders. I don't want to pay off QQ and still owe £800 across 2 or 3 others.

 

An ideal amount would be £50 a month, but I don't know how realistic this is. Can someone whose been in the same situation or similar share their experiences?

 

Thanks