Quickquid.co.uk & PoundstoPocket Compensation Claims
Did Quickquid put the speed of your application over checking your affordability? Has Pounds to Pocket left you out of pocket?
Find out what you can do about it
Quickquid and Pounds to Pocket are both owned and operated by parent company CashEuroNet UK. Despite their tagline being “Helping Hardworking People Control Their Financial Future” the business has faced criticism, as we look at below.
Some years ago, the payday loans market was subject to out of control interest rates, fees and a lack of affordability checks – leading consumers into worsening debt crisis. It was against this backdrop that The Financial Conduct Authority took control of regulating this market (something previously managed by the Financial Services Authority from 2001 to 2013).
With this switch, came significant industry change. The FCA undertook extensive research, culminating in numerous guidelines for affordability and charges going forward. As part of their efforts was a flood of negotiated compensation.
As of 2015, CashEuroNet UK compensated almost 4000 customers to the tune of £1.7 million. This agreement with the FCA involved the writing off of 961 loans, with the unaffordable element of the borrowing refunded, while a further 456 were refunded and reimbursed for interest payments.
Was Quickquid or Pounds to Pocket performing adequate affordability checks?
For years the payday lending industry failed their customers. The lack of affordability checks, or minimal efforts to ensure affordability, worsened the financial circumstances of their clients.
“Worryingly, borrowers who didn’t have an affordability check were nearly twice as likely to have trouble repaying their loan as those who did remember being asked about their ability to repay”.
What these lenders ought to have been doing where repeated borrowing occured was asking for key pieces of information about household income and expenditure, as well as gaining insight into the borrower’s existing debt (this latter part achieved via credit file checking).
Even if you’ve already been compensated by the FCA-initiated schemes, you’re still entitled to claim for a payday loan refund.
Because we don’t regard the automatic compensation scheme as fulfilling the standard of affordability checking that should have occured had appropriate checks been taken. A merit-based consideration of cases is required.
If Quickquid or Pounds to Pocket repeatedly lent to you and you feel as though the loans were unafforable, we can help
✓ We are payday loan claim specialists. We don’t operate in any other market.
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✓ We are regulated.
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✓ We provide a genuine no win, no fee service.
✓ You won’t have to face court, nor your lenders face to face
✓ We lead the way with an all-inclusive fee structure – the lowest on the market.
Did a Quick Quid Put Too Many Pounds In Their Pockets? We Can Help.
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