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What the QuickQuid announcement means for you

What the QuickQuid announcement means for you

QuickQuid have become the latest payday lender to go into administration, joining the likes of Wonga and WageDay Advance.

But what does this announcement mean for you if you’ve already got a loan with QuickQuid, or if you’re one of the thousands who have applied for compensation?

I already have a loan with QuickQuid, do I still need to repay it?

The short answer to this is yes. You are still bound by the terms and conditions you agreed to when you took out the loan, so you should continue to make the repayments.

If you miss repayments, you could still be hit with fines and additional charges, as well as damage your credit rating.

Can I still get a loan from QuickQuid?

No. QuickQuid have stopped offering loans.

I’ve already made a claim for compensation, will I still get it?

If you’ve already made a successful claim for compensation for mis-selling, but have not been paid, you will be added to the list of creditors.

This means, you are essentially in a queue of people who are owed money. You should still get some compensation, but it might not be as much as originally agreed.

I was thinking about making a claim for compensation, can I still do this?

The administrators who are now in charge of QuickQuid have said you will still be able to apply for compensation through an online portal.

You can also call 0800 016 3114 or email complaint@quickquid.co.uk.

However, it is unclear how much you might be able to get and it is probably going to be a lot less than you would have been able to claim before QuickQuid went into administration.

I’m struggling to pay back my QuickQuid loan, what should I do?

You are still required to repay any outstanding QuickQuid loans, so if you’re struggling to pay it back, it’s important you get help as soon as possible.

What alternatives are there to payday loans?

Payday loans are an expensive way to pay for things and there are a lot of alternatives you should consider.

First, are there any ways you can cut back or save up for what you need? Or, if it’s more urgent, do you have an authorised overdraft which won’t charge you fees?

Personal loans, credit cards and credit unions can also be cheaper than using a payday lender, but make sure you know exactly how much it will cost and if you can afford the repayments before you make a decision.

If you’re claiming benefits, there are some grants and loans you might be able to get from the government. However, like a loan, these will also need to be repaid.

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