Quid24

[ihateyes]

briefly, i borrow £100 - £110 due 7days later.....

3 days it was due i realised i cudnt pay it back. i also cudnt log on as i lost pin. i contacted them by their website about the pin - no reply. i emailled them thursday and friday to advise i cudnt make and to offer a fair payment on payday which was 6 days aftr repayment date..... NO ANSWER.... on monday they replied.

 

Lots of emails have went back, but they refuse to waive charges.... i have offered £150 which is now too much....

if they hadve responded and made me aware i couldve got the £15 to defer, but as they didnt i couldnt.

 

http://www.quid24.com have a look and tell me if you can see anywhere where it says you can defer.... also check out the credit agreement:

 

This is an agreement for running account credit between:

(1) Quid24 Limited of 2nd Floor, 145-157 St John Street, London, EC1V 4PY, United Kingdom ("We" "Us")

(2) ("You")

Key Financial Information

APR: 14,348% variable

Credit Limit: £100 or other such sum as we may notify to you from time to time.

Once this Agreement is in force, you can apply for an advance to us. Each time you apply, we will tell you if your

application has been agreed. If it has, we also confirm the total amount repayable by you and the date upon which this must

be received by us. You can then decide whether you wish to continue with the advance. You will only be entitled to make

further applications once any outstanding advance and charges have been repaid.

Other Financial Information

Total charge for credit:

Our charges for an advance of £100.00 for a period of 7 days will be:

Interest charges: £4.50

Transfer fee: £5.50

Total charge for credit £10.00

If we agree to advance you a different sum, we will tell you about the charges for credit which would be payable before

you agree to continue with the advance.

Interest: The rate of interest applicable to this Agreement is 235% per annum variable.

Interest is calculated at the time of each advance and applied to the account immediately.

In calculating the APR, no account has been taken of any variation which may occur under the agreement either of the rate

or amount of any item entering into that calculation. We may vary the interest rate and/or charges payable from time to

time. If we do so, we will tell you about that variation before you agree to enter into any further advance.

Key Information

Default Charges

If you are late in repaying an advance, we will charge you:

* Interest on the overdue sum at the rate applicable of 8% per annum.

* £60 for the first reminder letter (which will be sent to you once the advance has become 1 day overdue)

* £50 each for the second reminder letter (which will be sent to you once the advance has became 2 days overdue)

* £30 for the third reminder letter (which will be sent to you once the advance has became 4 days overdue)

* £50 for the fourth reminder letter (which will be sent to you once the advance has became 7 days overdue)

Interest will be payable on any overdue sums, transfer fees or other finance charges once they are 7 days overdue (see

clause 3.3 (d)

In addition, interest will be payable on any unpaid Default Charges from 28 days after we have sent you a notice of default

sums.

Cancellation

There is no right to cancel this Agreement under the Consumer Credit Act 1974 or the Timeshare Act 1992. However, you

do have a right to cancel this Agreement under the Financial Services (Distance Marketing) Regulations 2004 (see

Cancellation Rights below).

MISSING PAYMENTS

Missing payments could have severe consequences and make obtaining credit more difficult.

IMPORTANT- READ THIS CAREFULLY TO FIND OUT ABOUT YOUR RIGHTS

The Consumer Credit Act 1974 lays down certain requirements for your protection which should have been complied with

when this agreement was made. If they were not, the creditor cannot enforce this agreement without getting a court order.

The Act also gives you a number of rights. You can settle this agreement at any time by giving notice in writing and paying

off the amount you owe under the agreement which may be reduced by a rebate.

If you would like to know more about your rights under the Act, contact either your local Trading Standards Department or

your nearest Citizens Advice Bureau.

Electronic Signature

Electronic Communications Act of 2000 provides that electronic signatures on documents hold equivalent legal status as

traditional handwritten signatures. By completing this online application, I certify that my digital signature is the equivalent

of my handwritten signature.

Customer's Signature

This is a Credit Agreement regulated by the Consumer Credit Act 1974. Sign it only if you want to be legally bound by

its terms.

Signature of Debtor: l, Electronically Signed Agreement: 02/09/2011 at 10:45

Cancellation Rights

You will have a right to cancel this Agreement for 14 days, beginning with the day after this Agreement is signed by us

("the Cancellation Period"). If you do not exercise your right to cancel within the Cancellation Period, you will not be able

to cancel this agreement. You may exercise this right to cancel by giving notice in writing by sending a letter to us at

Quid24 Limited, 2nd Floor, 145-157 St John Street, London, EC1V 4PY, United Kingdom or by e-mail to

[email protected]. If you do so after you have received payment of an advance from us, you will be required to repay

the amount of the advance plus interest at the rate stated in Other Financial Information from the date of the advance to the

date of repayment by you plus the Transfer Fee.

NOTE- IMPORTANT

By signing this agreement, you agree to be bound by both the terms contained within the Agreement and the Terms and

Conditions attached to this Agreement.

Signed for and behalf of Quid24 Ltd: Johannes Neidorf, Director, Electronically Signed Agreement: 02/09/2011 at 10:45

Your Details

Account Number: xxxxxxxx Sort Code: xxxxxx Date of Birth: xxxxxxx

Terms and Conditions

1 Our business

1.1 We are registered at Companies House under number 7083850. Our main business is consumer lending and we

provide short-term credit facilities to debtors in return for the repayment of the credit and the payment of interest. We

are authorised by the Office of Fair Trading, and our Consumer Credit Licence Number on its register is 0633272.

2 Advances

2.1 We will provide you with a four digit (e.g.1234) Personal Identification number ("PIN") within one day of you

signing this agreement. You will need to use your PIN with each request for an advance from us and therefore, it is

important that your PIN remains confidential to you.

2.2 You can make a request for an advance by either:

i L ogging into your account at http://www.quid24.com. You need to sign into your account and follow the onscreen

instructions to make a request. We should be able to tell you immediately the amount that we are willing to lend you,

the proposed repayment date and the amount that you must repay. You will then be provided with on screen

instructions in order to accept the loan.

ii S ending a text message with the word "QUID" and your "PIN". We will then text you to confirm the amount of the

advance which you have requested, the proposed repayment date and the proposed repayment amount (including

interest charges and transfer fees).

2.3 In the event that a request for an advance is made by you by another means, we may choose to accept this at our sole

discretion.

2.4 From time to time, we may agree to provide you with an advance which is a different amount to the amount of your

credit limit. If so, your credit limit will vary to this amount. In the event that we refuse to provide you with an

advance, your credit limit will be reduced to nil. You may still make further requests for an advance and if accepted,

your credit limit will be raised to this sum accordingly.

2.5 We will arrange for payments to be advanced to you by paying these sums into your nominated bank account ("the

Account").

2.6 If we agree to provide you with an advance, you must respond to us by the end of the second working day. Otherwise

we are not obliged to provide you with an advance and can refuse any requests for a further advance.

2.7 From time to time, we may decide to vary the amount or rate of the charges shown on the front of this Agreement

(including interest charges, transfer fees and default charges). We will provide you with seven days notice in writing

if we decide to change the default charges applicable to this Agreement. Otherwise, we will tell you about any change

in the interest or the transfer fees upon receipt of a request from you for an advance. Any variation in our charges will

only affect future advances and will have no effect on any advance which we have already provided to you.

2.8 You cannot request a further advance if you still owe us money under a previous advance (including interest and

transfer fees and default charges).

3 Repayments

3.1 By signing this agreement, you confirm that your wages are regularly paid into the Account and you agree to ensure

that there are sufficient funds available in the Account on the repayment date(s) to repay any advance to us.

3.2 You authorise us to collect repayments from you by debiting the debit/credit card which you have registered with us.

3.3 In the event that we are unable to collect any repayment for any reason, we will:

a) Attempt to collect the repayment from the Account or debit or credit card at a later stage, for an indefinite period,

on more than one occasion in order to collect the amount outstanding.

b) Send reminder letters to you, in accordance with the provisions contained in the Default Charges section of the

Agreement.

c) Continue to attempt to collect these charges using the debit or credit card you have registered with us for an

indefinite period, on more than one occasion in order to collect the amount outstanding.

d) d) Be entitled to charge interest on any overdue sums, transfer fees and other finance charges outstanding once

these sums have been overdue for 9 days. Interest will begin to be charged from the 7th day, at the rate of 8% per

annum.

e) Not charge any interest under this condition on any unpaid Default Charge until 28 days after we send you a notice

of default sums under the provisions of the Consumer Credit Act 1974.

f) Be entitled to seek interest on any overdue sums both before and after any judgment.

3.4 You acknowledge that additional taxes, legal costs or other charges may levied which are not payable by us or

imposed by us in relation to this Agreement.

4 Cancellation

4.1 You have a right to cancel this Agreement for 14 days, beginning with the day after this Agreement is signed by us

("the Cancellation Period"). You may exercise this right by giving notice in writing to Quid24 Limited, 2nd Floor,

145-157 St John Street, London, EC1V 4PY, United Kingdom or by e-mail to [email protected].

4.2 If you do so after you have received payment of an advance from us, you will be required to repay the amount of the

advance plus interest at the rate stated in Other Financial Information from the date of the advance to the date of

repayment by you plus the Transfer Fee.

4.3 If you do not exercise this right to cancel, this agreement will be binding upon you and you must repay any advance

in accordance with these terms and conditions.

4.4 If you do not cancel you will still be able to settle any advance prior to the repayment date. You can do this by paying

the outstanding balance that is due and payable in full (including interest and charges, including transfer fees) less

any rebate which may apply under the Consumer Credit Act 1974.

4.5 Any request for an advance made by you prior to the expiry of the cancellation period shall be treated as a request to

provide an advance. However, you acknowledge that we are under no obligation to make this advance.

4.6 In the event that you cancel this Agreement, as soon as possible and in any event within 30 calendar days from the

date on which you notified us of the cancellation:

a) We will refund any sum paid by or on behalf of you,

b) You must repay any sum paid by or on behalf of us under or in relation to this Agreement.

Accordingly, we can charge you for services actually provided by us in accordance with the terms of this Agreement,

including the amount of any unpaid interest and transfer fees and charges outstanding in respect of any advance.

5 General

5.1 By signing this Agreement, you confirm that you are not currently the subject of:

a) a debt management plan;

b) an Individual Voluntary Arrangement; or

c) bankruptcy proceedings.

5.2 In addition, you confirm that you are in full time employment and you are not:

a) Self Employed;

b) Absent from work due to sickness leave, maternity leave, paternity leave, adoption leave, or any other kind of

unpaid leave.

c) Under notice of redundancy or any disciplinary action that may cause your employment to be terminated.

5.3 You are not required to provide us with any security under the terms of this agreement.

5.4 There is no minimum term of this agreement.

5.5 If we do not enforce our rights under this Agreement at any time we will not be prevented from doing so later.

5.6 You agree that we can send any documents or notices to you by e-mail. Any notice or demand sent to you will be

deemed to have been received by you if sent by e-mail or left or sent by prepaid envelope addressed to you at your

current address or last known business or private address.

5.7 You permit us to contact your employer named in your Employment Details at anytime as may be reasonably

required by us.

5.8 We may transfer or assign all or any of our rights under this Agreement.

6 Jurisdiction

6.1 The law of England and Wales is taken by us as a basis for the establishment of relations with you prior to the

conclusion of the Agreement, and governs the Agreement. The contractual terms and conditions, and the prior

information, are in English. We undertake, with your agreement, to communicate with you in English during the

duration of this Agreement. This Agreement shall be construed according to the laws of England and Wales whose

courts shall be the exclusive courts of jurisdiction.

7 Use of Your Information

7.1 It is important that you provide us with accurate information in connection with this agreement. Prior to entering into

this agreement, or at the time of doing so, we may decide to check your details with fraud prevention agencies. If you

provide false or inaccurate information or we suspect fraud, this information may be recorded. Fraud prevention

agency records will be shared with other organisations to help make decisions on credit, motor, household, life and

other insurance proposals or claims for you and members of your household.

7.2 Furthermore, prior to entering into this agreement, we may decide to search your record at credit reference agencies.

They will add to their records about you, details of our search and your application and this will be seen by other

organisations that make searches. Our search of records at credit reference agencies may be linked to your

spouse/partner or other persons with whom you are linked financially. For the purposes of any application or this

Agreement you may be treated as financially linked and you will be assessed with reference to "associated records".

7.3 We may also add to your record with the credit reference agencies details of your agreement with us, the payments

you make under it and any default or failure to keep to its terms. These records will be shared with other organisations

and may be used and searched by us, and others, in order to:

a) Consider applications for credit and credit related services, such as insurance, for you and any associated person;

b) Trace debtors;

c) Recover debts;

d) Prevent or detect money laundering and fraud; and

e) Manage your accounts.

7.4 If you fail to keep up repayments under the Agreement we may send your personal details, including name and

contact details and details about your payment history under the agreement, to third party debt collection agencies so

that they may collect the money that you owe under this agreement.

7.5 If you require details of the credit reference agencies or any other agencies from whom we obtain, and to whom we

pass, information about you please write to us at our address stated above. You have a legal right to these details. You

have the right to receive a copy of the information we hold about you if you apply to us in writing. A fee will be

payable.

8 Complaints

8.1 If you have a complaint, we will investigate it and give any redress to which we feel you are entitled. If you are not

happy with our final response, you may have a right to have your complaint dealt with under the Financial Services

Ombudsman Scheme, South Quay Plaza, 183 Marsh Wall, London E14 9SR or telephone 0845 080 1800 or 020 7964

0500. To do so, you would need to notify the Scheme in writing within 6 months of our final response

 

A few points:

 

Nowhere in that agreement doe it state they will only take deferal unless i log on

Neither in the FAQ's - https://www.quid24.com/help/

 

Now for the good part, look at the charges - high!! im refusing to pay.... ive not recieved any letters so justfy that!

Also the bank has informed me they didnt try for any payments on the 9th, and they will give that in writing. Quid are claiming they tried for £15..... surely as the credit agreement doesnt state they wil take the £15, and its a 7dayloan, the fact they didnt (and they admit it) try fo the full amount means they have also broken the credit agreement.

They state i have 14 days to cancel.. read that.... could i say i want to cancel, and nullify the charges, as in their cancellation it doesnt state anything about charges, just interest and the transfer fee??

 

Any advice people..... thanks

[sillygirl1]

All you owe is the original loan amount and the interest - the agreement won't hold up in a court of law as there are so many conflicting charges which do not accurately reflect the actual cost to the company - Unfair Terms and Conditions in Consumer Contract Regulations apply here.

 

They can't charge more than one amount of interest in a month and they seem to be as bad as all the other PDL companies, these very short term loan companies need to have some heavy regulation to stop these mickey mouse agreements.

 

At the end of the day the original loan and interest is all you owe.

[ihateyes]

whatalarmed me is they state in the credit agreement that any monies paid will be paid towads and default charges fiest before the loan...... surely this is unlawful.

[sillygirl1]

Yes, it is wrong, they are supposed to take monies off the loan amount first, and then the arrears are only the interest anyway, nothing more.

 

Clause 3.4 You acknowledge that additional taxes, legal costs or other charges may levied which are not payable by us or

imposed by us in relation to this Agreement.

 

is a nasty little clause which again would be hard to justify in court - basically they are trying to grab everything they can under this clause and you need to make a complaint to Trading Standards, the clause layout stinks, they need to state AT THE BEGINNING of the contract that English law rules (IMHO, I may be wrong on this) and then the 'rubbish' about the anti fraud checks etc all make for very interesting reading.

 

But, I wouldn't rely on the 'terms and conditions being wrong' as since the various Rankine cases its been proved to be a red-herring. What you need to rely on here is it is a very short term loan and they did not communicate with you when you requested to stop this situation escalating.

[ihateyes]

thanks sillygirl.

[sequenci]

They can't charge more than one amount of interest in a month .

 

I've asked you a few times for legal authority on this point, I would be keen to find out a little more if you have information about it?

 

Thanks!

[ihateyes]

i wouldve though they can charge interest for 14days after due date, at which point they must default me..... saying that i havent recieved as much as a late letter or a default letter. i wonder what the £60, and £50 and £30 charge actually covered??

[sequenci]

i wonder what the £60, and £50 and £30 charge actually covered??

 

Those can quite easily be challenged as totally unfair as sillygirl as already mentioned. It's the default interest that I'm a little bit concerned over on these things.

[asmilecostsnothing]

I appreciate this is going of subject prob, do you know these guys share the same address details as 247 Moneybox ! interesting as these lot will set up payment plans without much fuss

could you use that as leverage?

[Benleics]

Hi,

 

I am having the same problems with this Company

 

I borrowed £100 on 14th October and was supposed to pay this back on 21st October. They sent me a text saying if I wanted to pay it back to logon to the website before 5pm or they would just take £15 from my card and extend it for a further week

 

I sent them an email to confirm that I would like the extra week and to take the £15 from my card

 

I then logged onto the website and clicked on the extend loan button 3 times and it kept saying failed

 

Now I have an email this morning saying the Bank had declined their payment (I checked this and the Bank assured me that they hadn't requested a payment) and that £60 Admin fee was going to be added and another £50 admin fee will be added tomorrow

 

I don't know if its best for me to cancel my Debit card and let them take me to Court as they don't reply to complaint e-mails and the money was available in my account its just they chose not to take it as if I wait till I'm paid on Friday the total amount payable with be £300 which is a total **** take

 

Any advice on what to do would be appreciated.

[ihateyes]

Read your credit agreement.... no where on the agreement is their a provision to extend the loan.

 

Ask your bank for a letter stating they didnt attempt.

 

Keep emailling them, and offer they a full and final settlement of £150.

 

thats what i offered and kept emailling them every 30days, advise due to their credit agreement etc you will complain to the OFT, FOS.....

 

They eventually accepted the £150 on provision i withdrew my complaints against them.

[sillygirl1]

Now you know why these companies should be avoided, the very very short term lot are even worse than the one month loan companies.

 

I'd still report them for holding you to ransom, that is not allowed under ANY laws.

[Benleics]

Thanks

 

I do however have an e-mail from their Support Team saying that they would automatically extend the loan and take £15 from my debit card

and also a text message saying the same thing.

 

I get paid on Friday do you think I should cancel my Debit Card as I guess they will just try and take what they want instead

[ihateyes]

most certainly yes......

[sillygirl1]

Get onto the Office of Fair Trading and Trading Standards, that is totally unreasonable especially as you can PROVE you had the funds in the account to repay them.

 

Then report them to the police for extortion and demanding money with menaces, for this is what they are doing, again you are on very safe ground here as you had the funds available to repay the original loan. Get a crime number then if they try to raid your bank account you will get your money back.

 

Remember the contract is only for the original sum and short term interest, THEY are the ones who are insisting you breached the contract, not you. They are nothing but loan sharks of the lowest type.

[Benleics]

This is the e-mail they sent me a few days ago

 

Dear Benjamin

 

We want to make sure that our customers have been satisfied with our short-term loan service!

 

Because life can be so busy, we are just getting in touch to notify you of the fact that your loan due date is on 21/10/2011. To make a full repayment of £110.00 you need to go to quid24.com login to your account and click the "REPAY LOAN" button before 5pm on that date. Once we have received the full repayment you'll be in a position to receive another Quid24.com short-term loan at a later date. Paying on time shows us that you are reliable and every time you successfully repay a loan your credit rating will improve.

 

If you have not made the payment by 5pm on 21/10/2011, we will assume that you need more time to repay your loan. In that case £15 extension fee will be automatically debited from your debit card and your loan will be extended for another 7 days. If you do not have £15 available on your debit card, your loan will not be extended and you may incur administration fees for late payment, so please make sure that you have planned accordingly.

 

What should I do if I have a change in my circumstances?

 

Should you discover that you will not be able to make the correct sum available in your account on the predetermined repayment date then you should let us know immediately.

 

Thanks for choosing Quid24.com,

 

Customer Service Team

 

 

 

Doesn't this say they will automatically extend the loan or am I missing something