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QQ & Pounds-to-pocket Payday lenders forced to stump up £1.7m in redress

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Another one falls...

 

CashEuroNet Who operates Quickquid and Pounds2Pocket is to offer redress...

 

CashEuroNet, trading as the short-term lenders Quick Quid and Pounds to Pocket, has agreed to provide £1.7m in redress to almost 4,000 customers.

 

The company made the agreement with the Financial Conduct Authority (FCA) after the regulator raised concerns about its lending criteria.

 

The firm has now changed its lending criteria and reassessed all loans granted since April 1 2014, and which were in arrears for 30 days or more against the new criteria.

 

As a result the firm identified a group of customers who were lent more than they could afford.

 

The 3,940 affected customers will receive redress totaling £1.7m as follows:

 

• 2,523 customers will have their current loan balance written off;

• 961 customers will be paid a cash refund of interest paid on the unaffordable element of the loan;

• 456 customers will receive both a cash refund and have their current loan balance written off.

 

Remember folks... Read closely... Loans AFTER 1st April 2014 affected...

 

HERE

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CashEuroNet UK LLC, trading as Quick Quid and Pounds to Pocket has agreed with the Financial Conduct Authority (FCA) to provide redress to almost 4,000 customers to the value of £1.7m. This follows concerns raised by the FCA about the firm’s lending criteria.

 

The FCA has been working with the firm since it took over regulation of consumer credit on 1 April 2014. An independent Skilled Person was appointed in September 2014 to review CashEuroNet’s lending decisions which revealed that some customers were able to borrow amounts greater than they could afford to repay.- Link

http://fca.org.uk/news/almost-4000-customers-due-redress-totalling-1-7-million-from-payday-firm-casheuronet

 

Customers do not need to take any action. CashEuroNet will start contacting customers immediately and plans to complete the redress exercise within the next 60-90 days. There is also further information on the websites of Quick Quid and Pounds to Pocket.

 

Although 1.7 million sounds a lot i feel there are many others who have possible claims against many payday companies going back years.

If you feel like trying which is your right a article that explains.

 

Payday Loan Compensation-Can you claim-well you should try.

http://www.consumeractiongroup.co.uk/forum/showthread.php?454437-Payday-Loan-Compensation-Can-you-claim-well-you-should-try.

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CashEuroNet, trading as the short-term lenders Quick Quid and Pounds to Pocket, has agreed to provide £1.7m in redress to almost 4,000 customers.

 

More...

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TO and fko, hope you don't mind - as this is the same group, I have merged the threads :)


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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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The report says loans since april 2014, what about prior to this date, i had one with p2p from april 2013?

I cant see the search on noddle as it only goes back 2 yrs, is this CCA time, it shows on my file as a default as i could never afford to repay it on benefits


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Ive read the article and this is promising, had a p2p loan from april 2013 which i think i made 1 payment towards then defaulted, default shows on noddle and clearscore.

Will be sending a cca request as the search history only goes back 2 yrs so nothing there to see. All i can remember is applying on my phone and as a carer on benefits, there was no paperwork at all.

My aim will be to wipe the loan and all cra data pertaining to it

Once ive sent the CCA I'll begin a thread for it


PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

I am not legally trained or qualified, any advice i offer is gleaned from experience and general knowledge, if you are still unsure after receiving advice please seek legal advice.

 

 

 

GEMHL Settled

Barclaycard Settled

A & L SETTLED IN FULL :lol:

Spml Reluctantly withdrawn

Blackhorse pre 31-7-06 Demand removal sent 23 8 06. ICO ordered removal jan 2007....REMOVED:lol:

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