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Battle with Quick Quid over irresponsible lending

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Hello all,

they have never provided me with full list of loans ( i think I had more than 15 with them) here is their final word...

 

QuickQuid Customer ID: xxxxxxxxxx

 

We are in receipt of your complaint dated 16/08/2017 where you allege that QuickQuid irresponsibly lent to you.

 

Specifically, you mention:

• The loans were unaffordable

• You were dependent on short term lending

 

I’ve investigated your complaint and would like to bring your attention to the following points:

Under the Financial Conduct Authority’s rules, complaints cannot be made where they concern an event that occurred more than six years ago.

Of course, we will still investigate your allegations as they pertain to any loans you have received in the last six years.

 

AFFORDABILITY

In your complaint you allege that QuickQuid did not perform a credit check or affordability assessment.

We have reviewed your file and can confirm that,

in line with our internal process,

at the time of each application,

we conducted our standard credit assessment,

which included pulling your credit report.

 

As part of our assessment,

we analyse your current financial commitments,

insolvency records,

delinquency records,

County Court judgements,

credit enquiries and

other credit accounts currently open.

 

Lenders are required to make an assessment that is proportionate to the type and amount of the loan as well as the associated costs and risk to the borrower.

 

It would not be proportionate for a lender which provides small loans,

which are unsecured and

which do not require a guarantor,

to conduct the same assessment as a bank which provides high loan amounts which are secured by your home or vehicle.

 

Your loans were unsecured.

We did not provide a guarantor loan where you would have needed to have had someone else share the responsibility of repayment .

 

Your credit report is not the only thing we analyse when we make a lending decision.

We also look at the information you provide us in your application,

as well as your loan history with us when we decide to approve or decline your loan application.

 

This information is all input into our internal credit model which is run to obtain your credit model score.

If your credit model score does not meet the minimum approval threshold score then we will decline your loan application.

 

Looking at your record,

I see that your credit model score was never under the minimum approval threshold for any of the loans for which you were approved.

For instance, on 07/12/2007 you had a credit model score of -0.0636 on your QuickQuid loan # 20934 when the minimum approval score was 0.

Your credit model score is higher the minimum approval score which shows that our affordability assessments properly ran per our internal policy.

 

It is in our mutual interest to have a well-designed affordability model.

As a responsible lender,

we provide customers such as yourself with access to credit and take upon ourselves the risk of default.

 

While we will not reject a customer simply because there is a late payment on a credit file,

we will critically assess the details of your credit file to provide you with a reasonable and affordable loan.

 

The investigation of your complaint also considered all relevant information contained in your application.

It was noted your monthly income was stated as £1920 per month.

I compared your income to your total monthly repayment for each loan you took with us.

 

From this I can see that the income you made during each payday loan with us was always more than enough to cover the amount you had to repay us for each loan and thus I cannot agree with you that your loans were unaffordable.

 

DEPENDENCY

You are claiming that you were dependent on loans.

Yet if you were dependent on taking out one loan to repay the other then you would have taken out numerous loans,

for equal or increasing loan amounts,

and with very little time between paying off one loan and taking out the other.

 

When I reviewed your loan history I see that you never had more than four consecutive loans with less than 15 days between loans.

 

CONCLUSION

Therefore it is for the above reasons we cannot agree that QuickQuid irresponsibly lent to you.

 

As this is our Final Response regarding your concerns to the above referenced account,

if you are not happy with this outcome I need to ensure that you are aware of the ultimate availability of the Financial Ombudsman Service.

 

You have the right to refer your complaint to the Financial Ombudsman Service,

free of charge but you must do so within six months of the date of this letter.

 

If you do not refer your complaint in time,

the Ombudsman will not have our permission to consider your complaint

and so will only be able to do so in very limited circumstances.

 

For example, if the Ombudsman believes that the delay was as a result of exceptional circumstances.

 

I have provided you with a link to the leaflet for your information to assist you if you decide to pursue this further course of action.

They can be contacted at:

The Financial Ombudsman Service,

Exchange Tower,

London,

E14 9SR.

Tel: 0300 123 9123

Email: complaint.info@financial-ombudsman.org.uk

Further details are also available on http://www.financial-ombudsman.org.uk

FOS consumer leaflet: http://www.financial-ombudsman.org.uk/publications/consumer-leaflet.htm

 

___________________________________

 

Lost of stuff that makes no sense to me... any advice?

Or is it now time to complaint to financial ombudsman..

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twaddle to throw you off the scent

 

off to the FOS then.

 

dx


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