IRL OFFER quick quid – quick question!

[Jess85]

Hi there,

 

Hoping you can help with a quick question!

I made an irresponsible lending complaint to Quick Quid (loans for over six years ago) and they have come back with an offer.

I'm just wondering what the correct procedure is if there was still a balance on the account (one loan unpaid) – as I mentioned though now over six years old. 

They sold on the debt (I have an email from back then telling me they are no longer the legal owner), and I did make a few small payments before I received a default for it. 

 

They have agreed that six of the loans were unaffordable and have offered full refunds, but first they want to use two thirds of it to 'waiver' the outstanding amount

– my question is can they do this considering

a) they sold the debt so surely that should no longer be a factor and 

b) the amount they want to 'waiver' includes the interest on the original loan  –

even though they agreed that last loan was unaffordable and the 'straw that broke the camel's back' so to speak.

 

I've tried calling them but they said it's policy to take the redress off any outstanding amount first and they have asked the third party for details of any payments made but they haven't come back to them yet so won't adjust it until they do. 

 

Shall I just forward to FOS?

 

Any help would be appreciated! 

[dx100uk]

as far as I am aware unless they buy the sold debt back they cannot offset any refunds toward sold debts.

 

 

[Jess85]

I've tried speaking to them on the phone – they said they will investigate with the third party to see if any payments have been made, but have also confirmed that they no longer own the debt and it has been sold. Which makes it irrelevant – and underhand if they're also using the interest amount on that loan to reduce their offer.

[dx100uk]

you do not ever use the phone!!

no papertrail if you have to goto the FOS

 

dx

 

[Guest]

I had a complaint with qq (pounds to pocket actually but its the same company) with the FOS. 

 

Everthing was resolved  at adjudicator level except they wanted to set off some of the redress against an account they sold. 

 

I disagreed and this issue dragged on for months, I think the adjudicator wanted them to buy back the account but they never did. 

 

Anyway it finally reached ombudsman level with only this issue to resolve. The ombudsman decided they had to buyback the account or pay the redress to the third party. 

 

I still think the decision was wrong and I would argue it again.

 

Recent developments since then include a lot of lenders going into administration and selling their accounts. This means consumers can't claim against the lender but still owe money on the account. This is an argument against lenders setting off sold accounts that I didn't see or argue at the time, maybe the FOS will decide differently, who knows? 

 

 

[Guest]

I also had a complaint with quick quid where they tried to set off refunds against an account they sold.

 

In that complaint the FOS said they couldn't do it. But that was 4 years ago and I think the FOS approach has changed, they decided differently in my complaint to poundstopocket last year anyway. 

 

Give it a go if you have the time and feel strongly about it. On your second point, you shouldn't be paying any interest that's on the balance. 

 

Also if you go to the FOS you should get 8% simple interest added to your refunds. So if you paid £100 six years ago you should get £148 back, a big difference.