Lantern and Quick Quid

[Garden tractor fanatic]

A friend of mine came to me for advice. She had a Quick Quid loan in 2018 where she missed a couple of payments. Then QuickQuid went bust and heard nothing. Now she has had an email from Lantern Finance demanding payment for the full amount.

Not sure how to advise her as in my book Quick Quid were a paper asset only so is worthless therefore had no assets.

Whilst the debt book might have been sold off surely the original contract is with a defunct company and either way if this buying of debt is legal then surely it must be for the reduced amount that the debt collector bought it for?

Advise needed please as they are threatening to send someone in and she is terrified!

[dx100uk]

doesnt work like that.

i will have a good guess that she has moved since she took this out and failed to inform QQ or the stated owner of the debt on her credit file that she has, thus leaving the only method of comms being the original email address at the time of sign up.

if this is true she needs to write to lantern immediately (and to the owners of any other old debts she last paid/used in say the last 7yrs) informing them of her new address with ref to (their ref number, original creditor (OC) xyz etc) else she stand a very big danger of a backdoor CCJ.

debt buying is quite legal (the biggest financial industry there is) and as the buyer inherits all the OC's signed up to rights, they are quite entitled to chase the full sum owing not what they paid for the debt (10p=£1typ).

dont forget a DCA is NOT A BAILIFF

and have

ZERO legal powers on any debt.

BUT if you've not updated an address and they legally file a CCJ to an old one - as Northants Bulk is totally automated - then no human checks anything = guaranteed backdoor CCJ = default judgement.

dx

 

[Garden tractor fanatic]

Thanks for the reply dx100UK.

I still don't get how Lantern can do this. Hypothetically, if I did a load of work for Quick Quid and they didn't pay me because they went bust I'd lose the money they owe me. Sure I'd be a creditor but highly unlikely to get anything back. So I'm at a bit of a loss to understand why when they go bust the situation isn't reversed? Sorry to appear a bit daft but it doesn't stack up.

I still don't understand how a bankrupt company can sell off a debt and the buyer of that debt can pursuit her for it. The original contract was with Quick Quid not Lantern so why is it legal as you state for them to hound her for it for the full amount? It just doesn't sound right to me!

Edited September 15, 2023 by Garden tractor fanatic

[dx100uk]

well thats the way it works.

move on deal with the issue as advised.

please answer my questions.

dx

 

 

[Garden tractor fanatic]

Hi dx,

Yes she has moved about a year ago but had not received any communication from the administrators of Quick Quid until she received the email from Lantern last week.

[dx100uk]

then do as i say (important!)

and her other debts else backdoor CCJ danger!