Guidance to clients as pay-day lender QuickQuid looks set to shut

The organization have been the topic of lots and lots of complaints

Clients of pay-day loan provider QuickQuid that have unresolved complaints or outstanding loans are dealing with doubt since it emerged the business intends to shut.

In recent months, the Financial Ombudsman provider (FOS) happens to be working with huge number of complaints pertaining to CashEuroNet UK, which trades as QuickQuid.

This 12 months thus far, the ombudsman solution happens to be decreasing in the region of the customer most of the time – with 59% of complaints built to it about CashEuroNet British between January and June being upheld.

The ombudsman put a brief statement on its website on Friday which read: « We are aware of reports that CashEuroNet, which includes the QuickQuid trading name, will be exiting the UK market with uncertainty still surrounding exactly what the knock-on effects will be following news that QuickQuid is to shut its doors.

« we have been attempting to determine what this implies for complaints concerning the business and you will be supplying more info to customers as quickly as possible. »

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John Cullen, company data recovery partner at accountancy company, Menzies LLP, stated: « For previous clients, whom feel they’ve been taken advantageous asset of and are also in monetaray hardship, the near future continues to be uncertain, once the value of any compensation payouts will now rely on the procedure for shutting the organization.

 » just just What is obvious is that when confronted with growing regulatory pressures, the curtain is apparently drawing in the payday lender market. »

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