The online portal will be available from August says, Administrators but payout won’t happen until 2021.
I received an email in response to my claim against QuickQuid, to say that the Claims portal will be launched in August 2020
“Thank you for your inquiry regarding your complaint. The Claims portal will be launched in August 2020. You will receive an email notifying you of the portal launch until then no further action will be required of you. Once the portal has launched, you will be required to log on to the portal to ensure that you provide up to date contact and payment details in the event that your claim is successful.
If your claim is successful, the payment you receive will be considerably smaller than your accepted claim value. This is because it is expected that the total value of all accepted claims received will significantly exceed the money available to be shared out. The money available to be shared out will not be known until all of CashEuroNet’s assets have been sold or realised and certain costs and deductions have been taken into account.
For and on behalf of CashEuroNet UK, LLC The Joint Administrators”
It was in October, that Grant Thornton UK LLP, were appointed administrators for QuickQuid. You might recognise the name from my articles about the Wonga payout.
“Chris Laverty, Trevor O’Sullivan and Andrew Charters of Grant Thornton UK LLP were appointed as joint administrators of CashEuroNet UK LLC on 25 October 2019 (the Joint Administrators). The company traded at Casheuronetuk.co.uk, Quickquid.co.uk, Onstride.co.uk and Poundstopocket.co.uk in the UK and provided lending services to the UK consumer market.
Following the appointment of the Joint Administrators:
There will be no new lending activity; and
All outstanding loans remain subject to the terms agreed with the Company and borrowers should continue to make payments in the usual way according to the Company’s terms and conditions.
The Joint Administrators will conduct an orderly wind down of the business, sale of the assets and start the process of identifying all creditors, in accordance with their statutory obligations.
The Joint Administrators will continue to work closely with the Financial Conduct Authority (FCA) as the administration process progresses, supporting customers where possible during this period.
All outstanding loans remain subject to the terms agreed with CashEuroNet, QuickQuid, On Stride Financial and Pounds to Pocket and customers should continue to make payments in the usual way. Those customers with complaints should continue to approach the company in administration. These complaints will then be assessed and if valid dealt with as unsecured creditors of the administration estate.”
News and updates:
The Joint Administrators’ notices of extension of administration and intention to declare a dividend – 15 July 2020
I have provided some of the details from the formal administrator’s website below.
Joint Administrators’ update as at 15 July 2020
Following a court hearing on 9 July 2020, the Joint Administrators of CashEuroNet UK, LLC (which traded at Casheuronetuk.co.uk, Quickquid.co.uk, Onstride.co.uk and Poundstopocket.co.uk) (“CashEuroNet”) wish to make available the following two statutory notices:
1. Notice of extension of administration
The present term of the administration expires on 24 October 2020. As set out in the Proposals and the First Progress Report, the Joint Administrators anticipated that the administration would continue for longer than 12 months to allow for the following tasks to be concluded:
(i) Realisation certain assets of CashEuroNet, including collecting the balance of the loan book, as far as possible; (ii) Pursue a sale of the loan book, if deemed appropriate; (iii) Assess and valuing all creditor claims, including redress creditor claims; (iv) Finalisation of tax affairs; and (v) Distribution to creditors.
As such, the Joint Administrators have received approval from the Court to extend the Administration by a further 12 months to 24 October 2021.
2. Notice of intention to declare a dividend
In order for the Joint Administrators to set a final date for those who believe they may be owed money to submit a claim, they must issue a notice of intention to declare a dividend. The notice of intention to declare a dividend in relation to the administration of CashEuroNet can be accessed at the link below:
As you will see from the notice, all claims must be submitted by 14 February 2021 or they may not be considered for assessment. It is expected, unless you receive notification to the contrary, that the Joint Administrators will make a payment to creditors with accepted claims within seven months of 14 February 2021 (i.e. by 14 September 2021).
For those claimants who have already submitted a claim, no further action is required from you at this stage and the Joint Administrators will be in touch regarding the assessment of your claim.
If you have not yet submitted a claim and believe you have been sold an unaffordable loan by CashEuroNet, the Joint Administrators will shortly be launching an Online Claims Portal. The Online Claims Portal will be the channel for customers to submit a redress claim in a secure and straightforward manner. The Joint Administrators will be contacting all past and present customers of CashEuroNet once the Online Claims Portal is open to receive claims.
If you have any questions or require any further information regarding the above notices, please contact the QuickQuid Customer Support team on 0800 056 1515 or firstname.lastname@example.org, or the On Stride Customer Support team on 0800 210 0923 or email@example.com, as applicable to your loan. The Customer Care team are here to help Monday to Friday 8am-6:30pm and Saturday 10am to 6:30pm. We are closed on Sundays and Bank Holidays.
Can you make a claim?
If you believe that you were provided with an unaffordable loan(s) through Pounds to Pocket, QuickQuid or On Stride Financial you may have an eligible claim.
What is an “unaffordable loan”?
The unaffordability of a loan will be assessed by the Administrators, looking at criteria of the loan at the time it was taken out by the customer. For more information, we suggest you visit guidance notes from the Financial Ombudsman
How to make a claim
If you believe you are eligible, you can make a claim through the Customer Support team at firstname.lastname@example.org or via phone at 0800 016 3114 for QuickQuid or email@example.com or via phone at 0800 210 0923 for On Stride Financial, as applicable to your loan.
The Administrators are working on an Online Claims Portal which is going to be made available at the end of August. I personally am going to wait for this portal to go live.
I have an unaffordability claim which I need to submit
If you are a customer and believe you were sold an unaffordable loan (either through Pounds to Pocket, QuickQuid or On Stride Financial), but have not received any communications from them, please contact Customer Support on 0800 056 1515 if your loan is with QuickQuid or 0800 210 0923 if your loan is with Onstride.
Do I need to go through an agency to make a claim?
No you don’t. Just go direct. An agency will take a cut of the money.
What happens if I have already submitted a claim?
Any unaffordability claims which were being handled either by Quick Quid or On Stride will now be assessed by the Joint Administrators. You will not need to re-submit a claim, however, it is important to note that the claim will no longer be resolved within the usual eight-week timeframe.
Should your unaffordability claim be upheld, you would be considered an unsecured creditor for the value of the assessment claim. However, the timing and quantum of the final creditor claim is currently unknown and will not be known for some time. Please do note, however, that any payment is highly likely to be significantly smaller than the accepted claim amount. This is because it is expected that the total value of all accepted claims will significantly exceed the money available to be shared out. The money available to be shared out will not be known until all of CashEuroNet UK LLC’s assets have been sold or realised and certain costs and deductions have been taken into account.
What happens if my claim is with the Ombudsman?
Any unaffordability claims which were being handled by the FOS are now in the process of being handed back to the Joint Administrators. You will not need to re-submit a claim. Your FOS claim will now be assessed by the Joint Administrators in due course. It is important to note that the claim will no longer be resolved within the usual eight-week timeframe. We understand that the FOS has been in contact with you in relation to these.
If I have a valid claim when will I get paid?
The Administrators will assess all redress claims during the course of the administration. No payments will be made until all of the assets have been sold or realised.
The Administrators are working with CashEuroNet to identify whether, following determination of your claim, you can be notified of the status of your claim. Currently, we do not have a date for payment of any claims. Further updates on unaffordability claims will be posted here when available.
Please be aware, if successful, the payment you receive will be considerably smaller than your accepted claim amount. This is because it is expected that the total value of all accepted claims received will significantly exceed the money available to be shared out. The money available to be shared out will not be known until all of CashEuroNet UK LLC’s assets have been sold or realised and certain costs and deductions have been taken into account.
Will I get asked for my bank details?
You may be asked to confirm that your previous bank details are still valid. Don’t miss this opportunity to update your bank details (e.g. if you have closed/changed bank accounts). Most Wonga and WDA payments failed due to incorrect bank details. Although further proof of ID and other supporting evidence may also be required.