Borrowers who were mis-sold loans they couldn’t afford by two companies that went bust will get slightly more back than they were expecting.
Around 78,500 QuickQuid and Pounds to Pocket borrowers will receive refunds of some of the interest and fees they were charged at a rate of 53.5p to every pound owed in the next couple of weeks, it’s been confirmed.
Joint administrators at Grant Thornton had originally told borrowers to expect a payout of between 30p and 50p per £1 of interest, fees and charges paid on their mis-sold loans, plus eight per cent interest. But this week, they have contacted customers to tell them that they will actually receive 53.5p per £1 owed, plus interest.
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The update comes after CashEuroNet, which payday lenders QuickQuid and Onstride.co.uk (formerly known as Pounds to Pocket) were part of, went into administration in 2019 and stopped lending.
The claims portal for those who believed they had been mis-sold a loan closed last February, so it’s too late to start a new claim. Customers who claimed before then should have received a decision on their claim by the end of June 2021, and a further email on this week detailing how much they’ll get back. It’s also too late to appeal any decisions made by Grant Thornton as borrowers had 21 days from receiving an initial decision on their claim in June 2021 to do so.
When you submitted a claim, you were to include the contact…
