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January 10, 2020

On 25 th October 2019, Quickquid, a renowned payday lender, made a public announcement that they are
going into administration. They are, as a result, no longer accepting new loan applications. What with
rising cases of complaints lodged earlier on last year by thousands of their former clients, the firm was
forced to halt its operations to pave the way for investigations.

This hints towards why the financial institution, now on its knees, is bracing to make an honorable exit
from the UK market, albeit gradually.

So what exactly does it mean for you if you are one of their investors or customers? Is your money safe?
How do these sudden changes affect you? What if you have a Quick loan with Quickuid, where do you send the
monthly payments?

For all the answers to these and more, read on.

 What Being Under Administration Means

Through a court order or a formal agreement, a company can be put under administration. It serves as a
form of punishment to keep the company accountable for its mistakes. In this case, Quickquid is under
administration because of complaints and failure to pay its creditors.

Here, the court orders several administrators to take over and oversee operations. To comply, Andrew
Charters, Chris Laverty, and Trevor OSullivan were appointed as joint administrators of Quickquid.

 What to Do if you Have a Quickquid Loan

If you are servicing an outstanding loan from Quickquid, you are required to continue to honor your
scheduled payments as normal.

On their site, they quote that “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 process of administration will not affect how you and the payday lender interact. The repayment
terms remain the same. Should you want to manage your loan, you can still contact them and plan the
way forward.

So what happens if you default your loan payments? If you fail to make your scheduled payments, you
risk suffering adverse repercussions as per the standard debt collection process. Quickquid offices
remain open Monday to Friday, from 8 am to 6.30 pm and on Saturdays from 10 am to 6.30 pm.

While Quick quid may not be accepting new loan applications either from its current customers or from
existing ones, you can still visit their offices or contact them if you have questions or need assistance. Do
so via the same channels you used prior to its announcement.

As Quickquid bows out of the UK market, many people who submitted complaints on grounds that they
can’t afford to repay their loans are left stranded. Many expressed frustration over exorbitantly high-
interest rates which leave many on their knees financially. Whether or not you will receive a refund
depends on various factors. This including the eligibility of your complaint and the deciding authorities.
Agreeably, it is no good news to have a company shut down due to avoidable irregularities and abuse of
office. It’s only a matter of having to wait and see as the new administrators work day and night to make
sure that all the loans are paid off and that the creditors’ investments are reimbursed. The goal, as of
now, is to make sure that Quickquid makes a smooth exit and that everyone is left happy.

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