Payday lender QuickQuid 'on verge of collapse'

Wednesday 06th November 2019 05:13 EST

UK's payday lender QuickQuid is on the brink of collapse, with administrators set to be called in within days, according to reports. It would be the latest high-cost credit provider to go under in the wake of a crackdown by regulators. Wonga went bust last year, leaving Cash Euro Net, which owns QuickQuid, as Britain's largest payday lender. Reportedly, the company has lined up Grant Thornton as administrators. An administration could make it difficult for thousands of customers who have complained about the firm to claim money back as they will be placed into a queue with other creditors.

Like Wonga, QuickQuid has faced a deluge of complaints from customers who say they were mis-sold payday loans. “These people have been left to fend for themselves by Wonga, the FCA and the FOS,” Morgan said. “They’ve been allowed to fall through the cracks with nobody taking responsibility for their mistreatment."

Many Wonga customers have received back just a fraction of the amount that they would have been due if the company had remained solvent. QuickQuid is owned by New-York listed Enova International.

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