SWEAT ON QUICKQUID
MORE than 5,000 Quickquid customers face losing out after the payday lender went under before settling compensation claims over missold loans.
US owners Enova decided to quit the UK after failing to reach agreement with financial regulators over how many customers it should compensate.
The Financial Ombudsman Service has 5,500 outstanding complaints against Quickquid’s parent firm, Casheuronet. The service said: “It is unlikely that we will be able to progress any existing complaints about Casheuronet any further, or look at any new complaints about the company.
“Once we have clarity on this from the administrators of the firm, we will be writing to people who currently have cases against Casheuronet.” Martyn James of complaints website Resolver said the Financial Services Compensation Scheme should be widened to protect customers of high-cost lenders. It currently protects savers whose banks go bust.
He said: “Making consumer credit businesses fall under the FSCS must happen soon, particularly with concerns around other high-interest products, from car finance to shop credit.”
Enova’s accountants Grant Thornton said borrowers should carry on making their repayments because “loans remain subject to the terms agreed”.
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