What's next for QuickQuid borrowers?
Money Box
BBC
4.2 • 825 Ratings
🗓️ 26 October 2019
⏱️ 34 minutes
🧾️ Download transcript
Summary
The payday lender QuickQuid has entered administration. It follows an earlier announcement of plans to close its business in the UK where it was the largest firm of its type. It's owned by the US-based company Enova which gave "regulatory uncertainty" as the reason for departure. What does this mean for existing borrowers and also for customers awaiting compensation for loans they say they should never have had because there's no way they could afford to repay them? Guest: Martin Lewis, founder of Money Saving Expert.
Money Box listener Elaine reveals how her 18-year-old son was bullied into becoming a money mule, which saw him laundering cash from criminal activities through his personal bank account. Guest: Detective Sargeant Marc Cananur from the Kent Police Economic Crime Unit.
An expensive plumber's bill - but not the sort you might be thinking of. Murray Menzies paid into a pension scheme for his employees and now faces a £1.2m bill triggered by his decision to retire and close down the small family firm. Guest Katie Banks, Partner at Hogan Lovells and Chair of the Association of Pension Lawyers.
Presenter: Paul Lewis Producer: Charmaine Cozier Editor: Bridget Harney
Transcript
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| 0:00.0 | You're about to listen to a BBC podcast, but this is about something else you might enjoy. |
| 0:05.4 | My name's Katie Lecky and I'm an assistant commissioner for on demand music on BBC Sounds. |
| 0:10.8 | The BBC has an incredible musical heritage and culture and as a music lover, I love being part of that. |
| 0:17.5 | With music on sounds, we offer collections and mixes for everything, from workouts to helping |
| 0:22.7 | you nod off, boogie in your kitchen, or even just a moment of calm. And they're all put together |
| 0:28.7 | by people who know their stuff. So if you want some expertly curated music in your life, |
| 0:35.0 | check out BBC Sounds. Welcome to the download of Moneybox, the programme about your money. |
| 0:39.3 | And in this programme, Britain's biggest payday lender goes out of business. |
| 0:43.3 | We talked to the mother of a teenage money mule and the plumber who retired and got a bill for more than a million pounds. |
| 0:50.3 | Hello, Britain's biggest payday lender, QuickQuid, has closed down. |
| 0:55.3 | Administrators were called in last night. Its demise follows that of Money Shop and Wonga, |
| 1:00.1 | which means the top three payday lenders have gone in little more than a year. |
| 1:04.3 | QuickQuid's American owner, Enova, has blamed regulatory uncertainty in the UK. |
| 1:09.3 | It seems it had been in unsuccessful talks with the |
| 1:12.4 | Financial Conduct Authority about the tough rules governing payday loans. Despite charging interest |
| 1:18.2 | at 1,300 per cent, Quick Quid boasted it had lent money to nearly one and a half million people. |
| 1:24.5 | But recently many of those borrowers have been complaining to the financial |
| 1:27.9 | ombudsman about how it lent them that money. Moneybox listener, Sean from Dorset, is one. |
| 1:34.0 | I took out my first loan with QuickQuid, I think in around 2013, and invariably got stuck |
| 1:39.1 | in a cycle, ended up having around 14 loans of them. And at that point, I feel they should have probably realized |
| 1:45.3 | that if I was relying on them for money at the end of each month, |
| 1:48.4 | when only just paying off their last one, |
... |
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