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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Happy to see the back of Quick Quid?

32 replies

TheQueef · 25/10/2019 07:56

Good news that Quick Quid are retreating back to the US to fleece vulnerable people!
Now for the other pernicious lenders to fuck off like Bright House, Provident, Money Shop etc.

www.bbc.co.uk/news/business-50174367

AIBU to be glad?

OP posts:
TheQueef · 25/10/2019 07:57

www.bbc.co.uk/news/business-50174367

OP posts:
FredaFox · 25/10/2019 07:58

These businesses prey on the vulnerable good riddance

MLMhun · 25/10/2019 08:00

I never quite got their very unrealistic advert where a teenage boy was whinging about not being able to have a shower!

TheQueef · 25/10/2019 08:06

Wouldn't it be lovely if they had to write off any UK debt?
Deter any other bottom feeders.

OP posts:
Cloverfern · 25/10/2019 08:17

Have you ever had bad credit, op? Just out of interest.

slipperywhensparticus · 25/10/2019 08:20

Bright house isnt so bad they credit check and make sure you have insurance but I understand why they get a bad rep if you dont pay they collect there property back

CandiceSucksCandy · 25/10/2019 08:22

Yanbu.
The APR rates on all of them are too high.

TheQueef · 25/10/2019 08:27

I grew up with doorstep lenders Clover so I had a head start and although I was often skint my credit was never actually bad.
My DM relied on them and had no clue about interest rates or financial products.
I actually believed the Tuppholms man was my uncle Brian Blush

OP posts:
TheQueef · 25/10/2019 08:41

By the time you add the compulsory insurance Slippy a beko 9kg washer will cost you £1000 from brighthouse. If you add their breakdown make that £1300 over 208 weeks.
Same washer widely available for under £300.

Second hand used to be how we managed not giving ~800 extra to vultures.

OP posts:
StylishMummy · 25/10/2019 12:37

@TheQueef do you realise that this means anyone who has an irresponsible lending complaint that goes to the financial Ombudsman, the ombudsman won't be able to make Quick Quid do anything?

The reason Wonga went under was due to the amount of irresponsible lending claims. By withdrawing, quick quid are denying consumes the opportunity to complain

TheQueef · 25/10/2019 13:28

Aye I know Stylish to be honest the regulation wasn't and isn't punitive enough to deter them though.
I'm sorry there are people left uncompensated of course and for any job losses but I'm still glad they're going and can't trap any more clients.

Let's hope the regulation and continued tightening of regulations stop these fast cash companies being attracted to the UK market 🙏

OP posts:
Stickytoffeepuddingyum · 25/10/2019 13:29

What happens if you have outstanding debt to them? I am on repayment plan, should i continue to pay does anyone know?

SilverySurfer · 25/10/2019 13:35

Good riddance and to Bright House. They had a large shop in the town's shopping centre, for all the times I passed it I never saw a single customer in there and it closed a while ago. The APR was over 1000% IIRC.

TheQueef · 25/10/2019 14:00

You need to take advice Toffee they will still try and claw back the existing debt. Do they have access to any of your accounts still?

OP posts:
Stickytoffeepuddingyum · 25/10/2019 14:29

no i changed all my bank account details and payment is through a third party, so not directly with them.

TheQueef · 25/10/2019 14:34

Good, at least they can't help themselves,
www.moneyadviceservice.org.uk/en/tools/debt-advice-locator
Get a webchat or a call from a free advice service ^^ it will depend on any agreements you made with the third party.

Good luck I hope you can sack them off Smile

OP posts:
MangoSalsa · 25/10/2019 14:41

Good riddance to bad rubbish.

Law should be that they have to leave behind a pot of money of irresponsible lending claims though.

These kind of financial vampires disgust me. Pitchforks and torches are too good for them.

andyoldlabour · 25/10/2019 15:11

TheQueef

"Second hand used to be how we managed not giving ~800 extra to vultures."

Exactly this. When we bought this place nearly thirty years ago, every single appliance was 2nd hand and nothing cost over £100.
We have been through very rocky times financially, but have always tried to live within our means.
I have never understood why some folks get loans to pay for Christmas presents, and they tend to be poorer.

DaisyDreaming · 25/10/2019 15:35

I wish those companies would F off and the government would bring back crisis loans.

timshelthechoice · 25/10/2019 15:43

There will soon be another one to take its place. There are always are. Remember Wonga?

Vilanelle · 25/10/2019 16:05

These payday loan companies have been responsible for many a suicide in the UK.

I understand that it is a persons responsibility to ensure they pay the money back, but the interest and charges are not always clear. Its a slippery slope. I have been in debt to these companies (ages ago) and they are very very harsh in their collection tactics.

Thankfully I have sorted out my finances and no longer rely on PDL companies.

Nat6999 · 25/10/2019 16:38

I used to live on an estate where the Shopacheck doorstep loans operated. .At the time I was on benefits & struggling, I took a loan from the doorstep lender, paid my repayments every week & every time I got near paying off my loan, the agent would be offering me another one. Thankfully i managed to stop borrowing, paid off what I owed, but every Thursday & Friday night I watched the agent go from door to door collecting & loaning more money, I would say around 75% of the houses where I lived used Shopacheck, I dread to think of how much interest they are paying, these lenders prey on the hard up & often vulnerable & should be banned.

contentedsoul · 25/10/2019 16:47

I truly despise scumfucks like these, almost as much as I despise the Buy-to-let market...they are all the same. Just fucking parasites leeching of others misfortunes.

Pure undiluted scum.

Through sheer stubbornness and hardwork we finally cleared all our debts off a few years back, inc mortgage. Don't owe anything. we both work FT, both cars bought off ebay less than a grand each, all TV's off ebay etc etc
We could probably afford to buy new. But I will resist the temptation to line others pockets now until my dying day..

Fuck the lot of them.

Nothing repulses me more than others greed, especially when its come un-earnt at some other poor buggers expense.

What goes around comes around....ALWAYS

No one leaves this life holding all the Aces, that's what fate is for.

...and Fate is REAL, unlike Religion!!

TheQueef · 25/10/2019 16:49

We have Shopacheck in the area too Nat I used to see the agent taking an Argos catalogue to show the kids at Christmas and start my rant about her Grin she was known as shopacheckSue and even let out her caravan, in Skegness, out on the never never.
I used to stand at the window spitting feathers when she did her round Grin

OP posts:
WeBuiltThisBuffetOnSausageRoll · 25/10/2019 16:53

Vultures - just another of the many ways it costs you a lot to be poor. Yes, some people don't help themselves and use lenders for luxuries, but the likes of BH often put pressure on people to 'upsize' what they're buying with apparently low weekly costs - "Just think how much your kids would enjoy this" - and some of their customers will be vulnerable and not really able to comprehend the total price that they'll end up paying.

Even those who do understand full well that they'll be royally ripped off - if they don't have any other way of getting a new washing machine or fridge, they're pretty much stuffed. Yes, second-hand is always a good option and most stuff that we buy is SH, but even the logistics of getting something if you don't have your own transport can be a barrier, when the vulture companies will happily deliver it.

It's very easy to scoff at 'idiots' who use these companies, but if you've never been in a position of spiralling debt, unemployment, inability to work etc, you have no idea at all.

Having said that, though, the mainstream credit card companies charge a horrendous amount of interest for those not in a position to clear their balances each month or to keep doing 0% balance transfers. Whilst not in the league of the parasites mentioned above, charging 25-40% when the interest rate is so low, and they don't even pay anything to speak of (or at all) to savers, is disgusting.

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