QuickQuid to close UK operations

QuickQuid has confirmed their plans to close down in the UK.

This news comes after the firm’s US owner failed to reach an agreement with UK regulators to reduce the number of people it would have to pay compensation to for mis-sold loans.

What this means for you:

If you believe you’re owed compensation for a mis-sold loan, you should get in touch via Resolver as soon as possible.

Your loan may have been unaffordable (and potentially mis-sold) if you found yourself unable to repay it without financial difficulty, falling behind on bills or having to borrow again.

If QuickQuid goes bust, you’ll be placed in a queue of other people who’re owed money. Any compensation may depend on how the company is wound down by administrators.

If you’re still repaying a loan, it’s best not to stop your repayments. Since you’ve entered into a loan agreement, you must fulfil it.

Missing repayments may cause you to be hit by fees and additional charges, and could also harm your credit rating.