Chris Laverty, Trevor OSullivan and Andrew Charters of Grant Thornton UK LLP were appointed as joint administrators of CashEuroNet UK LLC on 25 October 2019 (the Joint Administrators). The company traded at Casheuronetuk.co.uk, Quickquid.co.uk, Onstride.co.uk and Poundstopocket.co.uk in the UK and provided lending services to the UK consumer market.
25 April 2022 – Statement from the Joint Administrators of CashEuroNet UK, LLC in respect of the intended distribution to unsecured creditors (including redress creditors)
The Joint Administrators have declared a first and final dividend of 53.5p in the £. This has been communicated to all customers with an accepted claim on 25 April 2022 and payment of the dividend has been completed.
Please be aware that our Customer Contact Centre has now closed. We suggest that you review our FAQs below in order to answer your query.
No. The Online Claims Portal closed on 14 February 2021.
Customers are not able to submit a claim after 14 February 2021.
The window for submitting an unaffordability/redress complaint has now closed.
No, following CashEuroNet entering administration, the Financial Ombudsman Service has passed all outstanding and any new complaints/claims to the Joint Administrators for consideration.
The Joint Administrators have declared a first and final dividend of 53.5p p in the £. This was communicated to all successful creditors on 25 April 2022 and payment of the dividend has now been completed.
Please be aware, if your claim was successful, the dividend payment is smaller than your accepted claim value is because the total value of all accepted claims received significantly exceeded the money available to be shared out.
Any payment to successful claimants has in the first instance been attempted to the most up to date bank account the customer provided to CashEuroNet UK, LLC.
In cases where the bank details were not validated prior to the dividend declaration, an electronic payment was not attempted and a replacement cheque has been sent to the address that the customer submitted when making a claim.
If you have been advised that you are due a dividend payment and have not yet received it, please contact the CashEuroNet Administration Team at firstname.lastname@example.org.
We are aware that a small number of the electronic dividend payments were unsuccessful.
For the customers that provided the CEU Contact Centre with updated bank details (and supporting verification documentation) before the 20 May 2022 an electronic payment will be processed in due course.
For all other customers, it is now too late to update your banking details. If the payment has been returned by your bank the Joint Administrators will issue a cheque.
Your claim/loan(s) has been assessed against a number of different affordability criteria held on CashEuroNet’s systems. The assessment tool has considered (but not limited to) the following:
- The customer’s loan value as a proportion of their reported income;
- The total time in loan, or number of loans to identify repeat borrowing without a significant break; and
- Additional affordability factors, e.g. payments in arrears of customer hardship
Your assessment email will provide sufficient information for you to understand how your claim has been calculated.
Please note that any loans that have been previously compensated have not been re-assessed by the Joint Administrators.
Yes, we understand that all credit file updates for accepted claims have now been processed.
If you have another credit file related query, please speak to your CRA directly.
Yes, statutory interest has been added to your claim at 8% up to the date of the administration (25 October 2019).
The claim is based on the claim assessment previously sent to you. It is now too late to appeal your claim. Customers were given 21 days to respond with evidence from the date of their assessment. This timeframe has now lapsed for all customers.
If your claim has been accepted, we may be required by law to withhold 20% tax from the dividend payment amount which relates to the 8% statutory interest element of your claim. This will be detailed in your dividend email.
Further information can be found here: https://www.gov.uk/hmrc-internal-manuals/savings-and-investment-manual/saim9115
If you have any further questions on this, you should seek independent tax advice.
The deadline for submitting a claim has now closed.
Do not give details of your claim to anyone who approaches you, alleging that he or she works for Grant Thornton or CashEuroNet, or otherwise.
If you do require assistance or are unsure as to the validity of any correspondence you have received, please contact the CashEuroNet Administration Team at email@example.com.
Yes. The Joint Administrators have sold various customer accounts to a third-party debt purchaser, Lantern.
Legal and beneficial title of all loans sold will belong to the debt purchaser.
Customers will be contacted directly by Lantern if their loan has been sold.
Customers should contact Lantern by email on firstname.lastname@example.org or phone at 0113 887 6876. Opening hours are Monday to Friday 8am to 7pm and Saturday from 9am to 2pm. They are closed on Sunday.
No. Certain customer accounts have not been sold. The Joint Administrators have communicated to these customers on the status of their loan.
Following the execution of the debt sale, the Joint Administrators have be commenced a wind down of the operations, including all collection activity.
The Company ceased collections on 23 August 2021 and we are now unable to accept any customer loan repayments.
The Joint Administrators are unable to provide further lending from the date of the administration appointment, being 25 October 2022.
Collection activity ceased on 23 August 2021.