Repayment

Yes. The terms and conditions of all loans remain as agreed when the loan was taken out and payment is due in line with the agreement to CashEuroNet UK LLC (in administration). This applies to all loan products (QuickQuid and On Stride Financial (formerly Pounds to Pocket)).

The terms and conditions remain as agreed when the loan was taken out. 

The Company is unable to provide further lending from the date of the administration appointment.

If you can’t repay your loan on time, please call the QuickQuid Customer Support team straight away on 0800 056 1515 or the On Stride Customer (formerly Pounds to Pocket) Support team on 0800 210 0923 as applicable to your loan.

Your loan should be repaid as arranged when it was taken out. For more information on repayment arrangements, Continuous Payment Authority and alternative payment methods, please go to “Paying off your loan” if your loan is with QuickQuid or “Paying off your loan” if your loan is with Onstride.

There will be no change to the bank details to which you should make payment. If you receive any requests to make payment to an alternative account, please inform the QuickQuid Customer Support team straight away on 0800 056 1515 or the On Stride (formerly Pounds to Pocket) Customer Support team on 0800 210 0923 as applicable to your loan.

Never give personal or account details to anyone who contacts you unexpectedly. We will never ask for your bank details.

Please check the FAQs section of the websites at Onstride or QuickQuid depending on who your loan is from.

If your question is not covered, please contact Customer Support on 0800 056 1515 or support@quickquid.co.uk if your loan is with QuickQuid or 0800 210 0923 or customersupport@onstride.co.uk if your loan is with Onstride.

The call centre will remain open as normal, but please be aware that we will be handling a high number of calls and your wait may be longer than usual. Please note that the call centre will not be able to answer any questions related to anything outside of standard service enquiries.

If your question is still not answered, please email your query to casheuronetuk@uk.gt.com. The administrators’ team will look at all individual queries. Please be aware that we are expecting a large volume of queries. You may therefore not receive an immediate response.

The administrators will continue to provide access to the website and your account home so that you may access your account.

We would be pleased to receive from any stakeholder any useful information concerning the Company, its dealing or conduct which may assist us.

Administration

An administration is an insolvency procedure regulated by the Insolvency Act 1986. The administrator’s role is to realise the assets and distribute them for the benefit of creditors.

The administration will last for an initial period of 12 months but may be extended.

The administrator will provide regular updates to creditors. Any persons or companies who believe they are a creditor of a company in administration should send their claims to the administrator.

The Company filed its application for an administration order on 25  October 2019. We are working to understand the factors which contributed to the Company’s insolvency and will provide an update in due course.

Chris Laverty, Trevor O’Sullivan and Andrew Charters of Grant Thornton UK LLP, were appointed as administrators by the Court following an application to Court by the Company.

Whilst the directors of the Company made the application for the appointment of administrators, the FCA consented to the appointment of the named administrators.

The administrators are qualified insolvency practitioners, regulated by the Insolvency Practitioners Association. The administrators act independently of the Company and the directors for the benefit of all creditors and stakeholders. Their primary concern and mandate is to ensure that they maximise the returns to investors and trade creditors alike.

Grant Thornton UK LLP is one of the world’s leading organisations of independent assurance, tax and advisory firms. The firm has over 190 partners and employs 4,500 people in the UK across 26 offices. We are part of a global network of 50,000 people in over 135 countries.

Yes. The administrators are in regular contact with the FCA and the FCA consented to Chris Laverty, Trevor O’Sullivan and Andrew Charters being appointed as administrators of the Company.

As part of our role as administrators, we may need to access and use data relating to borrowers. In

doing so, we must abide by data protection requirements.

Information about the way we will use, and store personal data can be found here https://www.onstride.co.uk/privacy-policy for OnStride (formerly Pounds to Pocket) and here https://www.quickquid.co.uk/privacy-policy.html for QuickQuid, supplemented by Clause 10 of Grant Thornton’s terms and conditions. https://www.grantthornton.co.uk/globalassets/1.-member-firms/united-kingdom/pdf/search/terms-conditions.pdf

It is important that you read the terms and conditions so that you are aware of how and why we are using your data.

We would be pleased to receive from any stakeholder any useful information concerning the Company, its dealing or conduct which may assist us.

If your question has not been answered in this FAQ section, please email your query to to casheuronetuk@uk.gt.com. The administrators’ team will look at all individual queries. Please be aware that we are expecting a large volume of queries. You may therefore not receive an immediate response.

After your claim has been assessed, if your claim is agreed by the Administrators you will be an unsecured creditor of the Company and will be owed a distribution once all assets have been sold or realised.

Distributions to creditors are made in the following order: The costs of realising assets will be paid first. Any amounts owing to secured creditors are then settled, followed by employee claims and unsecured claims (such as providers of goods and services and redress claims). If, after paying the costs and amounts due to the secured creditors, there are insufficient funds to pay all remaining claims in full then creditors will receive a proportion of their claim. 

Please be aware, if successful, the payment you receive will be considerably smaller than your accepted claim amount. This is because it is expected that the total value of all accepted claims received will significantly exceed the money available to be shared out. The money available to be shared out will not be known until all of CashEuroNet UK LLC’s assets have been sold or realised and certain costs and deductions have been taken into account.

Redress Complaints

If you believe that you were provided with an unaffordable loan(s) through Pounds to Pocket, QuickQuid or On Stride Financial you may have an eligible claim.

The unaffordability of a loan will be assessed by the Administrators, looking at criteria of the loan at the time it was taken out by the customer. 

For more information, we suggest you visit guidance notes from the Financial Ombudsman. https://www.financial-ombudsman.org.uk/publications/technical_notes/payday-lending.html

If you believe you are eligible, you can make a claim through our Customer Support team at complaint@quickquid.co.uk or via phone at 0800 016 3114 for QuickQuid or complaint@onstride.co.uk or via phone at 0800 210 0923 for On Stride Financial (formerly Pounds to Pocket), as applicable to your loan.

The Administrators are working on an Online Claims Portal to make claiming for unaffordability quick and easy. We will let customers know once this Portal is live.

If you are a customer and believe you were sold an unaffordable loan (either through QuickQuid or On Stride Financial (formerly Pounds to Pocket)), but have not received any communications from them, please contact 0800 056 1515 if your loan is with QuickQuid or 0800 210 0923 if your loan is with On Stride (formerly Pounds to Pocket). The call centre will remain open as normal but please be aware that we will be handling a high number of calls and your wait may be longer than usual.

No. You can make claims directly to the Company.

A CMA/CMC can also help you submit a claim. It is up to you if you want to use one. If you decide to use a CMA/ CMC, please make sure you understand the scope of their services and how much the service will cost you before agreeing to its service.

The Administrators will assess all redress claims during the course of the administration. No payments will be made until all of the assets have been sold or realised.

The Administrators are working with CashEuroNet to identify whether, following determination of your claim, you can be notified of the status of your claim. Currently, we do not have a date for payment of any claims. Further updates on unaffordability claims will be posted here https://casheuronetukadministration.grantthornton.co.uk/ when available.

Please be aware, if successful, the payment you receive will be considerably smaller than your accepted claim amount. This is because it is expected that the total value of all accepted claims received will significantly exceed the money available to be shared out. The money available to be shared out will not be known until all of CashEuroNet UK LLC’s assets have been sold or realised and certain costs and deductions have been taken into account.

Claims for which a customer has not received payment but has been notified that they are entitled by a Final Response Letter (FRL) and have accepted the offer within it will now be considered as an unsecured creditor for the value of the FRL. Currently, we do not have a date for payment of any unsecured creditor claims. It is highly likely that the payment you receive will be much smaller than your claim amount. Further updates on unaffordable claims will be posted here https://casheuronetukadministration.grantthornton.co.uk/  when available.

You cannot be redressed twice for the same loan. If you previously received a redress payment from the Company, then the historic loans that were redressed at the time will not be considered again. If you took out further loans from the Company after your previous redress payment, then you may now submit a claim for these new loans if you believe these were unaffordable loans.

Please be aware, if successful, the payment you receive will be considerably smaller than your accepted claim amount. This is because it is expected that the total value of all accepted claims received will significantly exceed the money available to be shared out. The money available to be shared out will not be known until all of CashEuroNet UK LLC’s assets have been sold or realised and certain costs and deductions have been taken into account.

Customers will not be approached by any Grant Thornton or Company staff directly to assist in submitting a claim. We will be in touch in the coming months to let you know how you can submit your claim on a simple Online Claims Portal (if you have not already submitted a claim).

Do not give details of your claim to anyone who approaches you, alleging that he or she work for Grant Thornton or the Company, or otherwise. If you do require assistance or are unsure as to the validity of any correspondence, you have received please contact the Customer Support Team https://www.quickquid.co.uk/contact-us.html or https://www.onstride.co.uk/contact-us depending on who your loan is from.

The Joint Administrators are under a duty to treat each claim equally. Every claim will therefore be assessed in the same way, irrespective of who submits the claim. As mentioned previously, customers do not need to use a Claims Management Company (CMC) or third party to submit a claim. Using a CMC or third party will not accelerate the claims process, nor entitle you to a higher claim amount. It may also expose you to charges that may be deducted from any final payment you might receive.

We may ask you to confirm that your previous bank details are still valid and give you the opportunity to update your bank details (e.g. if you have closed/changed bank accounts), although further proof of ID and other supporting evidence will be required.

Suppliers

Check your contract. If your contract was with CashEuroNet UK LLC and you have not been paid for goods or services provided, please provide details of your claim to the administrator at:

The administrator of CashEuroNet UK LLC
Grant Thornton UK LLP
30 Finsbury Square
London
EC2P 2YU

Please make contact with your usual contact at CashEuroNet UK LLC in the first instance.

The Joint Administrators’ representatives will make contact with you if supply is required. Any goods or services which are supplied after the date of appointment will be subject to new terms, agreed with the Joint Administrators.

We would be pleased to receive from any stakeholder any useful information concerning the Company, its dealing or conduct which may assist us.

If your question has not been answered in this FAQ section, please email your query to casheuronetuk@uk.gt.com. The Joint Administrators’ team will look at all individual queries. Please be aware that we are expecting a large volume of queries. You may therefore not receive an immediate response.