Commenting on the announcement that QuickQuid will close its operations in the UK, Caroline Siarkiewicz, Acting Chief Executive at the Money and Pensions Service, said:
“Many QuickQuid customers will be feeling uncertain about what this means for them. While you may be tempted to stop your repayments, it is crucial to keep to your regular schedule, because if you have entered into a loan agreement you must fulfil it. If you miss any repayments you could be hit by fees and additional charges, and it could also harm your credit rating.
“11.5 million adults have less than £100 in savings and investments so lots of people face cashflow problems which can make quick, short-term credit feel like the only option. If you know you need a specific amount of money for a short while there may be more affordable alternatives out there so it’s a good idea to shop around before you borrow.
“The Money Advice Service website has a guide on alternatives to payday loans, and you can also contact our free helpline on 0800 138 7777.”
Notes to editors
For help with debt, use the Debt Advice Locator Tool on the Money Advice Service website to find a free local debt adviser.
About the Money and Pensions Service
The Money and Pensions Service vision is people making the most of their money and pensions.
The new organisation brings together the free services delivered by the Money Advice Service, The Pensions Advisory Service and Pension Wise.
The Arms-Length organisation is sponsored by the Department for Work and Pensions, with a joint commitment to ensuring that people have access and guidance to the information they need to make effective financial decisions over their lifetime. The organisation also engages with HM Treasury, which is responsible for policy on financial capability and debt advice.
Working hand-in-hand with stakeholders throughout the UK, the Money and Pensions Service ensures that money and pensions guidance is available to those that need it, adapting to people’s changing needs throughout their lives, offering services and appointments over the telephone, online and in person where appropriate.
For further information for stakeholders, they should visit the Money and Pensions Service website www.moneyandpensionsservice.org.uk
Consumers can continue to access free guidance about their money and pensions via the following websites and help lines:
www.moneyadviceservice.org.uk / 0800 138 7777