Help and advice
Here at QuidMarket, we have been helping people through financial difficulties since 2011.
In this time we have seen and spoken to thousands of people so we are more aware than most of the strains and stresses any kind of financial difficulties can place on a person.
Your QuidMarket Loan
We are a small company with a highly trained team and we pride ourselves on our human approach.
We will always treat our customers fairly, so if you do feel you are in financial difficulty please feel free to contact us to go through what we can do to help with your QuidMarket loan.
Communication is key, so please do get in touch as early as possible as this will allow for more options and flexibility when discussing your loan going forward.
If, however, you feel your financial difficulties are more far-reaching there are a number of options available to people.
Before contacting QuidMarket or other Debt Advice organisations there are some things you can do yourself to work out where your money is being spent.
Contact us for an Income and Expenditure form. This will help you list all the money you have coming in and how much you spend on things – once it’s written in black and white it can be surprising where you can make savings.
Rejigging your finances can be a first step to helping maintain your repayments to your creditors. Saving a few pounds here and there can then be put towards your loan repayments – nothing lasts forever so if it makes things tight for a period of time, always keep in mind once the loan is repaid that money becomes yours again to spend on other things!
If you want to fill your own budget sheet out, visit the National Debtline website. They have an extensive online income and expenditure form and you can download it and save it so you can provide the same information to any number of companies.
If you have multiple debts building up and they are affecting your priority bills such as mortgage/rent, gas/electric, council tax etc, then you may be able to speak to a Debt Management Company.
There are a number of debt management companies available in the UK, some of which do charge fees. So make sure to have a good look around and choose the right company for you. We believe that you shouldn’t have to pay a fee for a service which is available from a large number of companies for free, especially if you’re already struggling with your finances.
You will need to get the details of what you owe and to whom, so get your reference numbers and balances handy.
They will fill in an income and expenditure form with you to work out where your money is being spent leaving you with an amount to split between the companies you owe money to.
The Debt Management Company (DMC) will then contact the companies on your list for you explaining your arrangement and making an Offer of Payment which is affordable to you.
Once accepted you will only need to make one payment to the debt management company who will make payments to your creditors on your behalf after collecting the funds from you as arranged with them.
This is a long way of repaying your debts and can also affect your credit file so it is worth bearing in mind you can do all of the above yourself directly with the companies you are in debt to, most of which will be more than happy to arrange an affordable payment plan with you rather than having to deal with a debt management company as they can slow the process down of repaying the outstanding balances.
There are a number of DMCs available. We would always recommend seeking out a source of free independent money advice. Make sure you use a free company that does not take a portion of your payment as a fee as this will prolong your payment plans keeping you in debt longer.
Here are some FREE organisations that can help set up a Debt Management Plan.
Who to talk to
Falling behind on bills can be a stressful time and so it can seem daunting when trying to get back on track. The different organisations above can offer different kinds of help depending on your needs. Make sure you get the right kind of advice first time round by speaking to the right people;
For example, if you need help or advice on how to speak to or deal with the various creditors you may have and you are in a position to speak to them yourself then phone the National Debtline on 0808 808 4000 – they can also offer budgeting advice and have an online free self-help tool called My Money Steps.
Debt Management Companies
If you have some money left over to split between your creditors but you prefer an agent to deal with the companies on your behalf then a Debt Management Company like Step Change or Pay Plan will do this for you.
Citizens Advice Bureau
If things are a little more serious and you want the added reassurance of speaking to a highly trained expert face to face then make an appointment with the Citizens Advice Bureau who will be able to offer you advice on managing your money and create a budget plan with you. They can also liaise with your creditors on your behalf if need be.
QuidMarket and the Financial Conduct Authority (FCA)
The short-term credit industry has gone through many changes in the last few years. The Financial Conduct Authority (FCA) took over the regulation of companies offering short-term high-cost credit in 2014, in line with mainstream lenders and banks.
Short-term loan and payday loan providers had to apply for a license from the FCA showing their policies and working practices were within the rules and guidelines set out by them.
A large number of companies in the short term loan and payday loan sector did not meet the criteria, and either had to prove they had implemented the necessary changes to their policies and working practices or cease trading.
Here at QuidMarket, we were approved for a license by the FCA for the first time of asking in Feb 2016 – a very proud day for us all. This approval from the FCA underlines the commitment to our customers and shows us as a reputable, transparent and honest lender.
QuidMarket trades under FCA license number 677995 – you can view the FCA Register on their website.