CashEuroNet (trading as Quick Quid and Pounds to Pocket) has agreed with the FCA to provide redress to almost 4,000 customers to the value of £1.7 million. Redress will include customers having their current loan balance written off and/or a cash refund of interest paid on the unaffordable element of the loan. CashEuroNet has also agreed to make some changes to its lending criteria.
This follows a review into CashEuroNet’s lending decisions by an independent Skilled Person that was appointed by the FCA. The results of the review showed that some customers were able to borrow amounts greater than they could afford to repay.