A sad end to the week with Quick Quid and Pounds to Pockets (CashEuronet) going into Administration.
It is hard to understand how an International Publicly Quoted company (Enova International (NYSE:ENVA)) can simply go into Administration and walk away.
People who had offers from CashEuronet and have accepted will not be paid the money they are owed. In some cases, the customers have been told the money has been sent, when in fact it had not and will not be sent.
When Payday UK / Payday Express and The Money Shop decided to pull out of the UK they had the decency to pay out the claims that had been agreed. CashEuroNet has decided that they are not going to do that, and have said that these people will join the long queue of "unsecured creditors".
While we have no way of knowing what that will mean in the end when Cash Genie finally closed the payout was around 3p in the £1. So if your claim was agreed at, say, £1,000 they received £30.
Shame on you Enova International.