Thousands of customers of collapsed payday loan company set to receive compensation this week
THOUSANDS of customers of a collapsed payday loan company could get compensation this week.
The administrators of 247Moneybox, which went bankrupt in 2019, have confirmed that eligible borrowers should get their refunds by Friday April 15.
Customers will receive 9.35 pence for each pound owed to them, meaning they will receive 9.35% of their total claim.
For example, if you had a claim for £1000, you would receive a payment of £93.50.
247Moneybox ceased lending when it went into administration in November 2019.
The lender provided loans ranging from £80 to £200 for new customers who needed to be repaid within a month, and up to £800 for existing borrowers.
It went bankrupt just over a year after one of the UK’s biggest short-term lenders, Wonga, disappeared in 2018.
Wonga’s victims were only given 4 pence for every pound they had to be paid.
Other high-cost lenders have collapsed in recent months after being overwhelmed by customer demand for reimbursement.
Guarantor lender TFS Loans went into administration in February this year after running out of cash.
Amigo Loans customers are still waiting for confirmation of their repayment process.
Am I eligible for a payment?
247Moneybox customers who were sold unaffordable loans were able to make a claim.
A loan is unaffordable if the borrower has difficulty repaying the money or cannot make the payments.
You will receive a payment if you have made a claim before January 31 and it has been accepted by the administrators.
Customers were also asked to update their bank details before the money was released.
When will I receive my refund?
If you filed a claim and updated your bank details, the money should be paid out by the end of the week.
Customers who do not receive the expected payment by April 15 should email [email protected]
Harrisons – the administration company – said staff will not be able to help over the phone.
What should I do if I don’t receive my payment?
Customers who have made a claim but have not updated their bank details will not automatically receive the refund.
Instead, you will need to contact the The Insolvency Service Unclaimed Funds Team in order to access your compensation.
When contacting them, quote UC Active Securities Limited and be prepared to give your name, address and details of the remuneration due to you.
Details of your complaint can be found by logging into your 247 customer portal before June 30.
After this date you will need to contact [email protected]
Can I still make a complaint?
If you think you’re entitled to a refund, but haven’t made a claim, unfortunately the deadline for making a claim has passed.
The last day to claim compensation was January 31, 2022.
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