Thousands of customers of collapsed payday loan firm set to get compensation payment this week – are you eligible?

Thousands of customers of collapsed payday loan firm set to get compensation payment this week – are you eligible?

THOUSANDS of customers of a collapsed payday loan firm could get compensation this week.

The administrators of 247Moneybox, which went bust in 2019, confirmed eligible borrowers should get their refund by Friday, April 15.

Customers will get 9.35p for each pound they were owed – meaning they'll get 9.35% of their total claim.

For example, if you had a claim of £1,000, you would receive a payment of £93.50.

247Moneybox stopped lending when it collapsed into administration in November 2019.

The lender provided loans of between £80 to £200 for new customers that was to be repaid within a month, and up to £800 for existing borrowers.

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It went bust just over a year after the demise of one of the UK's biggest short-term lender, Wonga, in 2018.

Wonga victims were given just 4p for every £1 they were due to be paid.

Other high cost loan firms have collapsed in recent months after being overwhelmed by customer refund requests.

Guarantor lender TFS Loans entered administration in February this year after it ran out of cash.

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Amigo Loans customers are still waiting for their refund process to be confirmed.

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 finds it difficult to repay the money, or can't meet the payments.

You will get a payment if you made a claim before January 31 and it was accepted by the administrators.

Customers were also asked to update their bank account details before the money would be paid out.

When will I get my refund?

If you have made a claim and updated your bank account details, the money should be paid by the end of the week.

Customers who don't receive an expected payment by April 15, should email [email protected]

Harrisons – the administration firm – said staff won't be able to help over the phone.

What should I do if I don't get my payment?

Customers who made a claim but haven't updated their bank account details won't automatically get the refund.

Instead, you'll have to contact the Insolvency Service's unclaimed monies team in order to access your compensation.

When you contact them, quote UC Active Securities Limited and be prepared to give your name, address and details the compensation due to you.

Details of your claim can be found by logging on to your 247 customer portal by June 30.

After that date you will need to contact [email protected]

Can I still make a claim?

If you think you're eligible for a refund, but haven't applied, unfortunately the deadline to make a claim has passed.

The last day to apply for compensation was January 31, 2022.

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