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247 Moneybox Has Just Gone Into Administration
Posted on February 14, 2020

247 Moneybox Has Just Gone Into Administration

247moneybox

News of 247 Moneybox going into administration has caught many by surprise. Confusion looms as many who currently owe loans from the institution don’t know where to turn or what next to expect in light of the new events. As a result of their announcement to go into administration, 274 Moneybox, a renowned quick payday company, is neither accepting new loan applications nor are they lending anyone money.

So what does this mean for you if you have pending payments or compensation claims? Read on to find out more about where the situation stands and to get answers to all your questions.

  • What should you do if you currently have a loan with 247 Moneybox?

If you are currently servicing a loan with 247 Moneybox, chances are that you have been asked to continue sending in your repayments as scheduled. Failure to this, you risk tarnishing your credit score. You may also get fined and be subject to extra charges for late payments or failure to repay your loan.

As a customer looking to access compensation, you should lodge a formal complaint and wait for your case to be reviewed. Chances are that you will receive a standard payout as the new administrators try to ensure that you and thousands of others receive compensation.

247 Moneybox is now under the new administration as Harrisons Business Recovery & Insolvency take charge. This, in their quest to facilitate an organized albeit slow closure of the Institution.

Should you encounter issues, have concerns, or need further clarification, the 247 Moneybox customer care service line is on throughout the day and night to help clear the air.

On their website, they state, “Please note, if you receive any requests to make payment to any other bank accounts, please inform the customer service team immediately.”

  • How do you know if you are up for a refund?

247 Moneybox found itself facing closure owing to increased complaints and cases of irregularities and ridiculously high-interest rates. Thousands of customers are now expecting refunds after they submitted their complaints.

You can expect a refund if the new administrators can prove that you were misinformed before taking the loan. Or if you can prove that they didn’t perform due diligence when checking whether or not you could afford to repay your online quick loan.

You can submit a complaint, even as a customer who is currently servicing their loan repayments. If there’s enough evidence, you may qualify for a refund. Even after the firm completely goes under, you can still lodge your complaint and request for a refund.

  • How you can claim compensation

If you are one of the customers of a payday company, you are probably wondering if they are operating within their boundaries. If you find out that they are not, then you can start pursuing ways to get compensation or refunds.

How?

  1. By drafting a formal complaint letter to the lender showing reasons and explaining why you think you were lent money irresponsibly.
  2. By proving that you couldn’t afford to repay the loan at the time you applied and got approved for one.
  3. By showing that you took out back loans to help repay the payday loan.
  4. By gathering plenty of messages, emails, bank statements or letters showing your inability to pay for basic needs and bills because you had to channel all your money towards repaying the payday loan.
  5. Wait for at least eight weeks before expecting a response from the concerned parties.

Be sure to make photocopies of all the letters and the evidence you come up with. In your compensation request, remember to ask that the lender remove your history of the loan from your credit record. If you are not happy with their response, you can always look to the Financial Ombudsman for further assistance.

Following the downfall of payday lenders like Juo Loans, Quickquid, Wonga, WageDayAdvance, and now 247 Moneybox, it is evident that payday lenders are receiving a ton of backlash. This, owing to irresponsible lending, irregularities with them offering loans without doing background affordability checks, and charging exorbitant fees and interest rates.

To curb the menace, the Financial Conduct Authority has warned lenders against charging borrowers more in fees and interests than the loan amount borrowed. The new joint administrators revealed that the offer to sell the company is still on the table but in the meantime, efforts are underway to offer compensation to complainants and to repay its creditors.

While 247 Moneybox is no longer handing out new loans, the customer care lines remain active. Should you receive information from people asking you to channel money elsewhere as part of your loan repayment.

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