247 Money Group was a leading UK-based loan company that offered short-term loans. Unfortunately, it faced financial difficulties and went into administration in October 2019. Following this, the Financial Conduct Authority (FCA) required the company to provide refunds to eligible customers who had taken out loans. Here’s what you need to know to get your 247 Money Group refunds.
Who is Eligible?
The FCA determined that around 100,000 customers were eligible for refunds. To be eligible, you must have taken out a loan with 247 Money Group between 1st January 2017 and 13th August 2019 and were in arrears or experiencing financial difficulty. The company was also required to consider refunds for customers who were subject to unfair or misleading practices.
How to Claim your 247 Money Group refunds
The Joint Administrators of 247 Money Group set up a Claims Portal to provide customers with an easy way to claim their refunds. To make a claim, you need to go to the Claims Portal, which is available on the 247 Money Group website.
You will need to provide some information to submit your claim. This includes your name, contact details, and loan information such as the loan amount, the date you took out the loan, and the amount you paid back. You will also need to provide evidence of your financial difficulty, such as bank statements or pay slips.
It is important to note that you must submit your claim by the deadline, which is 30th November 2020. Any claims submitted after this deadline will not be considered.
How Much Can You Expect to Get?
The amount you can claim in refunds depends on your circumstances. The Joint Administrators will assess each claim on a case-by-case basis. However, the company has said that customers could receive refunds of up to £14m in total.
If you are eligible for a refund, it is worth submitting a claim even if you are not certain how much you are entitled to receive. The Joint Administrators will assess your claim and provide you with a notification of the refund amount through the Claims Portal.
What Happens After You Submit Your Claim?
Once you have submitted your claim, the Joint Administrators will review it and determine whether you are eligible for a refund. They will assess your claim based on the information you provide and any additional information they may request.
If your claim is approved, the Joint Administrators will inform you of the amount of the refund, which will be paid directly to your bank account. However, if your claim is not successful, they will also inform you of this decision.
If you have any questions or need further information about your claim, you can contact the Joint Administrators’ Customer Service team. They will be able to assist you with any queries you may have.
What Should You Do if You Haven’t Heard Anything?
If you have submitted a claim but haven’t heard anything from the Joint Administrators, there may be several reasons for this. First, you should check that you submitted your claim by the deadline, as any claims submitted after this date will not be considered.
If you submitted your claim on time, but haven’t received any communication from the Joint Administrators, you should contact their Customer Service team. They will be able to check the status of your claim and provide you with an update.
It is important to note that due to the high volume of claims, the Joint Administrators may take some time to review your claim. However, they are working hard to ensure that all claims are processed as quickly as possible.
Final Thoughts
If you are one of the eligible customers, it is important to submit your claim for 247 Money Group refunds before the deadline of 30th November 2020. The process is straightforward, and you can submit your claim through the Claims Portal on the 247 Money Group website.
It is important to remember that the Joint Administrators will assess each claim on a case-by-case basis. However, if you are eligible for a refund, you could receive up to £14m in total. If you have any questions or need help with your claim, you can contact the Joint Administrators’ Customer Service team for assistance.
247 Money Group’s financial difficulties have caused significant inconvenience to many of its customers. However, the FCA’s requirement for refunds will provide some relief to those who have suffered as a result. By submitting your claim, you can ensure that you receive the refund you are entitled to.