24/7 Moneybox Redress

Tantastic110

Hi guys,
New poster and first time thread so go easy on me please.

I received an email yesterday titled "Important information from the Joint Administrators of Active Securities Limited (in administration)" regarding the Online Claims Portal.
I thought nothing of it at first as any loan I had with 24/7 Moneybox was paid off in full well before they went into administration.

Anyway, curiosity got the better of me so I clicked the link to log into my account and it stated that whilst the amount owing was £0, the redress claim amount was just under £2,000 and I had to either accept or dispute the amount. I accepted as it was a nice sum and it was also unexpected. This did come with a caveat however that the amount paid could/would be considerably less. I have tried looking to see any examples of how much that sum could be reduced by to no success.

Has anyone here had anything similar previously as, to be honest, I'm a bit clueless when it comes to things like this?

Thanks in advance for any replies.

jonesMUFCforever

Sounds like a phishing scam to me.

Tantastic110

jonesMUFCforever said:

Sounds like a phishing scam to me.

I am a generally wary person and work within IT enough to know that it is genuine, this time lol i.e. not one of those spam emails saying there is 5.7million dollars waiting to be sent by wire transfer!!
It is sent from the acting administrators on behalf of 24/7 Moneybox and takes me to the account portal with all of my loan history with them.
I found a similar thread earlier that someone had the same only they owed £300 rather than were due.
https://forums.moneysavingexpert.com/discussion/6195126/247-moneybox-redress

Caz3121

Tantastic110 said:

 I have tried looking to see any examples of how much that sum could be reduced by to no success.

It will depend on how much debt they have and how much money there is to go around
As an example, those with valid claims against Wonga received 4.3p for each £. So if similar a redress amount of £2k would give you a payout of £86.

sourcrates

Its genuine, its from the administrators, if your redress is calculated at 2k, expect to get back less than £100.

Tantastic110

sourcrates said:

Its genuine, its from the administrators, if your redress is calculated at 2k, expect to get back less than £100.

Thank you. Considering this was a bolt out of the blue, if i get roughly 5% of 2k then it's a welcome surprise.

Brains64

Tantastic110 said:

Hi guys,
New poster and first time thread so go easy on me please.

I received an email yesterday titled "Important information from the Joint Administrators of Active Securities Limited (in administration)" regarding the Online Claims Portal.
I thought nothing of it at first as any loan I had with 24/7 Moneybox was paid off in full well before they went into administration.

Anyway, curiosity got the better of me so I clicked the link to log into my account and it stated that whilst the amount owing was £0, the redress claim amount was just under £2,000 and I had to either accept or dispute the amount. I accepted as it was a nice sum and it was also unexpected. This did come with a caveat however that the amount paid could/would be considerably less. I have tried looking to see any examples of how much that sum could be reduced by to no success.

Has anyone here had anything similar previously as, to be honest, I'm a bit clueless when it comes to things like this?

Thanks in advance for any replies.

It is probably genuine because 247Moneybox has gone into Administration. I got the same kind of email, albeit with a much considerably less compensation sum and as you say, they make it clear that we will probably only get back a small percentage and going by other lenders who have suffered a similar fate, borrowers who are compensated only get back around 3 -4% of the gross figure after they have to pay all the other parties involved, plus the sheer number of borrowers entitled to compensation.

I'm not sure how they arrived at the figure they arrived at for you, I'd need to know how much and how often you borrowed from them etc but I do know that they are using some kind of auto software which works out whether or not former borrowers are entitled to compensation and how much (gross figure only) without them even having to make an initial claim and then they contact us to simply ask us if we will accept the amount or dispute it.

I accepted mine too but in all honesty, I don't expect to get anything even near the figure I was told. Mine was over £600 but based on other percentage figures from other lenders, I will only get back around £18 (try not to laugh, although I won't blame you). In your case, taking the same percentage figure of say 4% of the total, you said it was just under £2000, so shall we say it was £1999? OK, so let's say you get 4% of that total redress, 4% of £1999 would give you just over £79, which, needless to say, sucks, of course, it does and I hope I am wrong and the figure is higher but the reality is that with all the people involved that the administrators have to pay out, there's just not much left and this is what you will, unfortunately, have to prepare for and so will I and it might even be less than 4%. Like I say though, I hope I'm wrong and that I am maybe just being doom and gloom merchant. I so want to be wrong. Best wishes.

izzyt12

hi there it is 4p in the pound 

izzyt12

it was originall 10p but they said because of inflation and covid related it went down to 4 

izzyt12

i have been told we will receive the patments in may but an e-mail confirming the amount by the end of april 

Tantastic110

izzyt12 said:

i have been told we will receive the patments in may but an e-mail confirming the amount by the end of april 

I sent the administrators an email asking for an update as there had been no news. Whilst they didn't specify the % they did say they expect it to be towards the end of the second qtr so June time by that estimate.

Where did you get your information from?