Cash euro net help please

Dhenderson2

Hi

Any help relating to this email from a lender that has gone into administration would be a huge help 

Here is the message over received am I due a refund or not ?

It’s states refund due for £1402.91

But also states.. Accepted claim amount £0.00 

Dear XXXX

Claim reference number: XXXXXXX

You are receiving this email because you submitted a claim on 17 November 2020.

The Joint Administrators have assessed your claim and can confirm that it has been partially accepted. Your assessed redress claim amount is explained in the table below, with your claim amount detailed at the “Accepted claim value” row of the table. A breakdown of your loan history with CashEuroNet UK, LLC is also provided at the end of this email.

Please be patient with us in respect of your payment. Payments will be made once all claims have been received and assessed, and all assets have been sold or realised. The final date for claims is 14 February 2021, and following the closure of the claims portal we will provide a further update as to when we expect to declare and pay a dividend to customers.

Please be aware, the payment you receive will be significantly smaller than your accepted claim value. This is because it is expected that the total value of all accepted claims for customers/creditors received will significantly exceed the money available to be shared out. The money available to be shared out will not be known until all of CashEuroNet UK, LLC’s assets have been sold or realised and certain costs and deductions have been taken into account. Accordingly, it is not possible at this stage to estimate what percentage of your accepted claim value will be paid.

IMPORTANT NOTICE: If your claim was submitted by a third party (for example, a relative, a claims management company or solicitor) then a copy of this email has also been sent to them. Please note that any fees you may have agreed to pay them for their services will need to be settled with them directly. If you have questions regarding your third party’s fees or the service they have provided, you should speak to them directly.

Guide
Total interest and fees on loans	£640.86	1
Total compensatory interest	£109.24	2
Less set off	£2,437.41	3
Revised interest and fees on loans	£0.00
Revised compensatory interest	£0.00
Accepted claim value	£0.00	4
Compensatory interest settled by way of set off	£109.24	5
Remaining loan balance potentially due to CashEuroNet UK, LLC	£0.00	6
Refund for overpayment on CashEuroNet UK, LLC loan	£1,402.91

How will I be paid?

Payments will be made to the bank account that you provided when you submitted the claim on the Portal. You are responsible for making sure that you keep these details up-to-date. If your details change, you can amend these on the Portal until 14 March 2021.

For payments being made to customers, we will contact you by email in due course. If you are a customer who is represented by a Claims Management Company (CMC) and you have indicated that you would like us to pay your CMC, we will be in contact with your CMC for their payment details. Please be aware, the payment you receive will be significantly smaller than your accepted claim value, as explained above.

Will my credit file be updated?

All loans that have been accepted as part of your claim value will be removed from your credit file. Please note that, due to the volume of claims, this could take a number of months.

How is my claim value calculated?

1. “Total interest and fees on loans”

For all accepted loans, the value of this component of the claim value is the total interest and fees paid in relation to that specific loan. A breakdown of this amount by loan is provided at the bottom of this email.

Please note that any loans that have been previously compensated have not been re-assessed by the Joint Administrators.

1. “Total compensatory interest”

An additional 8% of interest is included for each accepted loan from the date of the loan to the date of the Joint Administrators’ appointment (25 October 2019). The amount stated is the gross amount of your claim for compensatory interest before deduction of any UK withholding tax.

1. “Less set off”

Any outstanding loans that you owe to CashEuroNet UK, LLC have been set off, against your claim amount. This is a requirement of the Insolvency legislation. This has therefore reduced and in some cases completely settled your outstanding liability to CashEuroNet UK, LLC, your credit records will be updated to reflect this.

1. “Accepted claim value”

This is the value of your claim. However, as stated above, the payment you receive will be significantly smaller than your accepted claim value.

1. “Compensatory interest settled by way of set off”

Your claim for compensatory interest has been reduced by this amount and therefore you are deemed to have received that amount of interest for tax purposes which, depending on your personal tax position, may have to be declared to HMRC.

1. “Remaining loan balance potentially due to CashEuroNet UK, LLC”

If there is an amount owed in this part of the table, then even after taking into account your redress claim, as at 15 July 2020 you still owed CashEuroNet UK, LLC money on your outstanding loan. You may have settled this amount since the 15 July 2020, however, please contact the customer care centre to establish how much you may currently still owe and to organise payment (if applicable).

Kelmaxpad

Hi
Did you manage to get an answer from this or a payout?  Mine said the exact same and I have heard nothing since. Thanks. 

Batesy1976

The "Less set off" part makes this clear.  They have set off the amount of compensation against any outstanding debt owed to the company which they required to do by law.

They're not going to pay you compo and then chase you for what you owe them.

superbigal

i would go with a figure of enough for a Pint & Pie when they eventually distribute.
£1402 will likely change to around £14.02