SafetyNet Refund Success Story - Irresponsible Lending

Buntu

I wonder what that means for payments, if loan payments should be paid within existing payment terms then surely so should redress?!

Mondas

I’m hoping that those of us who have accepted their final offer may still get paid but in reality I suspect that will be highly unlikely.  If it follows the same route as other similar companies we’ll be treated as unsecured creditors and get back a tiny proportion of what we’re owed (if we’re lucky!) in 18-24 months.

Buntu

Looks unlikely we’ll get our money!

mrswilkins19

Our claims were already finalised before administration so because they are still lending and receiving money I think it means that they have to pay the finalised ones. Maybe not the ones still processing though. 

mrswilkins19

I think finalised ageeements come under secure creditors to be honest 

mrswilkins19

Mondas said:

Their website has now been updated confirming administrators have been appointed. Interestingly they are going to carry on lending to some customers…if this is possible it would be pretty shocking to not then pay out on final agreements made prior to the administration today. Guess we carry on waiting to see what comes next.

This is why I think we might still get ours. If they are still lending to existing customers then surely they have to pay what they have already finalised and agreed with us 

Buntu

mrswilkins19 said:

I think finalised ageeements come under secure creditors to be honest 

I’m not sure that’s the case actually

Mondas

Buntu said:

mrswilkins19 said:

I think finalised ageeements come under secure creditors to be honest 

I’m not sure that’s the case actually

I agree, my understanding is a secure creditor is someone who has a charge on a property or something similar belonging to the company.  I think we would be viewed as unsecured creditors.

The only slither of hope I can see is that they are continuing to trade in some fashion which didn't happen with Wonga, Quickquid etc (as far as I'm aware).  Recouping what is owed is one thing, but in this case they are allowing some existing customers to continue borrowing.  I can't see how that can be allowed if they're not fulfilling their regulatory obligations. 

mrswilkins19

Buntu said:

mrswilkins19 said:

I think finalised ageeements come under secure creditors to be honest 

I’m not sure that’s the case actually

I guess I’m just clutching at straws lol I’m just hoping the fact that they are still trading on some way means that we will still get what’s owed to us. Although the email I received today says they will not process my refund 

Sootysweep02

I'm in the same boat as you all......recieved my final offer from snc on the 20th Dec 22 which I accepted Sent bank detail off.

Snc credit said I should recieve my refund by the 3rd of Jan 23, obviously I didn't get the refund.spoke to live chat said it was delayed due to Christmas period then it was they was no time frame on refunds and now the company has gone into administration.

SafetyNetCredit have ignore all emails I sent before they went into administration.

Also I made this claim to safetynetcredit through charterhouseclaims and they did all the work for me in getting this refund and since snc are in administration now  and if I don't get this  refund will I have to still pay charterhouseclaims a fee for there services
Any advice please 
Thanks gemma