Overview
This policy explains how Moneyline handles refunds for payments made towards a Moneyline loan.
Payments may be made by debit card, bank transfer, or other authorised payment methods. Once a payment has been received, it is normally applied within 24hrs to reduce the outstanding balance of the customer’s loan.
Refunds are therefore only issued in limited circumstances. Moneyline will assess refund requests in line with FCA regulatory expectations and the principle of treating customers fairly.
- When a Refund May Be Issued
Moneyline may issue a refund where:
- A duplicate payment has been made.
- A payment has been taken in error by Moneyline.
- The customer has overpaid their loan balance.
- A payment was received after the loan had already been fully repaid.
- A payment was processed after a valid cancellation request where the payment could reasonably have been stopped.
- There are exceptional circumstances, and issuing a refund would be consistent with treating the customer fairly.
Where an overpayment occurs, Moneyline may either:
- Refund the overpaid amount, or
- Apply the amount towards future instalments or the remaining loan balance, where appropriate.
- Authorised Payments
Where a payment has been authorised by the customer and correctly applied to the loan account, it will normally not be refunded.
Authorised payments may include:
- Debit card payments
- Bank transfers
- Payments made through secure payment links
- Payments made through the Moneyline App
- Payments authorised by the customer over the telephone
Such payments are treated as loan repayments under the customer’s credit agreement.
- How Refunds Are Issued
Where a refund is approved, Moneyline will normally return the funds using the original payment method where possible, including:
- Refund to the original debit card, or
- Refund to the customer’s nominated bank account
Where this is not possible, Moneyline may arrange an alternative refund method.
Moneyline may require verification of the customer’s identity before processing a refund.
- Refund Processing Times
Once a refund has been approved:
- Moneyline will aim to process the refund within 5 working days.
- Depending on the customer’s bank or card provider, it may take up to 10 working days for the funds to appear in the account.
- Disputed Transactions
If a customer disputes a payment with their bank or card provider, Moneyline may review the claim and provide evidence that the payment was authorised and applied to the loan account.
If a disputed transaction results in funds being returned to the customer, the loan balance may be adjusted accordingly, and the customer will remain responsible for any outstanding balance under their credit agreement.
- Fraud or Unauthorised Payments
If a customer believes a payment has been made without their authorisation, they should contact Moneyline as soon as possible and also notify their bank.
Moneyline will investigate the matter in line with applicable payment regulations and internal fraud procedures.
- Requesting a Refund
Customers wishing to request a refund should contact Moneyline and provide:
- Full name
- Loan reference number
- Payment amount and date
- Reason for the refund request
Moneyline may request additional information where necessary to investigate the request.
- Complaints
If a customer is dissatisfied with the outcome of a refund request, they may make a complaint under Moneyline’s Complaints Procedure.
If the complaint cannot be resolved, the customer may be able to refer the matter to:
Financial Ombudsman Service
Exchange Tower
London
E14 9SR
www.financial-ombudsman.org.uk
and then