I was a Monzo customer a couple of years ago and closed my account with an outstanding loan balance.
My experience since then has been absolutely appalling, with unanswered emails requesting a settlement figure, great difficulty changing my address (Monzo won’t accept my instructions over email as they say it’s insecure, but expect me to send pictures of my ID via the same medium), and an inability to reopen a Monzo account for the loan as they can no longer link the loan account to my (new) bank account.
It seems they’ve made no provision for what to do when customers close their account. Has anyone else had a similar experience, or have any recommendations as to how I can get information from Monzo about how to pay my loan off? My emails to loanhelp@monzo.com have gone unanswered.
Keeping me in the dark like this in 2023, with only an annual statement to go by, is absolutely unforgivable in my book.
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Anarchist
(Press ‘Help’ search ‘Contact us’ or email help@monzo.com or call 0800 802 1281)
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If you make a complaint, they have (I think) 8 weeks to resolve it, and you can can then escalate it to the Financial Ombudsman Service.
I had exactly that! So incredibly frustrating. It wasn’t over an account closure, but something else. From memory it was a complaint which had been escalated - in-app chat had failed for me. They emailed me asking for more information so I replied to the email with more info and they replied back and told me they couldn’t accept it via email because it was not secure, whilst in the same email asking me they could accept it via email if I sent a copy of my ID (via email)! Infuriating.
That’s the worst form of security theatre… not only does it not improve security it’s now less secure because you’ve just sent your ID on request over email…
Oh they do, they made sure they get their money by standing order. But when it comes to giving me information about the outstanding balance or repayment amounts they’re not half as keen to take action to fulfil their obligations.
I read it that they opened a new account rather than re-activating their old closed one. Which explains why the loan is attached to a different account. Could be wrong
Yes, that’s how it went. The old account closed under the switch system and I asked if they could link the loan to a new account. They said that wasn’t possible.
You receive an annual statement and they’re probably just busy handling either chronological inbound, or important inbound where they could breach regulations somehow ie not responding to certain things in a timely manner.
You can calculate your payments in ways mentioned above, and then just lump sum it to avoid further interest.
Out of interest, why do you consider email so unsecure nowadays?
I mean if you send it into a helpdesk system like monzo and delete it from your sent what other risks are you considering?
Sadly thats as risky as an email being sent asking you to submit your ID to a 3rd party page when the email has been spoofed to look like Monzo and you are running your own server without proper anti-spam.
I think the whole unmonitored emails (any company) need to be removed. Company’s SHOULD monitor email addresses they send from to deal with confused customers.