I am taking out a secured loan to consolidate some debts, one of these is a Monzo loan.
The creditor wants to settle the debts themselves (understandably) but the only option for the Monzo loan I see is from a monzo account. All other banks have provided details but I’m struggling to get these from Monzo.
Can someone help with the best way forward?
You’d need to reach out to customer services, the only way we as customers can do it is via the app.
As far as I’m aware the only way is from your Monzo account. Could be wrong mind you. You might be able to contact Monzo but doubtful
The loan company will have to send you the money to pay off your loan, they may already be familiar with monzo and their process if it’s a common provider.
I’ve reached out to customer services by the app, customer services by phone and both recoveries and collections by email.
None of them can seem to help me but I know it’s possible as there are instances where people have loans and they have closed their current account. They then pay the loan payments by standing order.
Not sure why it is so hard for Monzo to provide these basic details?
There should definitely be a process in place for situations like yours: will be interested to see how this plays out.
It’s not hard, it’s just not designed that way.
Recoveries have their own payment details and your loan reference is LN followed by your account number, but finding those details
It’s surely unlikely they will just send someone a lump of cash on the promise that person will use it to pay off their loan?
Handled chats where similar was requested and the company has paid the customer on receipt of chat confirmation from monzo that’s the way it needs to be done.
Prob won’t work for every lender but it has been possible.
Interesting. Yes I’d think quite a few wouldn’t want to do this and feels like a bit of an oversight on Monzo’s part if it inhibits people moving to other credit products.
In order for your creditor to pay off your loan in full you’d need to ask for our settlement account details from our Financial Health/Lending team, you can also request a settlement quote however this can change depending on whether the creditor makes the payment on the same day of receipt.
If you still haven’t been able to sort this out I’d be more than happy to try and help you via DMs.