Arrow Global is a UK debt management company that buys and services distressed consumer debt portfolios, including credit card debt, personal loans, and mortgages. If you’ve received a letter from Arrow Global about an outstanding debt, it can be stressful and overwhelming. However, there is good news for some debtors who have made payments to Arrow Global.
If you have made payments to Arrow Global that were not allocated to your outstanding debt, you may be entitled to a refund. Arrow Global has been investigated by the Financial Conduct Authority (FCA) for its debt collection practices, and in some cases, has been found to have breached FCA rules.
In this article, we will explore the background of Arrow Global refunds and how you can go about claiming your refund if you are entitled to one.
## Background of Arrow Global refunds
In June 2020, Arrow Global entered into an agreement with the FCA to refund a total of £1.55 million to approximately 9,200 customers who had overpaid on their debt. The refunds were for customers who had made payments between 2014 and 2018 that were not allocated to their accounts, resulting in overpaid balances.
The FCA found that Arrow Global had breached Principle 6 of the FCA’s Principles for Businesses, which requires a firm to treat its customers fairly. Specifically, the FCA found that Arrow Global had failed to adequately monitor and review its debt collection processes and systems and failed to allocate payments correctly.
Arrow Global has also been subject to FCA enforcement action in the past. In 2017, the FCA fined Arrow Global £70,000 for failing to provide accurate data in relation to a debt portfolio that it had sold to a third party.
## Who is Eligible for an Arrow Global Refund?
To be eligible for an Arrow Global refund, you must have made payments to Arrow Global between 2014 and 2018 that were not allocated to your account. If you have received a letter from Arrow Global advising you that you are entitled to a refund, you do not need to take any further action. Your refund will be paid automatically.
If you have not received a letter from Arrow Global but believe you may be entitled to a refund, you can contact Arrow Global directly to enquire. The company has set up a dedicated phone line for customer queries about refunds, which is available on 0800 130 0164.
## How to Claim Your Arrow Global Refund
If you believe you are entitled to an Arrow Global refund but have not received a letter from the company, you can still claim your refund. You will need to provide evidence of the payments you made to Arrow Global and the dates on which they were made. You should also provide your account details to enable Arrow Global to verify your identity.
You can make a claim by contacting the Arrow Global customer service team by phone or email. The customer service team will guide you through the process and provide you with a claim form to complete.
Once Arrow Global has received your claim form and supporting evidence, it will assess your claim and make a decision on whether you are entitled to a refund. If your claim is successful, Arrow Global will refund your overpaid balance plus any interest you may be entitled to.
## Conclusion
If you have made payments to Arrow Global between 2014 and 2018 and believe that your payments were not allocated correctly, you may be entitled to an Arrow Global refund. The company has been ordered by the FCA to refund over £1.5 million to customers who were affected by the pay allocation errors.
If you have received a letter from Arrow Global advising you that you are entitled to a refund, you do not need to take any further action. Your refund will be paid automatically. However, if you have not received a letter but believe you may be entitled to a refund, you can contact Arrow Global directly to enquire.
When making a claim, be sure to provide all necessary evidence and information to support your claim, including details of your payments and account information. With the correct information and documentation, you can be on your way to receiving an Arrow Global refund.