Myjar

Paul Boyle, David Clements and Tony Murphy of Harrisons Business Recovery and Insolvency (London) Limited were appointed as joint administrators of Myjar Limited (the Company) on 22 December 2020 (the Joint Administrators).

The Company provided lending services to the UK consumer market.

Following the appointment of the Joint Administrators:

  1. All new lending activity has ceased; and
  2. Customers should continue to make repayments for all outstanding loans in the usual way. Please note, if you receive any requests to make payment to any other bank accounts, prior to making any payment, please inform the customer service team immediately on info@myjar.com or call 020 3006 2000.

The Company’s customer service team remains available to assist existing customers with any queries.

The Joint Administrators will conduct an orderly wind down of the business and seek to recover the assets of the Company for the benefit of its creditors.

It is anticipated that the orderly wind down of the Company’s business may, if applicable, include a sale of the assets of the Company. The Joint Administrators will also commence work to identify all creditors of the Company in accordance with their statutory duties and obligations under the Insolvency Act 1986. Those customers with complaints (whether on grounds of affordability or other) should continue to approach the Company in administration. Any such claim will be treated as an unsecured creditor claim.

The Company remains regulated by the Financial Conduct Authority who will continue to supervise the Joint Administrators’ activities throughout the administration process.

For all enquiries please contact the customer services team on info@myjar.com or call 020 3006 2000  Please refer to the Myjar website for further updates.

www.myjar.com

Please remember, be aware to scams. Never give personal information or account details to anyone who contacts you unexpectedly. We will never ask for your bank details.

FAQs

Administration

What is an administration?

An Administration is an insolvency procedure regulated by the Insolvency Act 1986.

The Joint Administrators’ role is to realise the assets and distribute them for the benefit of creditors. The Administration will last for an initial period of 12 months but may be extended.

The Joint Administrators will provide regular updates to creditors, this includes customers that are owed redress as they will be creditors of the Firm. Any persons or companies who believe they are a creditor, or who believe they are owed redress from the Company, should send their claims to the Joint Administrators.

Why has the Firm entered into Administration?

The directors of Myjar Limited ( “Myjar / the Company”) filed their application for an Administration Order on 22 December 2020.

The Directors of MYJAR have made the decision to place the business into administration due to external factors that have placed financial pressure on the business and its ability to trade through these challenges.

Mindful of ensuring the business satisfies certain threshold conditions and the difficulties associated with raising additional funding in this economic environment, the directors of MYJAR have placed the Company into Administration.

Who are the Administrators?

Paul Boyle, David Clements and Tony Murphy of Harrisons Business Recovery & Insolvency (London) Limited, were appointed as Joint Administrators following an application by the Directors.

Whilst the directors of the Company made the application for the appointment of Administrators, the FCA consented to the appointment of the named Administrators.

The Joint Administrators are qualified insolvency practitioners, regulated by the Institute of Chartered Accountants in England & Wales. The Joint Administrators act independently of the Firm for the benefit of all creditors and stakeholders. Their primary concern and mandate is to ensure that they maximise the returns to the Company’s creditors as a whole.

When will I receive what I am owed?

After your claim has been assessed, if your claim is agreed by the Administrators you will be an unsecured creditor of the Company and will be owed a distribution once all assets have been sold or realised.

Distributions to creditors are made in the following order:

The costs of realising assets will be paid first. Any amounts owing to secured creditors are then settled, followed by employee claims and unsecured claims (such as providers of goods and services and redress claims). If, after paying the costs and amounts due to the secured creditors, there are insufficient funds to pay all remaining claims in full then creditors will receive a proportion of their claim.

Please be aware, if successful, the payment you receive may be smaller than your accepted claim amount.

This is because it is expected that the total value of all accepted claims received may exceed the money available to be shared out. The money available to be shared out will not be known until all of Active Securities Limited’s assets have been sold or realised and certain costs and deductions have been taken into account.

Are the Joint Administrators in contact with the FCA?

Yes. The Joint Administrators are in regular contact with the FCA and the Firm remains authorised and regulated by the FCA during the period of the Administration.

How will my data be protected in this administration process?

As part of our role as Administrators, we may need to access and use data relating to borrowers. In doing so, we must abide by data protection requirements.

Information about the way we will use, and store personal data can be found at: http://harrisons.uk.com/privacy-policy

It is important that you read the terms and conditions so that you are aware of how and why we are using your data.

What should I do if I have information about the Company?

We would be pleased to receive from any stakeholder any useful information concerning the Company, its dealing or conduct which may assist us.

What can I do if my question has not been answered in this FAQ section?

If your question has not been answered in this FAQ section or in the FAQs section of the websites, please email your query to myjar@harrisons.uk.com. The Administrators’ team will look at all individual queries. Please be aware that we are expecting a large volume of queries. You may therefore not receive an immediate response.

Customers

Do I still need to repay my loan?

The terms and conditions of all loans remain as agreed when the loan was taken out and payment is due in line with the agreement with Myjar Limited (in Administration). This applies to all loan products.

What will happen if I don’t repay my loan on time?

The terms and conditions remain as agreed when the loan was taken out.
For further information please go to https://www.myjar.com/frequently-asked-questions

Can I take out a new loan or add additional funds to my existing loan?

The Firm is unable to provide further lending from the date of the Administration appointment.

I can’t afford to repay my loan. What should I do?

If you can’t repay your loan on time, please call Customer Support straight away on 020 3006 2000

For further information please go to https://www.myjar.com/frequently-asked-questions We’re  committed to helping customers in financial difficulty. The organisations below offer free debt advice and may be able to help you too:

 

Sources of Free Money Advice
Organisation When Contact Details Hours of Help Advice/Services Where
STEP CHANGE DEBT CHARITY You’ve got surplus income once your priority debts are paid and prefer an adviser to negotiate with creditors on your behalf. www.stepchange.org
T: 0800 138 1111
Mon to Fri 8am to 8pm; Sat 8am – 4pm Debt Management Plan and insolvency advice
Online Debt Remedy self help tool
UK
NATIONAL DEBTLINE You’d like advice on how to deal with debt problems and you’re happy to speak to creditors yourself. www.nationaldebtline.co.uk
T: 0808 808 4000
Mon to Fri 9am to 9pm; Sat 9.30am – 1pm Budgeting, debt solutions and free self-help information pack
My Money Steps – online self-help tool
England, Scotland & Wales
CITIZENS ADVICE BUREAU You’re in serious financial difficulties and you’d prefer face-to-face help from an adviser. Face to face – search online for local Citizens Advice Bureau
www.adviceguide.org.uk
Times vary depending on branch Advice on managing your money
Budget planner
How do I repay my loan?

Your loan should be repaid as arranged when it was taken out. For more information on repayment arrangements, and alternative payment methods, please go to https://www.myjar.com/get-in-touch/ There will be no change to the bank details to which you should make payment. If you receive any requests to make payment to an alternative account, prior to making any payment, please inform our Customer Support team straight away on 020 3006 2000.

Never give personal or account details to anyone who contacts you unexpectedly. We will never ask for your bank details.

We may ask you to confirm that your previous bank details are still valid and give you the opportunity to update your bank details (e.g. if you have closed/changed bank accounts), although further proof of ID and other supporting evidence will be required

I need to talk to someone about my loan or I have a question which is not answered here

Please check the FAQs section of the website https://www.myjar.com/frequently-asked-questions

If your question is not covered, please contact Customer Support on 020 3006 2000 or https://www.myjar.com/get-in-touch/

The call centre will remain open as normal, but please be aware that we will be handling a high number of calls and your wait may be longer than usual. Please note that the call centre will not be able to answer any questions related to anything outside of standard service enquiries.

If your question is still not answered, please email your query to myjar@harrisons.uk.com. The Administrators’ team will look at all individual queries.

Please note that the Administrators’ team does not have online access to customer accounts and is therefore unable to deal with queries relating to the servicing of individual accounts, including current account balance, making repayments and change of bank or address details. These queries should be directed to the customer support centre. The contact details are either by telephone on 020 3006 2000 or email at https://www.myjar.com/get-in-touch/

Please be aware that we are expecting a large volume of queries. You may therefore not receive an immediate response.

Will I still be able to access my account during the administration?

The Administrators will continue to provide access to the website.

Customers will be able to access their accounts through the web on an ongoing basis. They will have a portal to log into, being: https://secure.myjar.com/ in the Customer Online Account Area.

What should I do if I have information about the Company?

We would be pleased to receive from any stakeholder any useful information concerning the Firm, its dealing or conduct which may assist us.

Redress Complaints

Am I eligible to make a claim?

If you believe that you were provided with an unaffordable loan(s) through Myjar you may have an eligible claim. The Joint Administrators are currently reviewing the position with regard to potential redress complaints and will advise potential claimants in due course of the claim process.

What is an “unaffordable loan”?

The unaffordability of a loan will be assessed by the Joint Administrators, looking at criteria of the loan at the time it was taken out by the customer and referring to FCA rules and the Financial Ombudsman’s approach.

For more information, we suggest you visit guidance notes from the Financial Ombudsman: https://www.financial-ombudsman.org.uk/publications/technical_notes/payday-lending.html

How do I make an unaffordability claim?

As advised above, The Joint Administrators are currently reviewing the position with regard to potential redress complaints and will advise potential claimants in due course of the claim process . If you believe you are eligible however, you can make a claim through the Customer Support team at complaints@myjar.com or via phone at 020 3006 2000

I have an unaffordability claim which I have not yet submitted, what should I do?

If you are a customer and believe you were sold an unaffordable loan or lent to unaffordably, but have not received any communications from Myjar, please contact Customer Support on 020 3006 2000

The call centre will remain open as normal but please be aware that we will be handling a high number of calls and your wait may be longer than usual

Do I need to use a Claims Management Agency (CMA) or Claims Management Company (CMC) to make my claim?

A CMA/CMC can also help you submit a claim. It is up to you if you want to use one. If you decide to use a CMA/ CMC, please make sure you understand the scope of their services and how much the service will cost you before agreeing to its service.

The Joint Administrators are under a duty to treat each claim equally. Every claim will therefore be assessed in the same way, irrespective of who submits the claim. Customers do not need to use a Claims Management Firm (CMC) or third party to submit a claim. Using a CMC or third party will not accelerate the claims process, nor entitle you to a higher claim amount. It may also expose you to charges that may be deducted from any final payment you might receive.

I have previously submitted an unaffordability claim to Myjar which has not yet been finalised nor agreed. What will happen to my claim? Do I need to resubmit my claim?

Any unaffordability claims which were being handled by Myjar will now be assessed by the Joint Administrators. You will not need to re-submit a claim, however, it is important to note that the claim may not be wholly resolved within the usual eight-week timeframe.

Due to the volume of claims that have been and will be received, the Joint Administrators are working with Myjar to finalise the assessment methodology. Further updates on unaffordability claims will be posted here when available: http://harrisons.uk.com/myjar.

Should your unaffordability claim be upheld, you would be considered an unsecured creditor for the value of the assessment claim. However, the timing and quantum of the final creditor claim is currently unknown and will not be known for some time. Please do note, however, that any payment is highly likely to be smaller than the accepted claim amount. This is because the total value of all accepted claims may  exceed the money available to be shared out. The money available to be shared out will not be known until all of Myjar’s assets have been sold or realised and certain costs and deductions have been taken into account.

I have previously submitted an unaffordability claim to the Financial Ombudsman Service (FOS) which has not been finalised nor agreed. What will happen to my claim? Do I need to resubmit my claim?

Any unaffordability claims which were being handled by the FOS are now in the process of being handed back to the Joint Administrators. You will not need to re-submit a claim. Your FOS claim will now be assessed by the Joint Administrators in due course. It is important to note that the claim may no longer be resolved within the usual eight-week timeframe. We understand that the FOS has been in contact with you in relation to these.

Due to the volume of claims that have been and will be received, the Joint Administrators are working with Myjar to finalise the assessment methodology. Further updates on unaffordability claims will be posted here when available: http://harrisons.uk.com/myjar.

Should your unaffordability claim be upheld, you would be considered an unsecured creditor for the value of the assessment claim. However, the timing and quantum of the final creditor claim is currently unknown and will not be known for some time. Please do note, however, that any payment is highly likely to be smaller than the accepted claim amount. This is because the total value of all accepted claims may exceed the money available to be shared out. The money available to be shared out will not be known until all of Myjar’s assets have been sold or realised and certain costs and deductions have been taken into account.

If I have an unaffordability claim, when will I be paid?

The Joint Administrators will assess all redress claims during the course of the administration. No payments will be made until all of the assets have been sold or realised.

The Administrators are working with Myjar to identify whether, following determination of your claim, you can be notified of the status of your claim. Currently, we do not have a date for payment of any claims. Further updates on unaffordability claims will be posted at http://harrisons.uk.com/myjar when available.

Please be aware, if successful, the payment you receive is highly likely to be smaller than your accepted claim amount. This is because the total value of all accepted claims received may  exceed the money available to be shared out. The money available to be shared out will not be known until all of Myjar’s assets have been sold or realised and certain costs and deductions have been taken into account.

I have already received confirmation that my unaffordability claim has been agreed and the amount that I will receive. When will I receive this?

Claims for which a customer has not received payment but has been notified that they are entitled by a Final Response Letter (FRL) and have accepted the offer within it will now be considered as an unsecured creditor for the value of the FRL. Currently, we do not have a date for payment of any unsecured creditor claims. It is highly likely that the payment you receive will be much smaller than your claim amount. Further updates on unaffordable claims will be posted at http://harrisons.uk.com/myjar when available.

After establishing redress, if it is identified that a customer has made any form of repayment of their loan after the date of our appointment, the element of redress applicable will be returned to customers. To cover this situation all receipts since our appointment, will be separately identified and held in a separate bank account pending the completion of the redress process

Will the FSCS pay my claim if Myjar does not?

No, the FSCS do not cover claims under consumer credit agreements. See https://www.fca.org.uk/publication/consultation/cp16-42.pdf

If I have previously received a redress payment from the Firm, can I claim again?

You cannot be redressed twice for the same loan. If you previously received a redress payment from the Firm, then the historic loans that were redressed at the time will not be considered again. If you took out further loans from the Firm after your previous redress payment, then you may now submit a claim for these new loans if you believe these were unaffordable loans.

Please be aware, if successful, the payment you receive is highly likely to be smaller than your accepted claim amount. This is because the total value of all accepted claims received may  exceed the money available to be shared out. The money available to be shared out will not be known until all of Myjar’s assets have been sold or realised and certain costs and deductions have been taken into account.

What should I do if I am approached by someone saying they work for Myjar or Harrisons Business Recovery & Insolvency (London) Limited or the Joint Administrators and want to help me submit a claim?

Customers will not be approached by any Harrisons or Firm staff directly to assist in submitting a claim. We will be in touch in the coming months to let you know how you can submit your claim.

Do not give details of your claim to anyone who approaches you, alleging that he or she work for Harrisons or the Firm, or otherwise. If you do require assistance or are unsure as to the validity of any correspondence, you have received please contact the Customer Support Team at Myjar.

What should I do if someone has indicated they can ensure I can get a higher claim amount, but I have to pay them a fee first?

The Joint Administrators are under a duty to treat each claim equally. Every claim will therefore be assessed in the same way, irrespective of who submits the claim. As mentioned previously, customers do not need to use a Claims Management Firm (CMC) or third party to submit a claim. Using a CMC or third party will not accelerate the claims process, nor entitle you to a higher claim amount. It may also expose you to charges that may be deducted from any final payment you might receive.

Will anyone ask for my bank details?

We may ask you to confirm that your previous bank details are still valid and give you the opportunity to update your bank details (e.g. if you have closed/changed bank accounts), although further proof of ID and other supporting evidence will be required.

Suppliers

I am owed money by Myjar, what should I do?

Check your contract. If your contract was with Myjar and you have not been paid for goods or services provided, please provide details of your claim to the Administrators at:

The Administrator of Myjar Limited

20 Midtown

20 Procter Street

London

WC1V 6NX

Or

 

myjar@harrisons.uk.com

What should I do about orders that were placed before 22 December 2020 but not yet delivered?

Please make contact with your usual contact at Myjar in the first instance.

Do I need to continue to supply to the Company?

The Joint Administrators’ representatives will make contact with you if supply is required. Any goods or services which are supplied after the date of appointment will be subject to new terms, agreed with the Joint Administrators.

What should I do if I have information about the Firm?

We would be pleased to receive from any stakeholder any useful information concerning the Firm, its dealing or conduct which may assist us.

What can I do if my question has not been answered in this FAQ section?

If your question has not been answered in this FAQ section, please email your query to myjar@harrisons.uk.com. The Joint Administrators’ team will look at all individual queries. Please be aware that we are expecting a large volume of queries. You may therefore not receive an immediate response.

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