Just hearing that currency exchange company, Crown Currency Exchange have gone into administration, and according to the website, 13,000 customers are affected. I am just looking into how this affects travel consumers who have ordered currency.
Crown Currency Exchange goes into administration
The company provided an online service where customers could exchange, £300 to £1000 into foreign currency. They delivered the money to the customers address. You will receive your money back if you have paid for the currency on your credit card then under Section 75 of the Consumer Credit Act 1974.
I will clarify this but I suspect if payment was on a debit card then you will not get the money back. I am not aware of any insurance policies that would affect this scenario neither, but I will get someone to clarify these points.
This is the response that I received from the administrators.
Crown Currency Exchange customers should email crowncurrencyexchange[at]mcr.uk.com or visit the MCR site where you will find the proof of debt form. This form must be completed and posted to the administrator who will then investigate the claim.
Please leave any questions you may have.