Monarch airlines went into administration in the early hours of Monday morning, and while customers already on holiday will be brought home free of charge, those with future travel plans with the low-cost airline will not be offered any such alternative.
Around 110,000 people currently abroad who had flights booked with Monarch will be flown home on emergency flights chartered by the Civil Aviation Authority (CAA) and the UK government. Transport secretary Chris Grayling called it the "biggest ever peacetime repatriation" in history.
A further 750,000 customers who are yet to start their journeys are expected to lose their booking and will not be refunded by Monarch, according to administrators KPMG.
"We are sorry to inform you that all future holidays and flights booked with Monarch are now cancelled as of 2 October 2017," a statement by CAA on behalf of Monarch read.
"If you are booked on a Monarch Airlines flight, please do not go to your UK airport, as your flight will not be operating."
So will anyone get their money back?
Whether you can get a refund for your cancelled Monarch flights depends on how you booked them.
If you purchased an individual flight directly from Monarch since December 2016 – perhaps after being redirected from a price comparison website – that transaction was not ATOL protected.
This means the booking basically doesn't come with any back-up plan in the event of an unexpected shitshow, such as the airline going bust, and Monarch is unlikely to give you your money back.
Cheers @Monarch .. 12 lads now having to fork out for another flight!!! 🖕🏼we want a refund #Monarch #disgusted
If you booked the flights via a third party company that is ATOL protected, such as a travel agent – including Monarch Holidays – you are eligible to claim for a refund via the travel company you booked with.
What about if I booked on a credit card?
As with ATOL-protected travel companies, credit card transactions are protected against unprecedented cancellations, but only if the flights cost more than £100.
If your return journey cost more than £100, or individual one-way flights cost more than £100 each, and you booked using a credit card, you will be able to get your money back for a cancelled Monarch flight.
You should contact the individual card issuer, who will begin the refund process.
If the flights were less than £100 and you booked using a credit card, you may still be able to claim a refund using the chargeback scheme.
What if I paid another way?
If you used a debit card, you may also be able to get a refund, but it depends whether your bank account comes with chargeback protection.
Again, contact your bank and they will be able to tell you if you're protected and begin a refund process if you are.
If you paid using Paypal, obtaining a refund might not be so simple. Paypal is not covered by Section 75 of the Consumer Credit Act, which is the bit that means credit and debit cards are likely to give you a refund.
While you can apply for a refund using Paypal's own protection scheme, legally, they're not obliged to give you one.
If I've got travel insurance will I get my money back?
While it is always a worthwhile endeavour, consumer rights service Which advises that airline financial failure or insolvency – aka going bust – is rarely included on most travel insurance policies.
How can I safely book budget flights in the future?
MoneySavingExpert advises that if you have the option, you should always use a credit card, rather than Paypal, when booking something like flights online, as even if the airline itself won't give you a refund, the credit card company or your bank probably will.
Equally, you will always be better protected if you book through a travel agent, either online or via the high street.
Really feel for anyone who had booked with Monarch - not just a ruined holiday but the headache of claiming a refund #monarchairlines
Flights must cost over £100 – either as a return booking, or individual flights – in order to be eligible for any kind of refund even through a credit card or travel company, so if you're swaying between an £80 flight and one that's £100 or over, it's worth bearing in mind that the extra £20 or so is buying you added financial protection.
But if you book a £50 flight to Barcelona on a whim after a spontaneous browse through Skyscanner, and the airline ends up going bust (or some other unexpected event, such as an Icelandic volcano going rogue, means your flight gets cancelled), chances are, you won't get your money back.