Gadget buying firm has gone bust, leaving hundreds of customers unlikely to get anything for their items.

Sellers who tried to flog unwanted CDs, DVDs and games have now become unsecured creditors to the company after failing to receive cash in exchange for their goods.

Company records indicate approximately 1,400 customers are owed money, with Turnintocash owing £50,000. Creditors are owed an average of £35 each.

A spokesperson for liquidator Campbell Dallas says: "There is no prospect of the customers getting all of their money back.

"There is a possibility of them getting a small proportion of what they are owed, but at the moment this appears unlikely."

Customers who are owed money should have already received an email update from the liquidator. If there is any change in the chances of sellers receiving payments, they will be contacted again via email.

Turnintocash went into liquidation on 28 May.

MSE reported problems with Turnintocash in March after worried customers took to our forum to complain they had not received their money, in some cases over four months after submitting their unwanted items.  

We featured the site in our weekly email in November 2011, before it ran into trouble.

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Turnintocash goes bust