MSE News

Payday lender 247Moneybox collapses

Payday loans provider 247Moneybox has collapsed into administration and will no longer be offering loans.

Harrisons Business Recovery & Insolvency has been appointed as the company's administrators. In a statement on the 247Moneybox website, it says that it will "conduct an orderly wind down of the business" and that the company's customer service team "remains available to assist existing customers with any queries".

If you're a customer with an outstanding loan, you need to keep repaying it for now.

And if you have a mis-selling complaint, you'll be treated as an 'unsecured creditor', which means you're unfortunately unlikely to get much of your cash back.

Been mis-sold a loan? See our Reclaim payday loans for free guide.

I've got a 247Moneybox loan – should I continue repaying?

Harrisons Business Recovery & Insolvency says that customers with outstanding loans should continue to repay them in the usual way.

If you have queries about this, the administrators say you can still contact the firm on or call 0207 183 8078.

I was mis-sold a loan – what should I do?

The administrators say that those with any mis-selling complaints should continue to approach 247Moneybox – you can use the contact details above.

But the administrators also say that "any such claim will be treated as an unsecured creditor claim", and as you'll be in a queue with a long line of claimants, it's unlikely you'll get the full amount of your claim back.

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