Who are 247 Money?

247 Money, also known as Bowdon Mckenzie, is a debt collection agency that operates in the UK. They specialise in recovering debts on behalf of various creditors, including banks, credit card companies, and other financial institutions. They are authorised and regulated by the Financial Conduct Authority (FCA).

Why are 247 Money contacting me?

247 Money may be contacting you because they have been assigned or have purchased your debt from an original creditor. Their primary goal is to recover the money you owe on behalf of their clients.

Is contact from 247 Money serious?

Yes, contact from 247 Money is serious. If you ignore their communications, they may escalate their efforts to recover the debt, including legal action against you. This can result in a County Court Judgment (CCJ) being issued, which can severely impact your credit score.

Can a Debt Management Plan stop 247 Money?

A Debt Management Plan (DMP) can help manage your repayments to 247 Money by consolidating your debts into one manageable monthly payment. While it may not stop their contact entirely, it can demonstrate your commitment to repaying the debt, potentially preventing further legal action.

I have received a letter from 247 Money, what does this mean?

Receiving a letter from 247 Money typically means they are attempting to collect a debt from you. This could be the initial contact to inform you of the debt, or it could be a more serious notification such as a default notice or a warning of potential legal action if the debt remains unpaid.

What rights do I have against 247 Money?

As a debtor, you have several rights when dealing with 247 Money:

• They cannot harass you or contact you in unreasonable ways.
• They must treat your information confidentially and cannot discuss your debt with others.
• They must provide clear and accurate information about your debt.
• You have the right to request that they only contact you in writing.

247 Money are sending debt collectors to my house, what should I do?

If 247 Money sends debt collectors to your home, you have the right to ask them to leave if you feel threatened. You can negotiate with them to arrange a repayment plan, or seek advice from a debt management service. If you feel the visit is unjustified, you can file a complaint with the Financial Ombudsman Service.

Will 247 Money repossess my home?

247 Money themselves cannot repossess your home. However, if you fail to repay the debt and they obtain a court order, they can apply for a charging order against your property, which means the debt will need to be repaid when you sell or remortgage your home.

What Debt Management Plans can help stop 247 Money from contacting me further?

DMPs and Individual Voluntary Arrangements (IVAs) are effective solutions to manage your debt and reduce contact from 247 Money. These plans consolidate your debts into a single payment and may freeze interest and charges, making repayment more manageable.

What if I can’t afford to pay 247 Money?

If you are unable to pay 247 Money, it’s important to communicate with them and explain your financial situation. You can ask for help from a debt advisor who can help negotiate a repayment plan that you can afford or explore options like an IVA, which may allow you to write off some of the debt.

To speak with a MoneyPlus expert advisor, you can contact us via on online form and request a call back.

Important:
Please note that MoneyPlus are not associated with 247 Money in any way. The information on this page is provided to help consumers contact their creditors. If you’re finding it difficult to make your monthly payments to 247 Money you may need help managing your debt.