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24/7 Moneybox & PiggyBank payday loan lenders go into administration

24/7 Moneybox and PiggyBank closures - what's happening? 

Payday loan companies 24/7 Moneybox and PiggyBank have entered into administration. They’ve not accepted new loan applications since then.

Can I get a refund on my 24/7 Moneybox or PiggyBank payday loan?

Many customers have made claims for compensation, saying that they were given loans they couldn't afford to pay back. The amount of compensation people with eligible complaints will receive depends on the process of the company's closure.

I have a payday loan with 24/7 Moneybox or PiggyBank, what should I do?

You should continue making your payments to the loan as normal. The administration process won’t affect the repayment term of your loan and if you miss payments you'll be subjected to the firms standard debt collection process. 

We will continue to update this page as the situation develops.

If you have any questions, you can contact 24/7 Moneybox on 0207 183 8078, or email customer.services@247moneybox.com

If your loan is with PiggyBank, please contact them directly on 0800 2061560, or email help@piggy-bank.co.uk 

I’m a StepChange client with a 24/7 Moneybox or PiggyBank loan, what should I do?

Continue making your monthly payment DMP or TPP to us as normal. We’re monitoring the situation closely and will make sure your payment gets to where it needs to be.

Your loan is still a qualifying debt and these companies going into administration should have no impact on the success of your DRO.

Keep making your IVA or trust deed payment as normal. We’re monitoring the situation closely and will make sure your payment gets to where it needs to be.

Your 24/7 Moneybox or PiggyBank loan can still be included in your bankruptcy or sequestration. These companies going into administration shouldn’t impact your solution and your official receiver (OR) or Accountant in Bankruptcy (AiB) should be aware of the on-going situation.

I’m worried about my debt, what should I do?

If you’re worried about your 24/7 Moneybox or PiggyBank payday loan, or any other debts, you need expert debt advice. Our team of debt experts help 620,000 people a year to deal with their debt problems. Our free, impartial and confidential advice is tailored to your situation.