Letter from 247 Money or Bowdon McKenzie? Read this before you pay

A letter from 247 Money — sometimes branded Bowdon McKenzie — typically relates to a UK short-term loan. Short-term and high-cost credit accounts of this kind carry strong FCA affordability rules, a hard price cap on what can be charged, and an irresponsible-lending complaint route that is genuinely worth checking before you pay anything.

This guide covers who 247 Money / Bowdon McKenzie are, what the FCA’s CONC rules require of them, the affordability complaint route, the statutory checks worth running, and how an IVA can legally stop contact and write the debt off.

Who 247 Money / Bowdon McKenzie are

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247 Money trading as Bowdon McKenzie operates in the UK short-term lending market — small-sum, short-duration credit, often with the loan issued and serviced online. Like every UK consumer-credit lender, the firm operates within the Financial Conduct Authority regulatory perimeter and must follow:

• The Consumer Credit Sourcebook (CONC), particularly CONC 5 on affordability and creditworthiness
• The FCA price cap on high-cost short-term credit — interest and fees capped at 0.8% per day, default fees capped at £15, and the total cost of the loan capped at 100% of the principal
• The Consumer Credit Act 1974, including the s.77/78 right to a copy of the original signed agreement
• The Credit Services Association code where collections activity is involved

Letters in this space can come from the lender directly, a contracted contingent collector, or a debt purchaser if the account has been sold on. Check the letterhead carefully for the current owner’s name.

What 247 Money can and cannot legally do

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As an FCA-regulated lender / collector, 247 Money can:

• Write to you and call you on numbers in the file
• Add interest as permitted by the original credit agreement and the FCA price cap (and only as permitted)
• Apply for a County Court Judgment if they believe the debt is enforceable
• After a CCJ, apply for an attachment of earnings, charging order or High Court enforcement
• Sell the debt on to another debt purchaser

They cannot force entry, take goods without enforcement officers, threaten arrest (it’s a civil matter), continue contacting you after a written request that they stop, or add fees and interest beyond what the credit agreement and the price cap allow.

The affordability complaint angle

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This is the angle worth understanding on a 247 Money / Bowdon McKenzie debt. Under CONC 5, the lender must carry out a proportionate creditworthiness and affordability assessment before issuing the loan. If the lending was clearly unaffordable — for example, issued while you already had multiple visible short-term loans, or while your income could not realistically support the repayments — you have grounds for an irresponsible-lending complaint.

A successful complaint typically results in:

• All interest and charges refunded
• The remaining balance reduced or written off
• Adverse credit-file markers removed

Complaints go first to the lender. If rejected (or unanswered after eight weeks), you can refer the complaint to the Financial Ombudsman Service, where the process is free to consumers.

Step 1 — request the original agreement

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Send a CCA request under sections 77/78 of the Consumer Credit Act 1974 to whoever currently owns the debt. Include the £1 statutory fee. They have 12 working days plus 30 calendar days to comply. Until they do, the debt is legally unenforceable in court.

Step 2 — check the dates

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Six years in England and Wales (five in Scotland) since the last payment or written acknowledgement, with no court action, means the debt is statute-barred under the Limitation Act 1980. Don’t make a “goodwill” payment before checking — a single payment can reset the clock.

Step 3 — choose a route

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• Affordability complaint if the original loan was clearly unaffordable.
• Settlement discount in writing — short-term loan balances often settle materially below face value.
• Affordable repayment plan based on the Standard Financial Statement.
• IVA if total unsecured debt is £5,000 or more — the IVA legally stops 247 Money on the included balance and writes it off at the end of the 5-6 year term.
• Debt Relief Order for total debt under £50,000 with very low spare income.
• Bankruptcy where no realistic monthly contribution is possible.

Pitfalls when dealing with 247 Money / Bowdon McKenzie

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• Don’t ignore CCJ paperwork. A default judgment is entered automatically when no acknowledgement of service is filed by day 14.
• Don’t accept charges that breach the FCA price cap — fees and interest above the cap are not enforceable.
• Don’t pay before checking statute-barred dates on older balances.
• Don’t agree a payment plan over the phone without confirming everything in writing.

Frequently asked questions

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Is 247 Money the same as Bowdon McKenzie? Bowdon McKenzie is a trading name connected to 247 Money. Correspondence may be branded either way.

Can I challenge the loan as unaffordable? Possibly. CONC 5 requires the lender to run a proportionate affordability check. Where the lending was clearly unaffordable, an irresponsible-lending complaint can result in interest refunded, adverse markers removed and the balance written down.

Will an IVA include this debt? Yes. The debt is unsecured and goes into an IVA like any other unsecured debt. Once approved, 247 Money must stop contact on the included balance.

Is there a cap on charges? Yes — the FCA cap on high-cost short-term credit limits interest and fees to 0.8% per day, default fees to £15, and total cost to 100% of the amount borrowed.

Related guides

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• How long can I be chased for a debt?
• Can debt be written off?
• Do debt collectors give up?
• How do I apply for an IVA?