Ed Boyle and Rob Spence of Interpath Ltd were appointed as Joint Administrators (“the Joint Administrators”) of Morses Club Limited (“Morses Club”, or the “Company”) by the Company’s directors on 17 November 2023 (the “Administration”).
Morses Club has been under sustained financial pressure for some time, a situation which was exacerbated in recent years by it facing a significant number of customer redress claims. Whilst management has been seeking to restructure the business, including the implementation of a Scheme of Arrangement (“Scheme”) in May 2023 to help deal with the redress claims, they have ultimately been unable to refinance the existing debt facilities. As a result, the directors took the difficult decision to appoint administrators to the business. As a result of the insolvency of Morses Club, the Scheme automatically terminates early.
The Company will no longer be able to issue new or additional loans for any new or existing customers. Any outstanding loans will still be collected as normal. It is important that customers continue to make payments on outstanding loans as they fall due, as not doing so is likely to impact their credit rating/profile and ability to borrow.
All customers with an outstanding loan will be contacted over the coming days/weeks in the normal course. Please note that the Company’s customer service centre continues to operate as normal but is currently receiving a high volume of enquiries.
The Morses Club Scheme that became effective on 30 May 2023 is terminated as a result of the Administration. Should you have submitted a claim in the Scheme further information regarding your claim can be found on the Scheme website - www.morsesclubscheme.com. However, should you continue to have an outstanding loan balance then it is important that you continue to make your loan repayments as they fall due, as not doing so is likely to impact your credit rating/profile and ability to borrow.
Please review the FAQs before contacting the customer service centre, including if you have any queries concerning repayment of a loan, credit history updates, entitlement to redress, and / or submitting a claim in the Administration. These FAQs are for all customers with outstanding loans.
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*New customers are eligible for loans between £200 to £750, and existing customers are eligible for loans between £100 and £1500
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