Description: Representative 498.78% APR. Morses Club offer small loans that can be finalised in and collected from your home each week.
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 admini
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.