On November 17, 2023, Morses Club entered administration. As the leading doorstep lender in the UK following Provident’s cessation of lending activities in 2021, Morses Club played a pivotal role in the financial landscape. With a customer base of 144,000 last year, the company also extended its services into payday loans through its subsidiary, Dot Dot loans, which is now also undergoing administration.
The impact of Morses Club’s administration has extended to its workforce, which consisted of 373 employees.
Morses Club’s was a payday lender that charged a massive 343% APR on loans. The maximum any credit union like Clockwise Credit Union will ever charge for a smaller loan is 3% per month on the reducing balance, which works out as 42.6% APR – significantly more affordable than lenders such as Morses Club & Dot Dot loans.
If you’d like to know more about Clockwise Credit Union loans, find out more here.
Are you a customer of Morses Club or Dot Dot loans? The administrator has stated:
“Any payments due in respect of your outstanding loan balances should continue to be paid as normal, as not doing so is likely to impact your credit score and ability to borrow.”
However if you are struggling to make repayments then you are advised to contact the Morses Customer Service team on 0330 045 0719 and ask for a payment arrangement. You can also speak to the National Debtline on 0808 808 4000.
