Important Notice – Termination of Scheme
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”). Under the terms of the Scheme, the appointment of Administrators to Morses Club results in the Scheme being automatically terminated early.
The Scheme could not continue to operate following the administration of Morses Club as there are no prospects that Morses Club will be able to make the Compensation Fund payment that is required in order to fund the Scheme Creditor Payment.
Any valid redress claims that are submitted in the administration of Morses Club will be able to share in the Early Termination Funding of £1.2m. At this stage, Morses Club estimates the total Scheme Claims to be in excess of £130m and therefore the anticipated distribution from these funds is not expected to be more than 0.9p in the £ (i.e. if you have a redress claim of £1,000 you would receive a cash payment of no more than £9). Please note that the costs of distributing the Early Termination Funding will also need to be met from the fund, which will impact the distribution rate. Further information regarding the likely timing and amount of this distribution, along with information on any actions that Scheme Claimants are required to take, will be provided in the coming months.
Due to the Administration of Morses Club, the amount of any further funds that may be available to make payments to customers with valid redress claims is uncertain at this time. We will provide an update in the coming months.
As was the position during the Scheme, should customers have submitted a claim but be awaiting their Outcome Statement, then customers should continue to repay amounts due in relation to their outstanding loans, as not doing so is likely to impact their credit rating/profile and ability to borrow.
At this stage, Scheme Claimants are not required to take any action in relation to their claim but please continue to monitor this website as the Administrators will provide further information in due course, in particular if:
If you are a customer with a currently outstanding loan with Morses Club, including if you have submitted a claim in the Scheme recently but are awaiting your Outcome Statement, an initial list of FAQs is provided for your information at the Company website: www.morsesclub.com.
The Morses Club Scheme has been approved and became effective on 30 May 2023. This means that eligible customers who received a loan between 1 April 2007 and 2 August 2022, may be entitled to compensation if it is found that the loan was unaffordable at the time it was given.
Submitting a claim:
Appealing the outcome of a claim:
Further information related to the Scheme can be found in the Documents page of this website.
This website and the FAQs are updated regularly with further information. Please continue to check this website for updates.
If you believe you may be eligible for compensation and you have not received any correspondence please Contact us immediately.
Customers will not be approached by us or any other Third Party acting on our behalf, to assist in submitting a claim. Do not give details of your claim or any personal information or bank account details to anyone who approaches you alleging that they work for us or another party acting on our behalf. If you do require any assistance or are unsure as to the validity of any correspondence you have received, please email [email protected].