Lenders go into administration

FCA has confirmed that Morses Club Limited, a home collected credit lender, and its subsidiary Shelby Finance Limited (Dot Dot Loans – an online HCST lender) have gone into administration. It provided information to customers that they should still continue to repay their loans on their current terms and provided contact details for any customer struggling with repayments.

FCA had previously intervened both to require Morses Club to hold money on trust for customers owed compensation, and the High Court had approved a Scheme of Arrangement for the firm’s redress liabilities for unaffordable lending. Without the Scheme the firm would have entered into administration before now.

Emma Radmore