
On 17 November 2023, Dot Dot Loans, operated by Shelby Finance Ltd, entered administration alongside its parent company, Morses Club Limited.
This development has significant implications for existing customers and those with pending claims.
Background
Dot Dot Loans, a UK based online lender, provided short-term and instalment loans to individuals seeking financial assistance.
As a subsidiary of Morses Club Limited, it was authorised and regulated by the Financial Conduct Authority (FCA), ensuring adherence to financial regulations.
Administration Details
The appointment of Ed Boyle and Robert Spence of Interpath Ltd as joint administrators marks the commencement of the administration process for both Morses Club Limited and Shelby Finance Ltd.
This action was taken to manage the companies’ financial difficulties and to oversee the fair treatment of creditors and customers.
Impact on Existing Loans
Despite the administration, all existing loan agreements with Dot Dot Loans remain in effect.
Customers are advised to continue making repayments as per their original terms to avoid potential negative impacts on their credit records.
The administration does not alter the payment terms and conditions of these loans.
Customer Support and Communication
Customers experiencing difficulties with repayments or seeking information about their loans should contact Dot Dot Loans directly.
The company continues to provide support and guidance during the administration process.
Additionally, free and impartial advice is available from MoneyHelper, a government-backed service offering financial guidance.
Claims and Complaints
Prior to entering administration, Morses Club Limited had established a Scheme of Arrangement to address redress liabilities related to unaffordable lending between 1 April 2007 and 2 August 2022.
This scheme automatically terminated upon the appointment of the joint administrators.
However, funds held in a protected trust account for customers owed compensation remain safeguarded.
The joint administrators will provide further details on how the administration affects these claims.
Protecting Yourself from Scams
Customers should remain vigilant against potential scams during this period.
If you receive unsolicited communications claiming to be from Dot Dot Loans, Morses Club, or the FCA, verify their authenticity by contacting the companies directly using official contact details.
Conclusion
The administration of Dot Dot Loans signifies a critical juncture for its customers.
While existing loan agreements remain unchanged, it is essential for borrowers to stay informed and maintain communication with the company.
Seeking advice from reputable financial guidance services can also provide additional support during this time.