Credit, Collections & Insolvency News
Morses Club, says it is making good progress in accelerating its strategy of serving its customers via remote methods of lending and collection. As part of its latest results the doorstep lender says that customer responses to the launch of its remote lending remain positive.
Subscribers to Morses Club’s online customer portal, which enables remote lending and collection, continue to increase month on month, with over 112,000 customers registered compared with about 78,000 at the end of financial year.
The company says that it has continued to reduce its borrowings with its debt position at the end of August 2020 of £14m, comparing favourably to both August 2019 (£23 million ) and February 2020 (£34 million).
As at the end of August, Morses Club had headroom of over £9 million, which it says is more than sufficient to meet its peak lending period in December 2020.
Paul Smith, CEO of Morses Club said “In response to the current challenging trading conditions, we are accelerating all aspects of the digitalisation of our business, not just as a response to the ongoing impact of Covid-19, but to create a new model for our business to the benefit of our customers, employees and agents. ”
“We are encouraged by our customers’ response to our remote lending product and we have seen improvements in lending and collections in our HCC division since the launch of remote lending, initially to existing customers, in April 2020. Shelby Finance continues to make good progress, with its broader product offering attracting a more diverse customer base and is set to drive growth in the medium term.”
“Service and safety are intrinsically linked in all our decision making, so that satisfying customer demand and adapting all aspects of our service to the new world we live in is at the heart of our strategy. We have not changed our approach but have accelerated delivery of key programmes with the digital and HCC divisions increasingly working more closely together to deliver for our customers.”
