Two Swindon grandparents will struggle this Christmas after a doorstep loan company they relied on suddenly collapsed into administration.

Steven Walters and his wife often borrowed from Morses Club to cover the extra costs that December brings.

But, after requesting a new loan, Steven was shocked to learn that the scheme had gone under without warning.

The Stratton couple now face the most expensive time of year with only a quarter of the cash they expected to have.

Steven said: “It’s disgusting that they didn’t tell the customers, it’s wrong that we did not know about this in advance.

"I’ve been with them for 40 years, through every changeover, and never missed a payment, but now they're treating us like we're nothing.

“We have no backup plan, and can't work due to disability. We like to pay for our children's and grandchildren's presents but that'll be a struggle now, though we have saved up a little.

“I know many people who relied on Morses for Christmas. They must make so much profit on their interest rates, yet now they're saying they can't continue but still want people to pay them. How is that fair?

"The final payment for my last loan is on Friday - I'm not paying it, I'm taking this further."

Morses Club’s website suggests that a representative example of a loan would be borrowing £400 and paying it back over 39 weeks at £20.41 per week - with an interest rate of 132 per cent per annum and 615.7 per cent APR - so the total amount repaid by clients would be £796.

Ed Boyle and Rob Spence were appointed as joint administrators by the company’s directors on November 17.

The company will no longer be able to issue new or additional loans for customers but outstanding loans will still be collected.

A spokesperson said: “Morses Club has been under sustained financial pressure for some time, a situation which was exacerbated in recent years by it facing a significant number of customer redress claims.

“Whilst management has been seeking to restructure the business, including the implementation of a scheme of arrangement in May 2023 to help deal with the redress claims, they have ultimately been unable to refinance the existing debt facilities.

“As a result, the directors took the difficult decision to appoint administrators to the business.

“It is important that customers continue to make payments on outstanding loans as they fall due, as not doing so is likely to impact their credit rating/profile and ability to borrow.”