Employees at Market Financial Solutions (MFS) were left unpaid on Friday 27 February after the lender entered administration earlier this week.
Staff had expected to receive their monthly salaries as normal but following the court-approved administration wages were not processed.
For many, the sudden loss of income has created immediate pressure around meeting mortgage payments, rent and other household commitments.
The development has highlighted the personal toll of the lender’s collapse, which has already prompted concern across the specialist and short-term finance markets.
FINANCIAL UNCERTAINTY
While administrators focus on stabilising the business and protecting creditor interests, former employees are now facing financial uncertainty through no fault of their own.
In response, a member of the mortgage community – known to Bridging Soup – has launched a GoFundMe campaign to support affected staff and their families.
The initiative aims to provide short-term financial assistance to those experiencing hardship as a direct result of the administration.
The fund is intended to help cover essential living costs for employees.
The organiser said the fund is intended to help cover essential living costs for employees who have unexpectedly found themselves without pay.
MFS was formally placed into administration following a court hearing at the Chief Insolvency and Companies Court. Joint administrators have been appointed to oversee the process and assess the company’s financial position.
The situation has prompted an outpouring of support on social media from brokers, lenders and advisers, many of whom worked closely with MFS over a number of years.
Donations are already being made from across the intermediary sector, reflecting a collective effort within the industry to provide practical help to colleagues affected by the lender’s collapse.
Donate HERE.
Any staff impacted are encouraged to reach out via message on the GoFundMe page and any remaining funds will be donated to Acorns Children’s Hospice.
