Expert
Loan News
11 July 2008
Secured Loan Lender withdraws Product
Earlier this week, it was announced by Barclays Bank that up to
300 jobs would go at its loan division First Plus in Cardiff, Wales.
The reason given by the Chief Executive was slowing demand for their
product.
First Plus had no plans to stop servicing its existing secured loan
customers who are thought to total around 128,000, however, from the
9th August Barclays confirmed First Plus would cease to offer new
homeowner loans.
This latest news comes off the back of a week where it is now
forecast by some economists that up to 100,000 jobs could be lost in
the building industry following several announcements by leading
Building companies.
The news that First Plus will be withdrawing its loan product,
although bad for some, maybe good news for other lenders who will
now doubt to seek to capitalise and target homeowners and customers
seeking to borrow against their homes and assets.
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