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Target loan servicing wins servicing contract

Target Loan Servicing has won a significant contract to service loans for Park Motor Finance, a wholly-owned subsidiary of Credit Suisse. 

The loan portfolio contains approximately £80m of motor loans for 20,000 customers.  This new service contract will secure up to 50 jobs in Newport, South Wales.

James Snow, chief executive officer for Target Loan Servicing, says: “Target Loan Servicing will secure up to 50 jobs from Park Motor Finance to complement our existing team to deliver this new service.  It will operate from our modern operations centre near Newport.

“Efficient customer and loan servicing, and proactive risk and arrears management are key objectives for our clients.  We offer a highly specialist service with an experienced team coupled with Target Group’s market-leading loan management systems. This enables us to be very good at realising the value of loan portfolios for our clients.

This announcement follows recent outsourcing contract wins for Target Loan Servicing for Picture secured loans and for Ecclesiastical Insurance to service its mortgage portfolio.


Mortgage lending down to £12.4bn

The Council of Mortgage Lenders last week revealed that gross mortgage lending in January declined to an estimated £12.4bn.

Northern Rock could offer 90% LTV

Northern Rock is to boost its mortgage lending, with up to £14bn in new loans by 2011, a move which could see it return to the 90% LTV market.


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