View more on these topics

Loanmakers re-emerges with new identity as chief executive buys it

Loanmakers is the latest firm to re-emerge with a new identity after it was bought out of administration.

The secured loans master broker appointed administrators last Wednesday but within 24 hours it was purchased by Ges Ratcliffe, chief executive of the firm.

Under his new company, Credit-flex Loans and Mortgages, Ratcliffe acquired the business, assets and goodwill of Loanmakers.

Four staff have been made redundant but the restructure has saved the jobs of 33 Loanmakers employees.

The firm reported a £1.6m loss for the six months to September 30 2008, following a £6.8m loss for the year ending March 31 2008. Its shares were recently suspended from the Alternative Investment Market as it attempted to resolve funding issues.

The final nail in the coffin came when its proposed £1.86m rights issue was rejected by shareholders last October.

Creditflex says it will protect existing business relationships and introducer pipelines, and also that commissions will be paid.

Kevin Cresswell, managing director of Creditflex, says: “Now we have formed a new company I anticipate we will be able to add more value and choice by providing a one-stop shop for our partners.”

It is not yet known if Loanmakers left any debts behind when it folded or set aside funds to pay for complaints made against the firm relating to the sale of payment protection insurance.

One secured loans broker says: “I can see the attraction of relaunching in a different form and leaving PPI complaints behind.

“We have done everything by the book regarding PPI – the Financial Services Authority has even told us we have done more than a firm our size is obliged to.”

He adds: “The problem is that when it comes to single premium PPI, the Financial Ombudsman Service seems to favour consumers in the majority of cases.”


We must beware the enemy within

Mortgage fraud has come to the fore in the national press in the past couple of weeks, with a report by KPMG stating that £36m worth of fraud cases were brought before the courts in 2008 – up nearly 10-fold on 2007.

Mortgage: impossible

There’s been a lot of talk about the credit crunch and its effect on mortgage availability recently, but when we asked mystery shopping expert AMTI to find out what high street lenders are prepared to offer even we were surprised. Martin Reay reports

Guide cover

Guide: Johnson Fleming produces auto-enrolment checklist

For a job as big as managing the auto-enrolment changes, it’s important to know what has been completed and what still lies in front of you to give you the reassurance that everything is in hand. Getting the planning and project management right at the outset can help you see the path ahead and ensure everyone knows their roles and responsibilities. To help with this, Johnson Fleming has produced a checklist outlining every step that needs to be taken when preparing for auto-enrolment.


News and expert analysis straight to your inbox

Sign up