Home   |   About   |   Apply Online   |   From the 'papers   |   News Archive   |   Product Articles   |   Contact Us   |   Glossary   |   FAQs   |   Privacy Policy   |   Site Map
Link

Barclays stops secured loans with FirstPlus

Published: 9 July 2008 in Homeowner Loans

FirstPlus, part of Barclays, has decided to stop new lending as of August 9th.

Barclays cited "slowing demand" as the determining factor in its decision to close the subsidiary loans business fronted by Carol Vorderman, which was a market leader in secured loans.

FirstPlus was acquired by Barclays after taking over its parent company, Woolwich, in 2000.

The bank, which is Britain's fourth largest, tried to find a buyer for FirstPlus last year but Barclays' head of global retail business Frits Seegers failed to find a buyer willing to match the value of its loan book.

Firstplus managing director Neil Radley said: "In the past year we have tried a whole range of activities to develop our business but the market demand simply isn't strong enough."

The announcement by Barclays caused price comparison site Moneysupermarket.com to lose around a third of their value yesterday evening, with FirstPlus accounting for up to 80 per cent of customers handled by the website.
ADNFCR-1432-ID-18676428-ADNFCR

Text Size 

Comment on this Article

Advertisements

Add Comment

No comments...

View All Articles From The News

Related Articles

21 August 2008 - Different factors 'bring financial worries'

A number of different factors, including those about their children's education and saving for retirement, bring financial worries for parents, it has been claimed.

According to Anna Sofat, a director at Addidi Wealth, there are a number of different factors that bring concerns to ... More

8 August 2008 - Loan advice offered for consumers with poor credit

People who believe they are unable to get a personal loan due to self-awareness surrounding their poor personal credit rating may be making an incorrect assumption, a financial advice and news provider has stated.

MyFinances.co.uk... More

6 August 2008 - Home loan difficulties dealt with by banks

Responding to the Financial Services Authority's announcement of rises in repossessions, the British Bankers' Association (BBA) said that they were pleased by the FSA's statement.

The BBA believed that the authority had been careful in distinguishing mainstream lenders from specialists ... More

Apply Online

Useful Financial Links

Please find below some links that you may find useful from JST Financial. These links are to external sites and will open in a new window.

Consumer Direct from The Office of Fair Trading carries extensive Loans information, covering everything from Unsecured Loans to Right to Buy Mortgages.

MoneyMadeClear (The Financial Services Authority) offers a great, free to use Loans Calculator.

Trading Standards offer advice on taking out a loan and what your rights are.

If you know of any other links that you believe may be of use to our visitors, please contact us.