Credit Suisse has awarded a
contract to service the loan portfolio of Park Motor Finance to
Target Loan Servicing (TLS). The Swiss investment bank remains the
owner of the Park book.
The contract means that 50 jobs will be saved
at Park, a Newport-based subprime motor finance lender which closed
to new business in August 2008.
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TLS CEO James Snow said: “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.”
Snow added that TLS is “building a servicing
business for all types of loan products” and that the Park
portfolio has been taken on under an ‘evergreen’ contract without a
fixed term, “meaning we will manage it for as long as it
takes”.
TLS will take on outsourced loan management
duties for “any age of debt – from originations right through to
arrears”, added Snow.
The outsourcing company has also developed an
“on-boarding capability” to simplify the transfer of portfolios –
which can otherwise be “a very complex business”, Snow
commented.
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