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 sub-prime motor finance lender which closed to new
business in August 2008.
CEO of TLS, 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
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”, Snow said.
TLS will take on outsourced loan management duties for
“any age of debt – from originations right through
to arrears”, said 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.