View more on these topics

Southern Pacific warns lenders not to repeat mistakes of last recession

Sub-prime lender Southern Pacific has called on lenders to re-examine their arrears and possessions policies in order to avoid a repeat of the damaging spate of repossessions that occurred in the last recession.


SPML director John Prust says: &#34CML figures show increases in both possessions up 9.6 per cent on 1997 and arrears of 3 to 6 months up 7.5 per cent. The industry needs to adopt a new philosophy for possessions if it wants to avoid the damaging situation which arose in the last recession.&#34


The comments coincide with the publication of a Shelter report which showed that the self employed and those on short-term contracts are three times as likely to be repossessed if they fall into arrears than those on permanent contracts.

Recommended

Scottish Life offers second tranch of income growth bond

Scottish Life is issuing the second series of its an income bonus bond which will offer an income of 9 per cent over the next five and a half years.The bond also has a quarterly income option which offering 2.125 per cent of net investment each quarter.The bond is linked to the investment performance of […]

F&C offers commission on its ISA investment trust

Foreign & Colonial is reinforcing its commitment to the IFA sector by offering commission to independent intermediaries for its forthcoming investment trust Individual Savings Account.The investment group is responding to widespread demand from IFAs wanting to sell the group&#39s Foreign & Colonial Investment Trust Plc which will be launched in April.Foreign & Colonial head of […]

Barclays sees housing market confidence falling further

Confidence in the housing market is continuing to decline and consumers are searching for greater financial security according to Barclays Mortgages.The lender says the factors that would make consumers feel more confident about moving home are the need for less debt, more secure income, lower mortgage payments and stable house prices and inflation.It says that […]

Royal & SunAlliance axes two directors

Royal & SunAlliance is axing two directors in a shake up designed to bring together the functions of group strategy, mergers and acquisitions, investor relations and communications.Acquisitions and disposals director Michael Hesketh and communications director Mike Jones are to lose out with the creation of a new department, called the office of the group chief […]

Investment clock economic update

In the latest Investment Clock economic update, Ian Kernohan, Senior Economist at Royal London Asset Management, discusses the implications of the US Federal Reserve’s recent hike in interest rates and upcoming French presidential election. The value of investments and the income from them is not guaranteed and may go down as well as up and […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment