 First plus to stop lending from August 9th
Extract from Moneymarket.com
First plus(Edit: link removed) , the UK's largest secured loan provider, has announced that it will pull out of the loans market on August 9. This could have a huge impact on the debt consolidation market as First plus, which is part of Barclays, has been the leading player for some time and its competitiveness has helped keep the rates offered by other providers down.
Homeowners looking to move existing debts onto a single low-rate loan therefore need to move quickly in order to take advantage of first plus' (Edit: link removed) market-leading rate of 6.6% (Typical APR 8.1%) while it is still on offer. This deal is a moneysupermarket.com exclusive and is the cheapest secured loan rate currently available.
While the company will cease offering loans to new customers from August 9, it will continue to service those from existing borrowers.
The decision by First Plus (Edit: link removed) to pull out of the market signifies just what an impact the credit crunch is having on lenders and it is bad news for British consumers, who collectively have accumulated more than £ 1.3trillion in personal debt.
The true impact of this is now coming home to roost.
Last edited by freakyleaky; 10th July 2008 at 09:55.
Reason: Commercial links removed.
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