Loan firm scotches new lending
Article Category: Debt Management Help and Advice
Mortgage and loan firm London Scottish Bank has announced it will stop lending to concentrate on debt collection.
The Manchester-based firm, which specialises in lending to lower-income families, has posted a £5.6 million loss for 2007, compared to a £16.5 million profit for the previous year.
It has said that it expects to sell or close its loan business - primarily mortgages for council right-to-buy and high-rise flats.
The company will switch its priorities to concentrate on its Robinson’s Way arm, which collects debts on a commission basis for a variety of lenders and utility companies.
A company spokesman told BBC News: "Financial performance is likely to be subdued until the group has completed its refocusing."
London Scottish’s shares have collapsed by around 80 per cent in the last year.
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