Tuesday, July 8, 2008

Barclays pulls the plug on property secured loans

Barclays stops selling secured loans

Barclays are out of the secured loan business from August the 9th. News of Barclays Firstplus business pulling the loans has also prompted Moneysupermarket.com to issue a profits warning as a direct result.

Posted by enuii @ 06:15 PM (769 views)
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3 thoughts on “Barclays pulls the plug on property secured loans

  • little professor says:

    300 jobs in Cardiff axed as a result.

    Secured loans, then unsecured loans, credit card companies, payday loan sharks – they are all about to feel the pain.

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  • Secured Loans ! Like against your house. Means your house ain’t worth a light. That’s nice ! Even if you’ve got ‘equity’ I presume.
    What does this say?
    Property prices expected to plummet.
    Inflation eats the profit margin in loans making the business less viable.
    They haven’t got the money to spare?
    They think you’ll lose your job.
    They think the Cost of Living is so high you’ll default’
    etc,etc,etc…………………..

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  • This was my post to the comments section (it won’t get through though, because its The Times):

    “Do you want to consolidate your existing liabilities into one, easily manageable entity? *

    * Terms and conditions apply, subject to shareholder status.”

    Hehe.

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