Target Loan Servicing has won a contract to take on the loan
portfolio of Blue Motor Finance, the non-prime lender which ceased
originating business in 2008.
It took 12 weeks to transfer the Merrill Lynch-owned Blue book
to Target, the outsourced collections and loan administration
provider said.
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Earlier
this year, Target took on the Park Motor Finance loan portfolio,
owned by Credit Suisse.
James
Snow, CEO of Target said: “The benefit of Target Loan Servicing is
that we offer a highly specialist service with an experienced loan
administration and collections team.
“Coupled
with Target Group’s market-leading loan management systems, we can
quickly deliver value for our clients.”
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