debt questions

Discussion in 'Finance, Property, Law' started by mucus, May 16, 2004.

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  1. chimera

    chimera LE Moderator

    Very useful - perhaps NAAFI Financial could get a link to it to help out all of those unsuspecting squaddies that they have lent vast amounts of money to rather than using the Army as a debt collecting agency when the poor sods can't pay.
     
  2. As much as your comment is appreciated a link is not necessary.

    Close Brothers PLC bought 80% of NAAFI Financial over 4 years ago (the other 20% is retained by NAAFI). When we purchased the business we discovered a loan book that showed that in excess of 40% of junior soldiers were in arrears (the market norm is 7-8%).

    Much of this had been caused by poor underwriting by the previous owners of the business and the inability to track those that had left the service. As a result of this we decided to stop lending.

    With the experience and understanding we’ve gained of our customers since purchasing the business we have implemented new systems, processes and underwriting criteria. This has now enabled us to launch a new personal loan product that will not over commit customers. For more information please call 00800 33 44 44 55 free from the UK or Germany, or +44 1722 342 603 from all other areas.

    Visit our website