Non-Standard Finance has announced that it plans to “wind down it’s business in the face of regulatory pressure“. The announcement refers to it’s Guarantor Loans Division, EveryDay Loans, which operates the TrustTwo and George Banco brands. Non-Standard Finance plans to place it’s Guarantor Loans division into “managed run-off” which is expected to conclude by 2025.
Guarantor Loans have drawn lots of comment and scrutiny recently from the Financial Conduct Authority, after concerns that people have been “mis-sold loans they cannot afford“. Many of the large lenders of Guarantor loans, including Amigo, have been flooded with customer complaints.
Non-Standard Finance, like Amigo Loans, have been hit by a wave of customer complaints, after a review by the FCA of it’s guarantor lending operation identified concerns about “the way it operated“. At the moment, None-Standard Finance have put aside £15.4 million for compensation and to settle it’s complaints, although warned that the “final figure could be higher“.
Both George Banco and Trust Two have stopped lending any new loans, this includes any new loans to existing customers.
A copy of Non-Standard Finance PLCs Audited full year results has been posted on their website (here), which included the details of the announcement that “Group’s Guarantor Loans Division is to be placed into a managed run-off“.
Whilst we wait for more news on Non-Standard Finances compensation towards customer complaints, we will keep you fully informed and up to date.
If you have experienced being mis-sold another type of financial product, a Guarantor, Payday or Doorstep Loan, PCP Car Loan or Catalogue Card Credit, we can help. We want to help you get the compensation you deserve, before any other schemes pop up!
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