From June 25th, Target Loan Servicing will service the Picture Financial secured loan portfolio.
The loan portfolio contains £1 Billion of loans for 25,000 customers.
Commenting on the announcement, James Snow, Chief Operating Officer for Target Loan Servicing said "Lenders are looking at ways to efficiently service their existing loan portfolios, but to do this they need a highly specialist outsourcer. Target Loan Servicing offers them the benefit of quickly delivering value and stability. It combines smart, well trained people with sleek processes and leading edge financial systems from Target Group."
"Target Loan Servicing has secured 70 jobs from the existing Picture team to deliver this service which will continue to operate from Picture House near Newport. Our aim is to grow the Target Loan Servicing operation from here. We are already talking with other lenders about delivering other specialist outsourced services from our new base," he added.
Target Loan Servicing provides outsourced services to finance houses and banks. It combines skilled people, proven processes and leading edge lending and debt collection technology to deliver highly flexible services to clients. Established in 2006, Target Loan Servicing is a fast growing subsidiary of Target Group.
Target Group is a leading expert provider of services and software solutions to the consumer finance, commercial finance and general insurance markets. It employs 180 staff and has offices across the UK and in Australia. Its headquarters are in Cardiff.
This announcement follows recent outsourcing contract wins for Target Loan Servicing with Ecclesiastical Insurance and LV= (formally known as Liverpool Victoria).