loan search for homeowners

Picture Financial, a company that offers both secured loans and consolidation loans, has terminated the employment of around half of all its staff.

Eighty-five jobs are believed to have been lost at the Newport-based loan provider as a result.

While some have speculated that this move can be seen as a reflection of an increasingly troubled UK economy, others believe the reasons for the job losses may be more complex.

Only two months ago, a study by Nielsen Media Research showed that Picture Financial had made astonishing cuts in its advertising spend, falling from £4.8 million to just £306 in the first quarter of 2008.

A visit to the secured loans company’s internet homepage reveals that they are still available to deal with the loans of existing customers. However, a statement outlining their current stance on new customers reads:  “In response to current economic conditions, Picture is taking the opportunity to re-shape its products to ensure that we continue to maintain the highest levels of competitiveness and service.

“To allow us to focus on this process we are currently not taking new business but hope to be back very soon helping our customers to significantly reduce their monthly credit repayments, so please visit our site again soon.”