Promise Solutions today announced the closure of its B2C brokerage, Promise Finance. Promise will continue with its award winning secured loan master brokerage, Promise Solutions, which includes its loan sourcing technology Promise Quote. In addition, other parts of the Group, such as Promise Debt Solutions and Promise Home Information Packs are unaffected. Promise also expects to grow its outsource contact centre facilities, having won two new contracts in the last month.

Steve Walker, Group Managing Director, commented,” The decision to close this part of the business was extremely tough and a huge shame for the people affected, but the current market conditions have dictated this as the only sensible course of action. We will remain in the secured loans sector focussing on a quality service provided by the best people. Promise will positively focus on its secured loan Master Broker activities and further consolidate its position as the market leading secured loan technology and packaging platform for the intermediary and IFA marketplace”

As a consequence, Promise Finance itself, will enter administration and up to 70 jobs will be at lost but it is expected that a significant number will be re-employed elsewhere within the Group.

Walker added “ Over the years we have built up a reputation for honest and fair dealing. I want to make it clear that the commissions due to brokers from Promise Solutions will be paid in full. We are fortunate that our diversification over recent years has now put us in a really strong position to move forward in a challenging market. There is huge opportunity for the distribution of loans within the mortgage intermediary market. It is ironic, however, that many mortgage intermediaries have not capitalised on this opportunity but we are firmly dedicated to the sector and see it as one of the few growth areas in secured loans for some time to come. Strategically the steps we have taken, whilst tough, make sense for the long term.”