Virgin Money - TPA for Personal Loans

[chinaco]

In these times, it is not uncommon for people to get a request for a personal loan.

It looks like you have the option for Third-party Administration of the loan.

Virgin Money is a TPA for servicing personal loans. There are fees for tiered levels of administration and service.

It looks like the will TPA a retirement mortgage between family members also... could be a reverse mortgage.

Welcome to Virgin Money

However, unless there is a credit problem... I would think the family member would be able to borrow directly from a Mortgage lender. I suppose it puts someone else in the position of collecting. But if the family member was having problems, they would probably ask to have the loan forgiven.

I am not seeing the advantage of using the service.

 

[SteveL]

I used to do a lot of volunteer work for the SBA. Some folks would come in to get a business started with a loan from a relative. Generally, I would ask to talk to the relative, to make sure they understood the risk, and to suggest that they put the loan on a business like basis, with prom. note, UCC filing etc. Virgin Money might make this easier.

 

[travelover]

My step daughter came looking for a [-]handout[/-] loan. I sent her to Virgin, though she seems to have ended up with some other debt consolidator. I think the advantage is that it enables people to get an unsecured loan from [-]suckers [/-] friends, yet have the formality of a written agreement.