Picture Financial Pain

Peter Hain in the frame

Peter Hain-endorsed Picture Financial to is to shed half its workforce.
THE loans company Picture Financial has announced it will be halving its workforce with the loss of 85 jobs as a result of the credit crunch.Picture, based in Newport, confirmed it would be “restructuring” its business to focus on its loan servicing operation.
Source :Western Mail

Comment:
So what does ‘loan servicing’ mean exactly? If you have a loan with Picture, let us know. Have you been serviced? It will be in the small print somewhere amongst the provisos and disclaimers and herewiths and hereins.
Why is a ‘loans company’ considered to be some kind of brilliant exemplar of business (hot 100) that needs to be pointed to by politicians and media as the way forward for the Welsh economy? Surely we can do better than this?

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