moneysupermarket.com comment on Citi pulling out of the unsecured lending market

Commenting on Citi pulling out of the unsecured lending market, Tim Moss, head of loans at moneysupermarket.com, said:

"This move will undoubtedly have severe implications for those needing to borrow but who have less than perfect credit records.

Citi's core target audience is the near and sub-prime UK population, which is tipped to grow this year from eight million to ten million in the UK.

With household bills rocketing, people who may have previously relied on Citi for loans could find themselves without anywhere to turn.

With this and similar withdrawals from the lending market, it's likely we'll see more people turning to Debt Management Plans and IVAs to survive the coming year.".

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