“Kiwibank and GE Money team up to provide loans (New Zealand's National Business Review)” plus 3 more |
- Kiwibank and GE Money team up to provide loans (New Zealand's National Business Review)
- FDIC Gains Private Partner for Toxic Loans (CBS News)
- GE Money to offer Kiwibank branded loans (TVNZ)
- Student loans 'cock up' hits thousands (Daily Telegraph)
| Kiwibank and GE Money team up to provide loans (New Zealand's National Business Review) Posted: 16 Sep 2009 05:56 PM PDT GE Money New Zealand has teamed up with Kiwibank in a new initiative to provide personal loans to New Zealand consumers. The new strategic relationship was announced today but officially started on Tuesday. It will see the country's largest non-bank finance company provide Kiwibank branded loans through its Auckland sales centre, although New Zealanders will be able to take advantage of the new deal through Kiwibank's nationwide network of branches, over the phone or online. GE Money already provides personal loans, retail finance and insurance, but New Zealand managing director Greg White said the two organisations still brought unique core strengths to the deal. "Kiwibank has a very strong brand and an extensive distribution network. GE Money has exceptional origination, procurement and risk management capabilities." Kiwibank acting chief executive Paul Brock said the new arrangement allowed Kiwibank customers to tap into an experienced, specialist personal finance provider.  This posting includes an audio/video/photo media file: Download Now |
| FDIC Gains Private Partner for Toxic Loans (CBS News) Posted: 17 Sep 2009 03:30 PM PDT |
| GE Money to offer Kiwibank branded loans (TVNZ) Posted: 17 Sep 2009 11:07 AM PDT  ONE News GE Money will offer Kiwibank branded loans under an agreement announced on Thursday. GE Money is the largest non-bank finance company in New Zealand. Government-owned Kiwibank said the arrangement allowed its customers to tap into a specialist personal finance provider. GE Money New Zealand's managing director, Greg White, said Kiwibank has a strong brand and an extensive distribution network. "We are very excited about working with Kiwibank. This alliance will bring a new level of product and service availability to customers, and reaffirms our commitment to provide innovation in the New Zealand consumer finance market," White said.  This posting includes an audio/video/photo media file: Download Now |
| Student loans 'cock up' hits thousands (Daily Telegraph) Posted: 17 Sep 2009 06:41 AM PDT The SLC said that the sheer pressure on the system meant many undergraduates who applied late still had not had claims processed. A further 50,000 to 60,000 are unlikely to get their full entitlement when term begins, it said. It prompted claims that the poorest students would be left short of money for rent, books and food. The Tories branded the latest disclosure an "appalling administrative cock-up". Reported problems include loss of personal documents, repeated website failures and lack of response from a helpline. It also emerged: *Minutes of the SLC's board show that concerns were first raised over whether phone lines could cope in January. *The SLC will reform the way it collects students' details next year to speed up the process. *Officials are still receiving 5,000 applications every day. *More universities announced they would allow students to defer halls of residence rent payments until the crisis passes. *The Government has written to vice-chancellors asking them to be "sympathetic" towards students who arrive short of cash. The backlog follows a 17 per cent increase in the number of people applying for university funding this year. The surge has been put down to record numbers of students starting degree courses in 2009 coupled with the effects of the recession. For the first time this year, applications for grants are being handled by the SLC – through Student Finance England and sister organisations for Wales, Northern Ireland and Scotland – instead of local authorities. On Thursday it was disclosed that officials are only processing applications made in "mid to late August". Some 120,000 students have applied for finance in the last four weeks. The SLC said it was "in correspondence" with many of these but "about 50,000" had not been dealt with. It raised the prospect that many of these could be left short. Derek Ross, deputy chief executive of the SLC, said some were "at risk of going to university without money". "We are trying our best to go through these as quickly as we can... but there are quite a lot of worried people out there," he said. The SLC also confirmed that 50,000 to 60,000 who applied on time would only receive the most basic grants and loans. The students – mainly from poor families – are eligible for "means-tested" top-up payments, but officials reported delays processing this information. They could receive further cash in late October. Mr Ross said next year the SLC would collect students' data direct from HM Revenue & Customs and the Identity & Passport Service to speed up the process. He also admitted that the company had "underestimated" the number of phone calls it would receive. The SLC employed additional phone operators last week. Wes Streeting, president of the National Union of Students, said: "Student Finance England has assured us time and again that significant backlogs would not be a problem, but now it is apparent that this is not the case." David Willetts, the Tory shadow universities secretary, said: "It would be a tragedy if the Government's failure led to students dropping out of university because they cannot afford to support themselves." One student told the Telegraph he first applied for a loan in March and has been forced to send personal documents three times to the SLC. "I started uni a week ago and haven't received any funding," he said. A mature student told how she has been asked for further proof of identity despite already taking out a previous loan and sending her marriage certificate, driving licence, a mortgage statement, council tax bill, utilities bills and bank statements. A spokeswoman for the Department for Business, Innovation and Skills said: "The Government has been assured that more than three quarters of a million students have now had their application for funds approved and others are being processed as swiftly as possible. "The SLC has bought in extra resources to deal with enquiries including additional telephone lines and operators. "The SLC advises students and their families to check their application online before ringing in as many calls are then not necessary. The department is asking for regular updates on progress."  This posting includes an audio/video/photo media file: Download Now |
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