HIP Facilities stops new business

HIP Payment Services will continue to service the needs of its customers, agents and HIP providers on any matters relating to existing loans for until each case is concluded and the book has run off.

Jeff Smith, the chief executive of HIP Facilities Group, commented: “Having weathered the shambolic launch and roll out of HIPs, I am very disappointed that we have had to take this decision. However, there eventually comes a time when even a market leader must acknowledge that the transaction volumes in the HIP market no longer offer an independent lender such as HIP Payment Services a viable platform on which to build a profitable business.”

Smith added: “I believe that the HIP market as a whole will continue to suffer unnecessarily until the Government has the courage to implement a clear and positive stance for HIPs, and the Tories stop treating this entire industry as a political football - frankly everyone connected with the production and use of Home Information Packs deserves better. I would like to take this opportunity to thank our HIP provider partners for their support and wish them every success for the future.”