Legal lender Novitas pays £5.3m ‘redress’ to divorce and probate clients
30th January 2023
Moribund legal lender Novitas Loans has paid another £5.3m in compensation to customers who took out loans to fund their litigation, it has emerged.
Newly published accounts for the subsidiary of merchant bank Close Brothers, for the year to 31 July 2022, explain that a review of historical divorce and probate loans concluded it was ‘appropriate to offer redress to certain customers’. Novitas had instructed a third party to review these cases, an exercise which found that £5.3m should be paid out to people during the year. A similar exercise in 2020/21 resulted in Novitas paying £6.2m in redress to probate and divorce borrowers.
Read the full article here: Law Gazette
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