Target helps take the sting out of up-front HIPs fees

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TAR069
Issue Date: 10th October 2007

Target, the financial software and services company which operates in the consumer and commercial loan markets, has developed a unique payment system for specialist company HIP Payment Services.

To make Home Improvement Packs (HIPs) more affordable for home buyers, HIP Payment Services has launched a system enabling consumers to pay later for their HIP. At no extra cost to the vendor, this new service gives them the option of paying for their HIP up to 10 months after they put their house on the market.

This innovative new system has been developed by Target, which specialises in credit and loan application systems. The agility of the solution and the quick delivery timetable enabled HIP Payment Services to swiftly launch and take a lead in this new market.

There are no forms to complete, no agreements, no credit scoring, no uncertainty and no delays. A simple online application process makes it easy for both estate agents and vendors. There is no credit agreement involved.

Target worked with HIP Payment Services to develop an automated application form and accounts system. The application form can be completed on the spot with the agent and the vendor. The payment is taken from the consumer later: either when the sale is completed, if the property is taken off the market, or 10 months later - whichever happens first. If that payment cannot be taken for any reason, the system incorporates a debt management solution for an efficient collections process.

Jeff Smith, Chief Executive of HIP Payment Services, commented: "Target has a good understanding of the market place. With its flexible and agile approach, Target created a bespoke system to fit out specific requirements, and enabled us to make a fast and smooth entry into the market. We are now able to offer all our customers a flexible, comprehensive and easy to use service."

Grant Hawkins, Chairman of Target, concluded: “By working with the market leader in a new market, we are proving our agility. We have helped HIP Payment Services offer vendors real benefit, by helping them manage the cost of HIPs. The service removes the upfront cost barrier of HIPs that may deter some vendors marketing their properties.”

ENDS

For further information contact
Annie Noble, Freshwater Technology.
Tel: + 44 (0)1794 521156
Email: anoble@freshwater-uk.com