Virgin Money has recently redesigned their U.S. website and has dropped the majority of their service offerings.
If you navigate over to Virgin Money’s website, you’ll see the phrase “Everyone’s better off with simplicity in a complex world”. Some might contend that this is Virgin Money’s new strategy for its U.S. operations. The company has dropped their loan servicing, student loans, direct mortgage and mortgage licensing products from their website entirely.
The only option left on Virgin Money’s site is its most basic social lending service, Handshake Basic, where for the price of $99.00, Virgin Money will generate a template-based promissory note for you and your borrower or lender. Virgin has dropped their “Handshake Plus” product where Virgin would collect payments on the lender’s behalf and perform basic collections for the lender as well.
The first clue that Virgin Money’s US operations were struggling was the resignation of former Circle Lending founder, Asheesh Advani. His resignation generated accusations of sexism, racism and incompetence within the company.
Recently Virgin Money laid off 80% of their staff and removed the sign from their office.
The company has also all but eliminated their loan servicing and outsourced all of their previous issued loans to a third-party loan servicer.
