The administrators of a home-collected credit provider have appointed CAPA to audit more than 60 sites the lender traded from, as they look to wind down a business with more than 70,000 customers.
Grant Thornton instructed CAPA to conduct rates audits on SD Taylor, after the lender entered insolvency earlier this year with more than 112,000 loans still active.
SD Taylor is part of the Non-Standard Finance Group which comprises many different firms providing unsecured credit. SD Taylor Limited trades as Loans at Home and is the only firm in the group which has entered administration.
The lender was affected by two major issues in the past two years. As the firm saw revenue drop substantially during the pandemic, it was also hit by a large volume of consumer redress claims, and ultimately the business entered administration in March this year.
Chris Laverty, Trevor O’Sullivan and Andrew Charters of Grant Thornton were appointed as joint administrators in March.
They have since instructed CAPA on a major undertaking that will see CAPA’s Audit team conduct rates audits on 66 sites SD Taylor traded from. The team will use bespoke software to carry out forensic inspections of sums paid out to local authorities at the various locations.
They will look to identify anomalies or errors, before recovering any overspend, thereby boosting the overall returns to creditors of SD Taylor as the business undergoes an orderly wind down.