Whilst an LV= spokesperson did explain that the firm was in the middle of rethinking its secured loans strategy, the immediate withdrawl from the market as suggested by Moneyfacts.co.uk was strongly denied.
However, a number of lenders have confirmed their exit from the market over the past fortnight.
Samantha Owens of Moneyfacts.co.uk said: "Leeds BS withdrew at the end of last week, with very competitive PPI charges and low rates on small loans, it left a hole at the top of some of the best buys. And this week GE Money follows suit, withdrawing its competitive rate of 6.9 per cent on loans between £7.5K and £25K.
"Within the secured loans market, SPPL, LoanOne and, with effect from 9 November Money Partners have withdrawn their loan range.
"Anyone looking for a loan would be advised to act sooner rather than later as there seems to be no let up in interest rate rises. If PPI is reformed, which it's very much in need of, the landscape of competitive rates could become a thing of the past."
