Did you see the BBC1 program last night on unsecured loans given by high street banks?
In summary, people owe thousands of pounds on unsecured loans (which, due to small print, are actually secured on property and you pay a higher APR) and go bleating to Fiona Bruce saying it's the banks fault.
Well, the banks are not doing the basic financial checks as they seem to be pushing the insurance that goes with it.
However, as soon as the BBC get involved, all the banks cancel the debt - with one irresponsible couple who were adamant it wasn't their fault despite applying for £100,000 worth of loans, had their debt cleared in one go.
So now we have people irresponsibly applying for loans that they know they cannot afford, bank OK with it as long as they can push the insurance, piss it up on a holiday or car, claim they were spoofed by the bank/depression/can't read or write and the bank tells them not to pay it back.
What kind of message is this? I mean one couple lied about their salary FFS and still were adamant it wasn't their fault.
In summary, people owe thousands of pounds on unsecured loans (which, due to small print, are actually secured on property and you pay a higher APR) and go bleating to Fiona Bruce saying it's the banks fault.
Well, the banks are not doing the basic financial checks as they seem to be pushing the insurance that goes with it.
However, as soon as the BBC get involved, all the banks cancel the debt - with one irresponsible couple who were adamant it wasn't their fault despite applying for £100,000 worth of loans, had their debt cleared in one go.
So now we have people irresponsibly applying for loans that they know they cannot afford, bank OK with it as long as they can push the insurance, piss it up on a holiday or car, claim they were spoofed by the bank/depression/can't read or write and the bank tells them not to pay it back.
What kind of message is this? I mean one couple lied about their salary FFS and still were adamant it wasn't their fault.
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