But what beggars belief are the recent madcap assertions by an alleged senior official of a major bank who believes her industry is in some way responsible for the ultimate in self-harm – suicide.So I find myself uncharacteristically rallying to banks’ defence. The BBC’s Britain’s Streets of Debt documentary makes much of her assertions and we learn that in the past two years there have been eight reported cases of people in debt taking their own lives. I don’t track suicide statistics but that seems a small number to me, particularly given the mountain of personal debt we are told we are all living under. But this official, who doesn’t want her name revealed, believes there are many more suicides that never get reported as they are handled “internally”. No doubt by each bank’s body bag and spin department. What is she on? It’s not that I have a callous attitude towards life or that I have no capacity for sympathy or compassion. My heart goes out to the bereaved families who are left to question why life became so unbearable for a loved one that suicide became the only answer. But the trigger point for such tragic outcomes could be laid at innumerable doors. Yes, debt can be a contributory factor but so can love, rejection, divorce, bereavement, guilt and a host of other factors. So let’s cut banks some slack here and get real. If you borrow money you have to pay it back. If you don’t you can expect to be contacted by whoever lent it to you. What’s more, the fact that you borrow more than you can afford to repay is not banks’ fault, however easy they make it for you. In all my years of borrowing I’ve never had a lender’s staff rubber truncheon me into taking money. I doubt there’s a single person in this country who isn’t familiar with the word no. And if you do over-commit, there are alternatives to topping yourself – bankruptcy to name but one. So let’s stop being silly and blaming banks.
Milan Khatri, chief economist at the Royal Institution of Chartered Surveyors welcomes the Bank of Englands unchanged base rate decision.Khatri says: The Bank of England’s decision to leave interest rates unchanged today at 4.5% is welcomed by RlCS, though not unexpected. The UK economy is performing well as rising global activity is helping to propel […]
Halifax has upgraded its already excellent extranet website for intermediaries and the more lenders invest in these systems, the better it is for brokers’ profitability, says Frank Eve
FRom Marie O’Reilly I am writing in response to Keith Butler’s letter headlined ‘Brokers should know about lenders’ processing times’ (Mortgage Strategy June 5). “Are there any lenders willing to publicly state their average application to offer times and allow these to be independently verified?” asks Butler. The answer is yes. He should visit www.accordmortgages.com. […]
Compass Finance has bought debt advisory service, The Debt Advisor.At an EGM held today, the company agreed to buy The Debt Advisor and the placing of 11 million new ordinary shares to raise 4.15m net of expenses.Gren Folwell, chairman of Compass Finance, says: The acquisition of The Debt Advisor is a key strategic move for […]
This week’s Budget looked as if it would be a difficult one for the Chancellor, with disappointing economic numbers and the need to avoid ruffling feathers ahead of June’s in/out referendum. Nevertheless, Mr Osborne did spring a few surprises, including some tax reductions. So how does this budget affect you? If you are – or […]
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