Despite being bailed out at taxpayers’ expense, with billions of pounds ploughed into the banking system to stop it collapsing, calls by industry, commerce and consumers for banks to lend and pass rate cuts on to consumers are still falling on deaf ears.
We’re seeing lenders hike rates, tighten criteria and continue with repossessions in the midst of a crisis brought about by them.
The credit market in the UK was leagues ahead of that in the US, yet the sheer greed of the institutions in this country has caused serious difficulties and hardship for everyone. They are not doing enough to rectify the situation.
They need to make repossession the last resort and negotiate revised payment schedules with all existing borrowers facing financial difficulties.
Lenders must also institute fair and reasonable lending criteria, vastly improve their service standards to brokers and consumers and meet the burden of Treating Customers Fairly as the rest of us have to despite the appalling treatment we receive at their hands. Enough is enough.
Associates Mortgage Network