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"Struggling borrowers need to ask banks for help"

By admin | June 11th, 2008 | General

Officials from the British Bankers’ Association have stated that it is vital for consumers in the UK to contact their banks if they are struggling to keep up with repayments on their financial commitments. Although many consumers have been locked in a battle with their banks over the past year or two over everything from bank charges to breaches of security or customer service problems, officials state that banks may just be able to help in cases where the consumer is struggling with repayments.

Experts have predicted that the level of people looking into becoming insolvent over the coming months is likely to rocket, and many debt charities are preparing themselves for a mass influx of debt related enquiries from consumers that have spent way more than their budget over the festive season. With credit conditions still very tight in the UK as a result of the credit crunch more and more people will find it increasingly difficult to get themselves out of the financial rut without appropriate help.

One senior official from the British Bankers’ Association stated: “Banks are fully signed up to the enforceable responsible lending practices in the Banking Code. Yes, they want to lend money but they want to do it the right way by lending to people who are going to be able to make the repayments. So, if your bank turns down your request for a loan then think hard before you go and borrow elsewhere.”

Experts have also stated that it is extremely important for consumers in the UK to take stock of their finances and sort out their financial problems as early on as possible rather than worrying about other issues such as booking their holidays or going on a diet.

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Tags: bank, repayment, debt

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