0800 097 3653
Profits before human life for banks
London (go4ukloans) june 12, 2006
A senior banking executive has called for new laws to curb irresponsible lending. The unnamed whistleblower who was key functionary in a premiere bank says that banks are using tactics to lure people into debts. She further alleges that lending practices of banks are the reason behind suicides by debt ridden people. London (go4ukloans) June 10, 2006: An unnamed whistleblower who was key functionary in a premiere bank says that banks are using tactics to lure people into debts. According to her said suicides by debt ridden people are due to irresponsible lending practices. She called for new stricter laws to be introduced so that banks can be sued for such faulty practices.In the last two years there have been eight cases of suicides by people when their debts have spiraled out of control. But the whistleblower says that the magnitude of the problem was hard to assess, and there were more cases of unreported debt-related suicides.
She said: "These tragic cases where people have taken their own lives are the cost that is paid for irresponsible lending practices. This is exactly why the banks need to be curbed.
"The banks are basically neglecting their duty of care. They are putting profits before human life, almost." The woman whose identity has been undisclosed due to legal reasons adds that banks use sophisticated marketing tactics to sell personal loans, secured loans etc.
Other Related News:
London (go4ukloans) june 12, 2006
A senior banking executive has called for new laws to curb irresponsible lending. The unnamed whistleblower who was key functionary in a premiere bank says that banks are using tactics to lure people into debts. She further alleges that lending practices of banks are the reason behind suicides by debt ridden people. London (go4ukloans) June 10, 2006: An unnamed whistleblower who was key functionary in a premiere bank says that banks are using tactics to lure people into debts. According to her said suicides by debt ridden people are due to irresponsible lending practices. She called for new stricter laws to be introduced so that banks can be sued for such faulty practices.In the last two years there have been eight cases of suicides by people when their debts have spiraled out of control. But the whistleblower says that the magnitude of the problem was hard to assess, and there were more cases of unreported debt-related suicides.
She said: "These tragic cases where people have taken their own lives are the cost that is paid for irresponsible lending practices. This is exactly why the banks need to be curbed.
"The banks are basically neglecting their duty of care. They are putting profits before human life, almost." The woman whose identity has been undisclosed due to legal reasons adds that banks use sophisticated marketing tactics to sell personal loans, secured loans etc.
Other Related News:
