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NatWest lent a single mum on benefits £5,000 for a nose job. Why?
It has been called one of the most irresponsible loans ever and it highlights the whole issue of lending criteria.
Full story here NatWest lent a single mum on benefits 5,000 for a nose job. Why? | Money | The Guardian
After the shocking story about the single mum with the £5,000 loan for a nose job (NatWest lent this single mum on benefits £5,000 for a nose job. Why?, May 3), I have been worrying about the morality of banks.
Our lovely, bright, hard-working son-in-law-to-be works for one of the "big four" banks selling their financial "products" to customers.
He is on a fairly low salary with very high targets to meet. The cashiers get a bonus if they make a referral that leads to a sale, and he works hard cold-calling the branch list to try to get people in to see him.
He is not meeting his targets, is under a great deal of stress and is now on a "coaching" course. He has had the job for several months, hates it and is looking for something else.
He works in a branch in an East Midlands ex-mining town with very high male unemployment and high levels of deprivation, resulting in large numbers of adults on benefit. But still the bank relentlessly pursues customers to take out loans and credit cards.
From listening to the problems that he is facing every day, this bright young man has changed my view of the banking sector.
They are just selling - anything to anyone, regardless of checks and security, and have become morally weak. This approach has brought about the credit issues that permeate the country.
Maybe the current "crisis" will lead to change, but I doubt it when there is so much money to be earned from those with the least ability to pay
It has been called one of the most irresponsible loans ever and it highlights the whole issue of lending criteria.
Full story here NatWest lent a single mum on benefits 5,000 for a nose job. Why? | Money | The Guardian
After the shocking story about the single mum with the £5,000 loan for a nose job (NatWest lent this single mum on benefits £5,000 for a nose job. Why?, May 3), I have been worrying about the morality of banks.
Our lovely, bright, hard-working son-in-law-to-be works for one of the "big four" banks selling their financial "products" to customers.
He is on a fairly low salary with very high targets to meet. The cashiers get a bonus if they make a referral that leads to a sale, and he works hard cold-calling the branch list to try to get people in to see him.
He is not meeting his targets, is under a great deal of stress and is now on a "coaching" course. He has had the job for several months, hates it and is looking for something else.
He works in a branch in an East Midlands ex-mining town with very high male unemployment and high levels of deprivation, resulting in large numbers of adults on benefit. But still the bank relentlessly pursues customers to take out loans and credit cards.
From listening to the problems that he is facing every day, this bright young man has changed my view of the banking sector.
They are just selling - anything to anyone, regardless of checks and security, and have become morally weak. This approach has brought about the credit issues that permeate the country.
Maybe the current "crisis" will lead to change, but I doubt it when there is so much money to be earned from those with the least ability to pay
