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Banks Write Off £3bn Bad Debts

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Another sign of the times............

Banks write off £3bn bad debts

Simon Watkins, Financial Mail

7 August 2005

RISING fears that customers will not be able to repay their loans have forced High Street banks to write off almost £3bn in the first six months of the year.

Easy credit in recent years has left many people vulnerable, according to consumer groups, and the banks have reported a massive rise in the amount written off to bad debts - known as impairment charges.

The £3bn figure was up by £750m or 38% on the same period in 2004 as higher interest rates - before last week's base rate cut - took their toll on borrowers.

Half-year results released by the banks in the past two weeks show impairment charges rose on average by about 20%. But behind that overall figure, the situation for individuals was far worse.

An analysis of the results by Financial Mail shows that the nine retail banks that reported figures in the past few weeks wrote off £2.71bN in their accounts relating to retail customers...........................

article continues at thisismoney

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  • 331 Brexit, House prices and Summer 2020

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      • down 5% +
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