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Banks Are Fighting Back..


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HOLA441

This may be a one-off, and it might change upon appeal, but it's the first one.

http://news.bbc.co.uk/1/hi/business/6657025.stm

The MSE messageboard is going to implode.

Will this lead to more and more people having severe financial difficulties precipitating a crash..

or

Will it give the banks more confidence to loosen credit, as they now don't have to write-off so many debts.

Answers on a postcard.

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HOLA442

Retail banking = a tiny fraction of banks' profits. No real impact on HPC one way or another, IMO.

An interesting one nonetheless, and a little bit of a surprise. I'm ambivalent about this (as I should be, given my occupation) as both sides have pretty grubby hands. The people who live in perpetual debt, or those who exploit them? :unsure:

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HOLA445
This may be a one-off, and it might change upon appeal, but it's the first one.

http://news.bbc.co.uk/1/hi/business/6657025.stm

The MSE messageboard is going to implode.

Will this lead to more and more people having severe financial difficulties precipitating a crash..

or

Will it give the banks more confidence to loosen credit, as they now don't have to write-off so many debts.

Answers on a postcard.

Yes, an interesting development this.

Fortunately the District Judge has given the defendant leave to appeal. If the banks choose to defend the appeal they will have to explain how they arrive at their charges. As Lloyds TSB didn't turn up in court in the original case, I suspect that the Judge might have been a bit canny in trying to force a ruling on this once and for all. Lloyds TSB will almopst certainly pay out rather than risk an appeal judgement forcing them to justify their charges in open court.

Very interesting... watch closely!

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HOLA446
Guest grumpy-old-man
This may be a one-off, and it might change upon appeal, but it's the first one.

http://news.bbc.co.uk/1/hi/business/6657025.stm

The MSE messageboard is going to implode.

Will this lead to more and more people having severe financial difficulties precipitating a crash..

or

Will it give the banks more confidence to loosen credit, as they now don't have to write-off so many debts.

Answers on a postcard.

I told my wife this would happen last month, I applied common sense & said who would win, the banks or the little man. The little man will always get stuffed long term (with a couple of short term wins). Too much money involved for the courts to let it go.

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HOLA447
Retail banking = a tiny fraction of banks' profits. No real impact on HPC one way or another, IMO.

Except - perhaps - if it both forces people to manage their money better, and increases the number with people with dreadful credit rates and black marks against their names, it may cause the banks to start to tighten their lending behaviour.

Wemb

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