VeryMeanReversion Posted June 16, 2008 Share Posted June 16, 2008 Had a chat with a manager at a high street bank over the weekend. He deals with personal loans. A few interesting bits: 1 - Number of Personal loans compled now running at half of last years level 2 - Many customers have now MEW'd all equity, max'd out on personal loans and are finally being refused. 3 - One customer loaned £10K wants another loan but is only prepared to pay back £1 a month on the original loan since they are broke. 4 - Regular customers over many years are now being refused loans and taking it personally. He is concerned that his commission based salary won't be what it used to be. No surprise to the HPC regulars but nice to hear it from the front line. VMR. Quote Link to comment Share on other sites More sharing options...
Jim B. Posted June 16, 2008 Share Posted June 16, 2008 Bit bloody late for the banks to start acting sensibly Quote Link to comment Share on other sites More sharing options...
wonderpup Posted June 16, 2008 Share Posted June 16, 2008 He is concerned that his commission based salary won't be what it used to be. And there it is- the seed of all this destruction. The banks and the city turned their people into short term commission junkies, and then seem surprised that they are buried in a mountain of dodgy debt. I read that in the US they were giving mortgages to dead people, and doing property valuations by looking places up on google earth. Quote Link to comment Share on other sites More sharing options...
NE1 4T Posted June 20, 2008 Share Posted June 20, 2008 Not usually one to post however I have the following comment to offer. My flatmate has just taken out a 15000 GBP unsecured loan with a high street bank albeit at a high interest rate and this is a guy who cannot qualify for a credit card. Quote Link to comment Share on other sites More sharing options...
The 4 Horsemen Posted June 20, 2008 Share Posted June 20, 2008 Not usually one to post however I have the following comment to offer. My flatmate has just taken out a 15000 GBP unsecured loan with a high street bank albeit at a high interest rate and this is a guy who cannot qualify for a credit card. Probably had some excessive profit making PPI to get the application through. Quote Link to comment Share on other sites More sharing options...
NE1 4T Posted June 20, 2008 Share Posted June 20, 2008 Probably had some excessive profit making PPI to get the application through. No - had a look at the documents and no PPI however interest rate is ridiculous in my book. Quote Link to comment Share on other sites More sharing options...
mikeymadman Posted June 20, 2008 Share Posted June 20, 2008 3 - One customer loaned £10K wants another loan but is only prepared to pay back £1 a month on the original loan since they are broke. Classic! Quote Link to comment Share on other sites More sharing options...
MarkyB Posted June 20, 2008 Share Posted June 20, 2008 I saw the availabily of credit becoming a problem so look a loan out July last year... pre approved offer type thing up to 25k available... now withdrawn the rest of the pre approved part... and need to apply should be a problem thou. I am still sitting pretty on nice deposit thou... Quote Link to comment Share on other sites More sharing options...
Tiger Woods? Posted June 20, 2008 Share Posted June 20, 2008 Probably had some excessive profit making PPI to get the application through. It is my understanding that that would be illegal...you cannot make the loan conditional on taking out the lenders PPI. Not that they wouldn't try the hard sell or, as in the case of my gf, lie. Quote Link to comment Share on other sites More sharing options...
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