BBA: Don't blame banks for irresponsible lending
http://www.themortgageprovideronline.com/articles/202/1/BBA-Don039t-blame-banks-for-irresponsible-lending/Page1.html
Adfero Journalist
By Adfero Journalist
Published on 10/23/2007
With Britain's debt mountain still growing in size, often pressurizing people to consolidate debts or face a CCJ or IVA, many are forced to
look for bad credit mortgages in the process, the British Bankers'
Association (BBA) has moved to absolve itself of some of the blame.
The problem is not so much with the banks as others who are not abiding by the principles of responsible lending, BBA chief executive Angela Knight has asserted.
Speaking to BBC Radio 5 Live's Wake Up To Money programme, Ms Knight added that the Banking Code ensures the banking industry operates to a high standard.
"Don't forget that when it comes to lending and borrowing something like 40% of all loans don't come from the banking industry at all," Ms Knight told the programme.
"What the banks have got, their responsibility is to abide by something called the Banking Code and the Banking Code has got a lot in it on responsible lending," she added.
The UK's cumulative debt now stands at £1.3 trillion, according to Datamonitor.
Have you been refused a loan? Got CCJs or defaults? The Mortgage Provider help. Submit your details here
With Britain's debt mountain still growing in size, forcing many to
look for bad credit mortgages in the process, the British Bankers'
Association (BBA) has moved to absolve itself of some of the blame.
BBA: Don't blame banks for irresponsible lending
With Britain's debt mountain still growing in size, often pressurizing people to consolidate debts or face a CCJ or IVA, many are forced to
look for bad credit mortgages in the process, the British Bankers'
Association (BBA) has moved to absolve itself of some of the blame.The problem is not so much with the banks as others who are not abiding by the principles of responsible lending, BBA chief executive Angela Knight has asserted.
Speaking to BBC Radio 5 Live's Wake Up To Money programme, Ms Knight added that the Banking Code ensures the banking industry operates to a high standard.
"Don't forget that when it comes to lending and borrowing something like 40% of all loans don't come from the banking industry at all," Ms Knight told the programme.
"What the banks have got, their responsibility is to abide by something called the Banking Code and the Banking Code has got a lot in it on responsible lending," she added.
The UK's cumulative debt now stands at £1.3 trillion, according to Datamonitor.
Have you been refused a loan? Got CCJs or defaults? The Mortgage Provider help. Submit your details here