Bank Claim: Banks Write Off Record Level of Credit Card Debt
Added: (Thu Sep 02 2010)
Pressbox (Press Release) -
FOR IMMEDIATE RELEASE
London, UK, 1st September, 2010: UK banks wrote off a record level of credit card debt in the second quarter of this year, according to new figures.
The Bank of England has revealed firms wrote off £2.1 billion in the second three months of 2010, compared to £1.3 billion in the first quarter.
Mark Sands, director of personal insolvency at the accountants RSM Tenon, claimed the effects of the economic downturn are now becoming evident.
He said: "It is not necessarily that people have lost their job, but they have lost their overtime, an extra shift or have had a pay cut. They can survive for a while, but suddenly they are tipped over the edge and they cannot cope with their debts."
Last year, £4.1 billion was written off by credit card providers – the equivalent of ten per cent of all funds held on credit cards.
Overall, British financial institutions were forced to write off £3.5 billion worth of debt including £1.2 billion from overdrafts, personal loans and hire purchase agreements.
“UK Banks have come up with the idea of giving some relief to the customers by writing off record amount of credit card debt. This will provide temporary relief to the customers who have been hit by the financial turmoil” said financial analyst Charles Baker who has decades of experience in the financial industry. He works as a financial analyst for PPI Claim Company.co.uk.
“Customers who have got this relief courtesy of the banks should monitor their credit regularly and make sure they make regular repayments. It is advisable to take tips from a financial analyst with expertise in Financial Service Authority when it comes to credit card debt management.”
PPI Claims Company is one of the premier PPI companies in the world. It has years of experience in this field and can help you with your payment protection claim using their no win, no service fee policy. To know more about credit card claim and reclaim payment protection log on to http://www.ppiclaimcompany.co.uk/. You can also know about loan insurance claims and PPI recover from the website.
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