26 billion in fraudulent loans.
60% of loans will never be repaid.
Estimate.
This is NOT a prediction.😁
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I have read that there is no interest charged on the first year of a Bounce Back loan. The interest rate then
increases to 2.5% per annum and businesses have ten years to repay the loan.
The problem arose because businesses complained that their bank was taking too long
to process their loan application because the bank staff were carrying out due diligence.
The Government under pressure from MPs and MSPs told the banks to get a move on
giving out these loans and the rules for the checking of the Bounce Back business loan applications were greatly reduced.
The fraudsters moved in thanks to this stupid relaxation of the rules for bank lending.
The rules for bank lending had been greatly tightened up after the 2008 banking crisis but thanks to these
stupid politicians’ complaints the U.K. taxpayers are now saddled with an estimated loss
of £26 billion.
As a result of the attempted fraud on my bank account and the series of fraudulent standing orders debited
to my father’s bank account in my opinion the selling of customers details for these fraudulent loans applications lies ‘fairly
and squarely’ with crooked staff working in bank service centres.
This is the problem of taking the ‘back office work’ out of the branches and moving it to large bank service
centres coupled with the banks employing agency firms to advertise and select staff to work in these
service centres.
Gone are the days when working in a bank was a profession. It is now just a job.
Worked in the bank for 5 and a bit years.
I just went for the dosh Islay, knew they were pretty corrupt organisation but went to do 2 years then get out, did 5 and a bit as I say in a boiler house type environment.
I've often wondered if the image of the bowler hat pin stripe pillar of the community banker ever existed or it was a myth.
All I saw was spivs, shysters and higher management who were as thick as two short planks.
When I started work with the Bank of Scptland the manager of the Head Office branch of the Royal Bank, 3 High Street Dundee used wear a bowler hat when walking to his work.
All the Male members of staff wore a dark suit which was usually pin striped. That was back in the days when banking was a profession and a job for life. Bank staff knew all their customers.
Now working in a bank is just a job which for a spell was target driven. I do not know if that is still the case.
I remember the staff in the Bank of Scotland branch in Bowmore, Islay trying to persuade myself and my wife to change our bank account onto online banking.
I refused and told them that they were digging their own grave.
The Bank of Scotland branch in Bowmore is now a sub office of the Campbeltown branch and bank branches have been closed throughout the whole of the U.K.
That being said there back in the 1970’s and 1980’s were too many bank branches as a result of mergers with the management of the banks frightened to close branches in case of a public and union backlash.
Now there are too few branches but people can no use their local post offices for a lot of their banking requirements. Even businesses can use their local post office.
I used to laugh (to myself) at the bank "staff" running around signing up 70 and 80 year olds to online banking.
A lot of these customers would tell them they didn't have a computer or e mail but the "staff" were encouraged to set them up with an e mail address.
Often wonder how all this will work out as people get I'll forget passwords and don't have POA in place.....must be a nightmare for the families.
I worked in the most notorious bank for targets, the bank that liked to say "**** the customer get the buisness" ......you'll know the one.
I still to this day won't do online banking. Funny.
I have just recently started online banking, eventually giving in to family pressure.
My bank was always trying to persuade me to go online, my answer was always the same, it's not secure, can you give me a guarantee ?
Which they could'nt.
When I worked offshore, the lad I was working with had £12k taken out of his account, he did get it back eventually, but it took a while.
Same in supermarkets, when there is a large queue, I always complain to the manager about unmanned check-outs.
Their option is always the same ,use the self service, which I refuse to use as I tell them you are doing yourself out of a job.
Unmanned checkouts need to be overseen, monitored, filled and emptied. They reduce cash handling significantly and can speed you through if you have a small number of items but they don't really reduce personnel by as much as you'd think. Whatever you do though, don't use them with your big weekly or monthly shop - nightmare.
I can understand why people don't like using online banking, unmanned checkouts and the like however what I don't get is why these same people will happily buy from Amazon or shop online via PayPal. Online banking and unmanned checkouts are every bit as secure as Amazon and 1000 times more secure than PayPal.
Every time I receive a dodgy 'your PayPal account is limited' email it reminds me that these scammers must be getting my email address from somewhere and that they must know I have a PayPal account - that combination of info comes from PayPal I reckon and not from online banking or an unmanned checkout. I haven't used PayPal for years for this reason and never will again.
What made you "give in"? If you don't mind me asking.
I've never seen the need.
I hardly ever use my card either, prefer using cash for small medium purchases.
I have a theory that when you spend by card you lose sight of the value of money. When you are handing over a couple of hundred in cash it means more.
Same with gambling. Online is a major problem.
The amount of people that went from 2 or 3 quid or a fiver on a Saturday to suddenly punting 50 and a 100 pounds seemed to mushroom overnight.
Major difference between handing over hard earned to a bookie and pressing confirm bet on a screen.
The other staggering thing I found was people will quite happily bank online but investing was always "too complicated".....strange phenonimum......then these firms like nutmeg and pension bee start up and people happy to do that.
I think people just like staring at screens and pressing buttons.😁