According to one article from the UK banks are putting pressure on customers to solve their “debt problems” but the solution may be worse than the problem. HSBC learned from the US subprime problem, as loan officers told customers they could refinance into a better loan in six months or a year. Look at this report and see if the justification sounds more like Household International (HSBC Finance):
One customer explained how his bank, HSBC, had contacted him in order to try and get him to take out a managed loan. However, although he said that he didn’t want to take out this finance he stated that the bank continued to pester him. Had he taken the loan he would have been paying double the interest that he is currently paying.
HSBC tried to justify the move stating that the loan was a flexible one that was designed to help the customer to benefit from affordable repayments, and the interest rate could be revised after just one year of responsible and timely repayments. (see more)
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