Lloyd's TSB loans written off for Swansea couple
www.moneynews.co.uk > Personal loans > Lloyd's TSB loans written off for Swansea couple
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Money News |
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Lloyd's TSB loans written off for Swansea couple
Tue 10th May 2005
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The bank is taking action after one of its own internal reports suggested that there had been instances of malpractice by a small percentage of branch staff.
Of a sample of 185 personal Lloyd's TSB loans granted in November 2004, 31 cases, or 16 per cent, were deemed to be "doubtful" regarding the borrower's ability to repay.
The problem was thought to be due to certain staff members acting from an incentive to obtain bonuses if sales targets were reached.
Since uncovering the problem, Lloyd's TSB has offered to write off the debts of a Swansea couple who borrowed £100,000 over 12 months, the Western Mail reports.
A spokeswoman for Lloyds TSB said that the bank was taking the problem "extremely seriously".
"Lloyds TSB is committed to being a responsible lender," she said. "It is clearly not in our interests to lend money to people who cannot afford to pay us back.
"We have stringent rules and controls in place. If a scenario arises whereby an individual operates outside those rules, as has been suggested, we take it extremely seriously and conduct a thorough investigation.
"We strive for very high standards in this area and are constantly monitoring our practices."
Related News : Personal loans |
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Related News : LloydsTSB |
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