Charging current account customers would leave many people, including pensioners and those receiving benefits, vulnerable to heightened debt management troubles, Bradford West MP Marsha Singh has suggested.
And in the wake of record profit figures from the country’s biggest banks, Mr Singh reflected that his constituents are already among the most indebted in the country, reports the Telegraph & Argus.
Mr Singh is quoted as saying: “I am very concerned. People are being given loans they cannot afford and banks are making huge profits.”
“I am not against making a profit but customers are being charged huge sums and it is immoral.”
According to figures from the Insolvency Service, the number of Individual Voluntary Arrangements entered into increased by a full 44 per cent between the last quarter of 2005 and the same period last year.