RBS lets personal loan debts balloon

Wed, 05 Aug 2009

Personal loan provider the Royal Bank of Scotland (RBS) has been accused of letting customers taking out the products amount huge sums of debt .

One customer with the company took out a loan of £16,000, which due to health problems suffered by the borrower was allowed to spiral out of control into a £153,000 debt, according to the Guardian.

John Green, from Dudley in the West Midlands, has suffered heart attacks and strokes alongside a series of other illnesses since taking out the personal loan in 1993 and, although he admits some of the debt problems are his own, the figure is "ridiculous".

Solicitors for Mr Green told the newspaper that the situation is "scandalous", while the customer added: "Some of this is my fault. But to go from that level to where it is now is ridiculous."

The Money Advice Trust, a charity which deals with those concerned about falling into debt due to personal loans and credit cards, recently told Brits to seek advice before things get out of control.
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