Brits 'do not tell lenders about financial problems'

By Sarah Engle, Thu 2 Sep 2010 - Published in Banking

The majority of people in financial difficulty fail to inform lenders about their problems, it has been found.

A survey conducted by Callcredit discovered that 68 per cent of those who are faced with sudden financial problems do not contact their bank or building society.

Furthermore, the 31 per cent of people who eventually address their worries with a lender take an average of two months to do so, while 42 per cent of those who speak to their bank or building society fail to be completely honest about the extent of their difficulties.

Graham Lund, managing director of Callcredit, said: "These figures are extremely worrying. What's particularly concerning is the number of people who fail to make their bank aware of sudden changes in their financial situation."

Last month, Moneyfacts.co.uk reminded people to carefully manage their credit card debt, through steps such as making repayments which are higher than the monthly minimum.

News Categories

News Archive

News: Brits 'do not tell lenders about financial problems'