subject: Bank Bricked Up In Loans Protest [print this page] Major high street Banks and other financial service providers have recently offered a product called Payment Protection Insurance (PPI) to cover the consumer against the unforeseen lack in ability to repay a loan agreement.
The property developer, Mr Cameron Hope, stated that he had earlier been refused 240,000 in loans and getting credit was like 'talking to a brick wall'. With that in mind, he set about his protest and aimed to brick up the wall of the bank that refused him credit - the NatWest in Westbourne. Unfortunately upon arrival at the branch of NatWest he was thwarted by a large police presence in attendance to an unrelated incident. Mr Hope then turned his attentions to Barclays bank, situated further down the road.
He was joined by other local business owners who have had trouble getting loans. They plastered the wall with placards proclaiming 'Robbed by the banks we own' and 'Make the banks lend'. Mr Hope, of Bournemouth, said: 'We blocked the doorway as a way of saying that the banks are open but the safe is shut.
To sink even lower some banks can implicitly sell you PPI, in the small print of an agreement you will sign there will be a clause stating that unless you explicitly choose NOT to buy PPI, you will pay for it anyway. In this case the same applies as the above where they don't even have to give you the right product and you will therefore be ineligible for the protection should you have to claim.
'This protest is saying enough is enough and the Government needs to step in and make the banks lend.' The Daily Mail's Make the Banks Lend campaign, on behalf of small firms turned down for credit, argues that the banks have money to spare, thanks to enormous funds provided by the taxpayer.
"We are very much open for business and there is money available to lend to viable businesses". David Ramsden, from Federation of Small Businesses in Dorset, said: "If small businesses are going to be the vehicle by which this country recovers its economic problems then banks have got to play their part and they've got to start lending on a sensible basis again. "Really, the government has got to step in and start making banks pay.
by: Paul Myers..
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