The Banks' Abuse of the Credit Register
The banks have traded on their reputation for integrity to foist their
penalty charges onto an acquiescent public. Most people consider that
"Yes, I did overspend, therefore I do deserve this slap on the wrist.
I'll try harder not to get it wrong next time."
But the truth is that these penalty charges are unlawful
UK High Street Banks profit out of the ordinary British bank customers
sense of decency and moral responsibility. The ordinary British Bank
Customer believes that this sense of moral decency is characterised by
mutuality.
How wrong we all are.
Retaliatory action by the banks includes peremptory account closure,
immediate demand for repayment of overdraft and defaulting the customer
on the credit register. This creates a credit 'Hell' for the customer for the next 6 years.
A default on the credit register means that your life becomes extremely
difficult for at least 6 years - and yet very often the default is
placed on the register precisely because the customer could not pay the
banks own unlawful charges!
You might ask yourself if there isn't something fundamentally corrupt
when a bank has the right to default a customer FOR ITS OWN PURPOSES
without any court action and with no control.
If someone owed you money and didn't pay you, could you go and put a
default entry in the credit register? No of course you couldn't. You
would need a court judgment to do it.
The banks have a privileged access to the default register which they abuse. There is no scrutiny and there is no control.
When the scandal of the banks' abuse of their dominant and fiduciary
position is brought to an end, watch out for the defamation actions -
Lots of them.
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