A recent Bank of England report has suggested that banks are trying to significantly increase their profit margins by a number of different methods as they try to claw back lost profits from Payment Protection Insurance.
The report shows that while the rate the Bank of England charges banks was slashed to 0.5% from 5%, the interest rate banks are charging on personal loans and credit cards has risen to around 11% from 8.5%.
The banks have been criticised for failing to lend enough money to those who require it and charging higher rates to its existing customers. They say they have little choice as the higher rates they charge reflect the higher costs they have to pay in the wholesale markets.
Considering the banks have lost the PPI battle - it is a shame to punish other customers by hiking up interest rates. The banks were made an example of by making excessive profits from customers who needed finance and assistance. To punish all their customers as a result of that failing is unfair.
If you want to make a claim - contact PPI Return at http://www.ppireturn.co.uk/. PPI Return is a division of Goldsmith Williams Solicitors.
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