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PPI Claims - About PPI

PPI Claim News - 5/11/2009

'Bad bank' customers will be prisoners, says expert

Existing Northern Rock customers will become financial prisoners when the bank is split up, it has been claimed.

That is according to Labour MP Jim Cousins, who has suggested that as a result of the recent EU Commission approval of the bank being split up, thousands of people will be trapped by the "bad bank".

He added: “It can’t be in the interests either of the taxpayer or of the individuals concerned that they end up being prisoners of an institution that can only offer them a very poor mortgage deal."

Mr Cousins went on to question what would happen to the people in the "most difficult circumstances" and what mortgage deals they would be offered when their current agreements expired.

The member of parliament made his comments following the admittance by Keith Morgan, the UKFI head of wholly owned investments, that 85 pert cent of mortgage borrowers would be trapped following the EU-approved bank restructuring.


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