News- Bank Criticized Over 'Irresponsible' Money Lending
London (ask4loan) March 6, 2006: High street bank Lloyds TSB had personal loan to a person suffering from bipolar disorder and was criticized over it. The man ultimately gave the money away thinking that he is doing a philanthropic work.
The man based in Staffordshire allegedly built up a huge debt of £70,000.He continued to distribute money in huge amount to big Issue sellers and homeless people with a belief that he is a wealthy philanthropist.
The bank had to defend itself against the claims that it had lent £40,000 to the person. The bank is now being criticized for its irresponsibility and for not making enough enquiries into his financial condition.
Suman Antclife, a CAB money adviser opined that though the man was on a decent wage the bank should have checked his condition before granting him such a big amount. However, a Lloyd's spokesperson claimed that they had made enough check before the transaction. They would make further investigation if the name of the person was handed over to them, he added.