Heavy Debts Implicated In Suicide

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Heavy Debts Linked to Suicide: RBS Under Investigation


Summary:
The Royal Bank of Scotland (RBS) is facing scrutiny after allegations suggest its irresponsible lending practices may have contributed to a customer's suicide. Richard Cullen, 65, took his own life in January 2005 after accumulating credit card debts totaling £130,000, with £35,000 owed to RBS.

Investigation Underway:
The Banking Code Standards Board (BCSB) is set to examine RBS's lending practices due to concerns that the bank overlooked the severity of Mr. Cullen's financial troubles. Seymour Fortescue, BCSB's chief executive, expressed astonishment at the oversight, stating, "It is a case of the right hand not knowing what the left hand is doing, and there's no excuse for that."

Credit Limit Increase Despite Arrears:
In November 2004, despite RBS chasing Mr. Cullen for arrears on his Mint credit card, the limit on his Tesco Personal Finance card?"operated by RBS?"was increased from £6,700 to £7,700. This raised eyebrows as it significantly contradicted his financial situation.

Mounting Debt:
Mr. Cullen, a mechanic, owed RBS more than twice his annual salary. The interest and charges accrued over four cards resulted in over £4,200 during the year leading up to his tragic death. BCSB is now seeking the family's permission to investigate the bank's practices.

RBS’s Defense:
RBS has defended its actions, arguing that Mr. Cullen did not disclose the full extent of his £100,000 debt with other providers. "We have a rigorous and responsible process for managing customer debt," the bank stated.

In total, Mr. Cullen had debts spread across 18 additional credit cards from various issuers.

Contributor:
Adfero Ltd

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