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Helping to serve your community, Chris Evans MP Help Shape Britains Progressive Future

8th February 2017 - Islwyn MP backs breathing space for families in problem debt

‘Banks use unfair overdrafts to sell unneeded financial products’ says Islwyn MPIslwyn MP Chris Evans has spoken out during a parliamentary debate against banks who allow customers to have large overdrafts in order to sell other financial products.

Overdrafts are the second most common type of issue that debt charity StepChange deals with, partly as a result of high maximum unplanned overdraft charges. Maximum unarranged overdraft fees are set by banks and can be as high as £100 per month.

Mr Evans said: ‘It is often in a bank’s interest to allow customers to run up large overdraft debts. Banks often sell indebted customers other high interest products including personal loans and other financial products.

‘These products are very often not in the customer’s interest and are not necessary for their needs and individual circumstances.

‘Banks should do more to identify and meet the specific needs of their customers and stop charging over the odds for unplanned overdrafts.

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