Lloyds Bank has defended sending solicitor debt collection letters to their customers, as the stated their goal is to focus their customers’ minds on their debt problems.
It is the first bank to respond to the request from Andrew Tyrie, MP, who is the chair of the Treasury select committee, and encouraging the big four high street banks to issue letters to customers warning of potential financial difficulties they could face in the future.
The banks soliciting letters are sent under the name Sechiari Clark & Mitchell (SCM)Solicitors, who describe Lloyds Bank as “our client”, and state that “We are solicitors for Lloyds Banks plc and act for them in relation to the above matter”.
Antonio Horta-Osorio of Lloyds Bank commented: “It is in both our and the customer’s interests to engage and address the financial difficulty at the earliest moment. However, we recognise that transparency is now a priority”.
People struggling with debt are therefore advised to seek help immediately, as there are plethora of financial services out there, such as professional debt management companies and charitable debt support.