5th of September 2011 Author: Ava Jackuard
Banks in Ireland are taking a closer look at clients' bank accounts and rejecting loans to those who have too many transactions for online bingo and other gambling expenditures.
Chief executive, Trevor Grant of the debt advisory firm Negotiate had this to say: "When a lender assesses an application for reduced mortgage repayments due to financial difficulty, the customer is required to submit a detailed application, often including current account and credit-card statements.
"Not unreasonably, lenders will form a view that if the customer is struggling to pay their mortgage they should be tightening their belts, and they consider gambling, for example, as a non-essential activity and therefore should be one of the first social indulgences to be cut".
According to Frank Conway of Irish Mortgage Corp. lenders are even questioning mobile phones, school tuition and Sky bills.
It is a cause for controversy considering that bank statements are to prove a source of income not to analyze private transactions.
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