Business Secretary Vince Cable has said the banks of Britain are "ripping off" their customers, in an interview with the BBC.  As the debt problems of of UK customers facing repossession or claiming bankruptcy seem to only worsen, banks are only increasing the woe.

Mr Cable's comments come at a time when research for Panorama has revealed that Britain's high street banks levy unauthorised overdraft charges of as much as 167%.  Meanwhile authorised overdraft charges are average at 32% interest despite advertised ratings being at around 19%.  Customers who want to know how to escape debts are not receiving assistance from their banks.  Real debt relief solutions are not going to be forthcoming from banks who prosper from this unfair system.

The Business Secretary for coalition government has said: "When we talk about restructuring the banks what's going to come out of this is a more competitive system where the customers are not ripped off."

"One of the negative side effects of this crisis is that our banking system that was already very concentrated is now even more concentrated so there's less competition, less choice and bigger temptation for banks to earn margins at the expense of their customers," he said.

Currently, the consensus is that having a tiny overdraft can net a customer far higher charges than someone who has a much larger overdraft; and that all charges are far in excess of what is considered "fair" - except that is, in the opinions of the banks.  For those with a failure to pay minimum agreed amounts each month to creditors, until these unfair overdraft fees and PPI charges are resolved, their debt financial debt recovery will not be forthcoming.

These charges benefit only the banks, not the many customers who are required to seek help from responsible financial advisors, with a debt management program or IVA advice.  For those seeking a debt settlement - England, Wales and Scottish residents - we can help you escape debts.  So take action today and contact us - we're here to help.