Hi everyone
I was working for a Bank back in 2008 in customer service credit cards which I can't name for obvious reasons.
Looking back to pre 2008 it was a crazy time dealing with customer complaints about their credit card accounts. In particular, I remember a woman crying down the phone to me that we had sent her 18 year old son a credit card with a limit of £5000 and he had went out that weekend and spent the lot on shopping. She claimed he would'nt be able to pay it back as he was a student and worked part time and we shouldn't have sent him such a big limit in the first place.
It was easy credit back then and so many people maxed out their cards and claimed they couldn't afford the payments afterwards. Most of the staff in the Bank had to be specially trained in dealing with customers in financial difficulty as high numbers telephoned in to say they couldn't make a minimum payment to their account. A lot of customers defaulted on payments meaning their credit score was ruined, but they didn't care there was nothing else they could do.
Then in 2008 we all thought we would lose our jobs when we heard our employer was in financial trouble. That was the start of the Taxpayer's bailouts. Luckily we kept our jobs.
In 2009 lending to 'adverse credit' customers was in demand and credit cards were sent out with up to 40% APR and low limits became the norm. A lot of customer's were in a bad way financially and were desperate. I heard a lot of money problem stories from people across the UK, looking back it was disturbing but as I say it became the norm. We had to empathise at all times and say sorry and advice customers to contact Debt Management companies. The policy was that we would only help a customer on a reduced payment plan only if they had failed to make a payment. I was genuinely interested in helping these customers but was always under pressure and observation from my Line Manager if i spent too long on the phone with customers as 3.3 minutes was supposed to be my goal as a call time or else my performance figures could be effected and ultimately given a warning.
Selling PPI to customers that is another story.