Banks asked to help avoid bankruptcies

With record numbers of people in the UK expected to fall victim to Bankruptcy in 2007 as a result of increased mortgage repayments, the Financial Regulator has called for banks to offer better support to their consumers.

The group believe that banks are still allowing consumers access to large loans and mortgages before properly making sure they have the means to pay the money back.

Banks lose millions of pounds every year due to people being declared insolvent.