| In February, it repriced its deals to ensure existing borrowers no longer subsidised new customers. |
| They do this by passing on the full whack to borrowers, but only slightly increasing their savings rates. |
| Savvy borrowers know that there can be advantages in opting for a secured loan to consolidate existing debt into a single monthly repayment. |
| And we've had over a million letters mailed out to borrowers at risk who have not been in contact with our servicer. |
| There was also a benefit for many banks from fees which arose when borrowers refinanced their mortgages because of lower interest rates. |
| As borrowers defaulted, the banks found themselves with a lot of worthless loan portfolios. |
