On or about 28th May 1975, as a requirement to join the Navy we had to bank with the then Public Service Investment Society (Here to referred as PSIS). Most of the recruits had to join them unless they had another bank account.
From May 1975 until February 2001 I banked with them with no main issues. The only change was my making that our joint account with my wife in 1986. My rating of the PSIS was about 20 out of 10 (in other words very very satisfied). In December 2001 I had a mental breakdown and my wife and I separated and she retained the PSIS accounts (both daughters are account holders aligned to my original account), so my wife negotiated a new account for me.
Still no issues. Credit was good and easy to come by, and I paid back the loans religiously. I had, as far as I knew, a great relationship. In 2011 I purchased a car and used a loan to pay for it. The loan was a Personal Loan. I thought it was odd but signed the paperwork. Nothing wrong so far. In 2012 I reapplied to up the Loan amount to cover a newer car. Once again, Personal Loan Finally in 2014 I applied to have a $14,000 "Personalised Loan" to purchase my 4x4.
Once again the then Cooperative Bank was happy to have me as a customer. Now my revisiting Mental Health issues resurfaced and was back on the benefit. I had been on the benefit when I took the first loan out. In 2015 after losing my job, I was back on the benefit and was able to negotiate my $140 week repayments down to $80, and that was not an issue then. In the past year I have been paying $80 a week and $22 a week comes out in Interest (so effectively paying over 25% in interest whereas the agreed amount is 13.9%)
Not a major yeah?? Well yeah. I asked last year if I could get a $1500 top up (Debt Consolidation or/Re-finance) or a $1000 Overdraft, so I could get my car serviced and for a trip to Auckland to see my girls. I have got an exemplary credit record, have been a faithful customer, and served my Country. Surely I have the credentials to get that top up. I should add - I think the PSIS (Cooperative Bank) needs to be faithful to it's customers and help them after all how many millions of $$$ have the Armed Services put through their cashiers. I have been tempted to file Bankruptcy but I think it's just not worth it and I diligently pay my debt.
The Cooperative Bank rating was 20 out of 10 (very very satisfied) and now rates -50 out of 10 (Very Sour Taste).