@tom has just been on BBC Radio 4’s You and Yours about Monzo’s gambling block
Should be able to catch up in time here
I only caught the end of it but the interviewer was suggesting that the speed in which Monzo issue loans is too quick…
They’re were saying that Monzo should implement a cooling off period for those that have activated the gambling block
Tom wasn’t in favour. He was arguing that this would inconvenient the vast majority of customers who have the block turned on (approx 180k)
I can’t believe all of those 180k customers (wow!) have turned on the gambling block because they all have a problem, there will be many who have done it simply for peace of mind. So for that reason I can understand Tom’s position.
I know that you can contact COps to change cash withdrawal limits and the likes, so I’d imagine you could tell Monzo to not offer loans at the same time?
That would put an extreme pressure to COPs and they are already under a lot of it.
When they launched locked pots the only way to unlock a pot was to wait until the set date or to contact CS, they had to remove it due to the strain it added.
I believe there’s an extra layer of friction for vulnerable customers applying for loans but I’m not sure if I picked that up correctly
I don’t know who is in charge of loans to tag to get a definitive answer on that, but it would be nice to know that this is the case.
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