Banks are *&^%$##@
Mar 19th 2004, 9:42 pm
#1
Thread Starter
Joined: Aug 2003
Posts: 11,149
Banks are *&^%$##@
http://www.theaustralian.news.com.au...%5E643,00.html
St George chases dying man for spruiker debt
By Andrew Dodd
March 20, 2004
ST GEORGE Bank's image as the battler's hero is in peril after the bank's decision to pursue a terminally ill man and his wife over a loan the couple claim they were tricked into taking.
The bank will take legal action against Don Omond, 73, who suffers from a rare form of leukemia and has just weeks to live, and wife Evangelina over a $9200 loan to fund their enrolment in a property seminar arranged by disgraced property spruiker Henry Kaye.
The pair received official notice this week that St George would chase them for unpaid instalments since defaulting on the loan in November.
Mrs Omond said she cannot repay the amount as their income is only $20,000 a year. "We can't afford it any more. I can't work full-time because I'm looking after Don. It's very upsetting to pay the bank when we didn't get anything from them. It makes us angry."
St George chases dying man for spruiker debt
By Andrew Dodd
March 20, 2004
ST GEORGE Bank's image as the battler's hero is in peril after the bank's decision to pursue a terminally ill man and his wife over a loan the couple claim they were tricked into taking.
The bank will take legal action against Don Omond, 73, who suffers from a rare form of leukemia and has just weeks to live, and wife Evangelina over a $9200 loan to fund their enrolment in a property seminar arranged by disgraced property spruiker Henry Kaye.
The pair received official notice this week that St George would chase them for unpaid instalments since defaulting on the loan in November.
Mrs Omond said she cannot repay the amount as their income is only $20,000 a year. "We can't afford it any more. I can't work full-time because I'm looking after Don. It's very upsetting to pay the bank when we didn't get anything from them. It makes us angry."
Mar 19th 2004, 9:46 pm
#2
Thread Starter
Joined: Aug 2003
Posts: 11,149
St George are in trouble for partaking in a scheme that is very grey in the eyes of the financial regulators. Henry Kaye has now been declared Bankrupt. Their lawyers will get them out of it but thats the way property investment can work.
http://www.financialstandard.com.au/index.php?id=3511
http://www.financialstandard.com.au/index.php?id=3511
Mar 19th 2004, 9:48 pm
#3
High in the Dandenongs
Joined: Apr 2003
Location: Listening to Puffing Billy
Posts: 9,183
Replace the B with a W and it sums it up
