Lenders profiting from obvious fraud

At a sombre meeting held in Tauranga yesterday for BlueChip Victims, many of whom are elderly, it was evident that people are seriously suffering as savage recovery notices are being delivered to people who have been caught up with huge loans as part of the BlueChip scam.

 

As predicted - many are now at the 11th hour facing the loss of their homes. In retirement years this is debilitating and takes away the reason to live on.

 

Some have sold their homes or remortgaged, repaying the lenders. There is little doubt some repayments will mean the lenders will be profiting from fraud.

One distraught man who does not wish to be named said at the meeting “If I received stolen goods I’d be locked up. What’s the difference?”

 

It is well known that documents were tampered with to get the loans approved. This was done after the victims had signed them and now with file searching the evidence is comeing out.

 

The lenders who were unknown to victims until the whole disaster hit, are overseas companies who are alleged to be profiting from fraud. It is believed the Companies have the loans insured.

 

Coordinator of EUFA Suzanne Edmonds said today “ The question has to be asked, why are the companies going after the victims of fraud and not claiming against their insurers’? That is why they pay insurance premiums. We certainly hope the financiers’ are not double dipping”

 

The entire country has seen enough through the media and know how serious the suffering is and what the ramifications are. EUFA members believe it is going to take a crisis before the Government takes action.

 

When a lady died after her power was cut off - the government jumped in and drove the development of guidelines around acceptable practices - it was only then that immediate action was taken. They threatened the power industry with regulations if the industry didn’t move immediately!

 

While we watch overseas companies take money and homes from decent grass root New Zealanders with shattered lives, and while it is obvious many loans were obtained fraudulently,

DO WE NOW WAIT FOR ANOTHER TRAGEDY!