Wednesday, 17 September 2008

On the Unfathomable Philanthropy of Financial Institutions

Wasn't it our admirably black eye-browed Chancellor of the Exchequer who, a year or so ago, stated, at the start of the present financial crisis, that the UK was in a better position than either the US or the rest of Europe to withstand an economic downturn?

What happened? I listen eagerly for Ministers to admit their failure but all seem to now say it was caused by events beyond their control and it's not our fault, Governor.

I only ask because their deft ability to pass the buck has directly affected a dear friend of mine.

She had her property repossessed at the beginning of the crisis by a mortgage company that, in their benevolent wisdom, decided the following facts were not to be considered; a) she already had an offer that was being processed; b) she was in a women's refuge at the recommendation of the police because an extremely dangerous individual was stalking her; c) she was on medication for depression; d) she had a far higher percentage of equity in the property than she owed the mortgage company.

The munificent mortgage company put the property on the market at a higher price than had been agreed with the individual/s who were then in negotiation. Needless to say, the kindly mortgage company rapidly had to reduce the price in order to find a buyer, which they eventually did.

Six months later, because of the urgency and concern with which the charitable mortgage company addressed the sale, it fell through.

The wonderfully humane mortgage company, who do not deign to address my friend directly but through a third party, have informed her that her property, originally on the market for £210,000, is now worth only £120,000. However, she shouldn't be concerned because they will still be able to recover the money they are owed.

She, my dear friend, writes of her story here.

The reason I report this, apart from the fact I cannot think of this episode without wishing for something extremely slow and painful to happen to the entire board of this wholly saintly mortgage company, is that I stayed with my friend over the weekend.

She has, at last, been able to move out of the refuge into a tiny but bijou residence in the middle of a very venerable town not far from Brighton. I am being circumspect about precisely where as she is still not safe from the individual stalking her.

It was lovely to see her looking so positive and happy - though that might have been the gin. Her new location certainly helps. I have visited the town before but never raised my eyes to its surroundings. It is beautifully situated and should be banned as being too similar to the cliché of an illustration that used to grace the top of a box of chocolates.

So here's to you, dear friend, and may all your troubles just be me.


Lane said...

Your friend's story is awful and the behaviour of the mortgage company abominable.
I'm so glad she's in a positive and happy place now - not to mention pretty by the sound of it.

DOT said...

It is truly awful, and I have e-mailed the Chancellor of the Exchequer, Alistair Darling, as the first broadside in my campaign, not merely to help my friend, but all those who are going to be repossessed for no fault of their own.

I hope more people will respond.

Millennium Housewife said...

An horrendous accout DOT, over from Earnest's, very interesing comment you left there MH

Girl On The Run said...
This comment has been removed by a blog administrator.
Girl On The Run said...

Thank you Dot for writing so eloquently on this subject. Now, with breath that I do bate, I wait
for a response from the darling Mr Darling...


DOT said...

MH you are too kind and the unfortunate thing about the repossession is that my friend will not be the only one who will go through this horrible experience. I fear many more will.