The hu­man cost of bank­ing cri­sis goes on – I should know

Irish Independent - - Letters & Editorial Comment -

■ The bank­ing cri­sis hasn’t gone away. The truth is hid­den. The tracker scan­dal is only the tip of the ice­berg.

The Gov­ern­ment talked up the econ­omy over the last cou­ple of years and houses have gone up in price be­cause of that. The Gov­ern­ment sold shares in banks and got bil­lions in. But it’s false, like how the banks got us all in the mess back in 2008; by not be­ing truth­ful.

I feel for peo­ple get­ting loans to­day to buy over­priced houses and deal­ing with broke banks. The bank is your best friend when it gives you a loan, and the school bully a few years down the road.

My­self, I bor­rowed and made an in­vest­ment in 2004 to 2005 and rented two houses out, and worked hard in my job.

Af­ter the crash in 2008, the bank came af­ter me to re­pay the loan in full.

I couldn’t, as the two houses dropped in price with the crash and the in­vest­ment was lost with the bust (like most pen­sions, funds, shares etc).

This put a lot of stress on my­self and my wife, who was ex­pect­ing our sec­ond child at the time (she sub­se­quently mis­car­ried).

The bank had been con­tact­ing my wife by phone and up­set her, even though she hadn’t bought the two houses as we weren’t mar­ried at the time. We worked with the bank in 2010-2013. I met them with an ad­viser and agreed to sell the two houses.

Now they were sold at a small price com­pared to what they would be worth to­day. Then a few months later the bank sold our loan to a ‘vul­ture fund’.

Our life has been hell the last few years try­ing to fight them off and now it’s full of sleep­less nights. We found there are thou­sands like us. Name and ad­dress with the ed­i­tor

The Gov­ern­ment talked up the econ­omy

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