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