Another issue for Adderley’s Banking Committee
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HOUSE OF LABOUR: Consumer’s Corner is pleased that the Clearing Banks Association see the appointment of the Parliamentary Select Committee to investigate the practice of lending institutions as an opportunity to clear the air about why there are so many delinquent loans. The associations chairman William B Sands Jr. is on record that: “this would give banks the opportunity to fully explain the reasons for the growing number of delinquent loans and mortgages, and that repossession or foreclosure is a banks avenue of last resort which is undertaken only when all other options have been exhausted.” The appointment of this committee chaired by Malcolm Adderley affords the opportunity for so many consumers who have become victims of the unjust regulations of the country’s financial institutions to come forward. And lets settle these issues once and for all. It also presents an opportunity for this second committee in ten years to take the hearings public, instead of inviting people to testify in the closed precincts of the “talk shop” better known as parliament. Let’s have some town meetings where consumers can have their say. Let’s hold meetings in the schoolrooms, the church halls and on the park if necessary. Let the consumers, the banks, the insurance and mortgage companies speak. Let them all clear the decks! On the issue of delinquent loans the consumer movement have long ago weighed in on this topic from our perspective. First, one of the main challenges of this committee is to work for a change in tactics used by companies in the collection of delinquent debt. At the root of most of the higher than normal delinquency in accounts is the fact that wages have not increased sufficiently over the past few years. Ironically, although the economic times of the pass five years are said to be good, we have seen foreclosure, delinquent loans, bankruptcy and bank claims cases before the courts at an all time high; and, offensive aggression by institutions personnel at the homes and on the jobs of consumers continue to be nuisance and a liability. More : thenassauguardian.com |