500 signatures reached
To: Chancellor George Osborne
LET RITA & RICHARD KAUFFMAN KEEP THEIR HOME!
To write- off Rita and Richard Kauffman's debt to government owned Mortgage Express and let the Kauffmans keep their home.
Why is this important?
UKAR is a company set by the government to get the maximum value from from two banks taken over during the financial crisis.
More then 300,000 borrowers have ended up as customers of this company and many of them are in dire financial situation.
Few though are as bad off as Rita and Richard Kauffman who are in their late 60's.
If they don't repay their 376,000 mortgage UKAR will repossess their home.
UKAR is a business without a heart. It has no public share holders and no reputation to protect. Its sole point is to ruthlessly pursue the money it is owed. If that means turning into the street an elderly couple who are the victims of a terrible mis-selling scandal then so be it.
In 2006 a financial advisor talked the Kauffmans into a rotten investment. He was part of a group of salesmen who used high pressure tactics and psychological tricks to convince people to take out high risk investments so that he could earn huge commissions.
He advised the Kauffmans to take a home loan and invest the money in the high risk deals while they asked for a low risk investment.
Bosses at Mortgage Express approved a home loan for the Kauffmans, bringing their total borrowing to £374,925, with hardly a question asked about how this huge sum will be repaid.
Bank of Scotland - now a part of Lloyd Banking Group loaned the pensioners a further 194,931 knowing this be used to invest in a package of high risk endowment plans it would also sell them.
This sewn together what is now called Frankenstein investment plan has allowed the different businesses involved to wash their hands of any blame because they were just one part of a bigger monster. So although the Financial Ombudsman found in favour of the Kauffmans, none of these businesses have been held to account.
Even in 2006, before the financial crash, deals like this were despicable. No bank should ever lend money to allow someone to invest.
With compensations awarded by a court following the ombudsman's decision the Kauffmans paid their debt to the Bank of Scotland. However their debt of 376,000 to the now government owned Mortgage Express remains.
UKAR has the ability to keep the Kauffmans in their home and ensure they get justice. That would be the best value for the country - not leaving an elderly couple homeless and penniless.
UKAR has a net worth of £7 billion!! That is how much they collected for the government. A few thousands will not make a difference to UKAR but mean the roof over the head of two pensioners.
Sadly UKAR has shown it doesn't have an ounce of decency.
Now it's up to Chancellor George Osborne to show that he does. He is the one man that has the power to keep the Kauffmans in their home.
Please sign this petition to urge George Osborne to write- off the Kauffmans' debt and let the Kauffmans keep their home.