Memorandum from Philip Murphy
I watched the Parliament channel on TV today
and watched the committee speak to various senior staff members
of banks. The subject of house repossessions was discussed and
I think my experience might be of interest to the committee.
I had a mortgage with on my Davyhulme property
with Bristol and West Plc. In recent years I was gainfully employed
and encouraged by banks and credit companies to go into ever increasing
debt. I then found myself unemployed and unable to meet my commitments.
I attempted to sell my house last year, having
had it valued in July by a local estate agent at £150,000.
That sum would have covered what I owed. Unable to
sell it, my property was repossessed by Bristol and West in October.
Last month, January 2009, B&W offered the property for sale
through a local estate agent for offers above £90,000. That
will not cover what I owe B&W and obviously therefore will
not leave any to cover the other debts I have.
I am now faced with bankruptcy. I am homeless
and the relationship I had with my seven year old son and his
mother from whom I am separated, in tatters, as a direct result
of what has happened to me because it has left me homeless. As
an ex member of the Armed Forces and having worked as a Firefighter
with Greater Manchester Fire and Rescue Service for twelve years
I have worked hard, been a good citizen and always paid my taxes.
Bearing in mind that money taken from me in
tax has been used to rescue the financial industry I am appalled
and sickened at the way that I have been treated by that very
industry, in particular Bristol and West but I seriously doubt
that such practices as I have seen are restricted to that company.
They have not only taken my only asset from
me but they have then, in my opinion, mismanaged that asset. They
have taken the opportunity to quickly turn that asset into a ridiculously
small sum with no regard for the short and long term negative
affects that would have on me. In doing so they have also contributed
in a small but notable way to the collapse of house prices in
Also they have increased the amount of irretrievable
debt that other companies have on their books because I am affectively
now forced into bankruptcy.
My vocabulary simply is not adequate to express
my anger and disgust at the greed shown by financial institutions
at their ongoing attempts to stuff their own corporate pockets
with a complete disregard for the consequences of their actions
on people like me and I am sure other members of the public that
have practically had to bail them out in their hour of need.
Thank you for taking the time to read this,
I hope you find it of some use in getting a rounded view of what
is actually happening to hardworking people on the ground that
are suffering as a result of the actions of the institutes you
are talking to on a regular basis.