Banking Crisis - Treasury Contents

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 the marketplace.

  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.

February 2009

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