news snippet re loans, page-13

I too have done my dough in 7 MIS schemes and still owe money to the financier - Adelaide Bank.

I can understand why people are angry but why is the anger directed at the financier bank. When I signed for each project I knew the loan money was coming from Great Southerns financial backers i.e Adelaide Bank. I knew that the loan documentation would make me liable to pay no matter what happened and if I didn't or couldn't pay then the guarantor would be liable.

Where some loans have been sold to someone at 38 cents in the dollar that obviously gives the borrowers some scope to negotiate a lower repayment. However, I don't think Adelaide Bank are involved in these 38 cent deals.

My conclusion is that much and all as I hate it I don't have any choice but to pay what is due to Adelaide Bank. If I don't pay the bank will more than likely be able to enforce the documentation that covers the loans and the Supreme Court in each state will grant judgment and costs to the bank.

If any one has an alternative view I would very much like to hear it.