.
Bendigo and Adelaide Bank Ltd (ASX:BEN) has had enough of customers refusing to repay loans associated with the collapsed investment schemes of Great Southern Group.
According to a Fairfax report, Managing Director, Mike Hirst has made it very clear to people who borrowed money to invest into the failed managed investment schemes, that they will face bankruptcy and even the loss of their assets if they continue to refuse to repay their loans.
The report in The Sydney Morning Herald says a letter sent to those owing the bank money, also attempts to dissuade disgruntled customers from putting more money into the class action currently being planned by lawyers Macpherson and Kelley.
Investors who borrowed large amounts of money from lenders like Bendigo to invest into Great Southern Group's investment schemes, are holding out in repaying the loans in the hopes that class action being prepared may relieve them of these obligations.
Bendigo and Adelaide Bank is owed close to $550 million in outstanding loans associated with the Great Southern debacle.
Bendigo and Adelaide Bank booked a profit of $259.9 million for the year to June 30, 2010.
News: Bendigo says it will chase unpaid loans
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