stuff gtp and the banks, page-2

Yes, I'm doing the same tomorrow. No more payment for GS until this is all properly tested in a court.

Great Southern offered easy financing for their products, at a rate greater than existing market rates (approx 10%) saying these were 'unsecured' loans against the security of the products (plantations, vinelots etc) which is why one pays a premium for such loans.

I would like to see the following actions from the administrators ASAP:
1. An immediate freeze on all repayments.
2. Tested legal opinion (court case) as to whether in fact we are liable to repay these loans.

Depending on the outcome of the above, I can always restart repayments if in fact I'm ordered to, after the case is tested. This could take many months / years...

This is the best advice I have atm (financial advisor) and I'm having it confirmed with legal opinion.

tigga