Newspaper article The Journal (Newcastle, England)

TV Probe Claims Bank 'Forced' Many into Ruin

Newspaper article The Journal (Newcastle, England)

TV Probe Claims Bank 'Forced' Many into Ruin

Article excerpt

Byline: Barbara Hodgson Reporter barbara.hodgson@ncjmedia.co.uk

MP Ian Lavery is calling for a review of a specialist bank following claims it forced many of its customers into financial ruin.

The Wansbeck MP said he is out to highlight how Dunbar Bank has treated "hard-working ordinary people" while a bankrupted couple from Whitley Bay have set up their own action group to look at similar cases.

Dunbar Bank - property lending subsidiary of Swiss insurance giant Zurich - is at the heart of an investigation by the BBC Inside Out team. Monday night's episode of the current affairs series looks at forced bankruptcy claims involving the bank which has spent the past five years running down its loan book after its parent company decided to cease new lending in 2010.

Viewers will hear claims that Dunbar bankrupted customers in its haste to recover money on properties bought with their loans.

Small businesses and property developers say it withdrew customer support in order to retrieve its money as quickly as possible.

Ian Lavery has said he will raise the matter with the Treasury Select Committee.

"It appears to me as if there's a financial scam, albeit legal, which has been allowed to progress with Zurich and with Dunbar which needs close scrutiny," he said.

"That's why I've brought it to the attention of the Treasury Select Committee chairman Andrew Tyree in the Commons."

He added: "I've also arranged to have a meeting with MPs who have constituents who were involved in this.

"Everyone needs to know how these organisations have acted; how they've acted against hard-working ordinary people."

The programme speaks to Ben and Coryn Warren, customers of Dunbar Bank who have formed an action group to highlight the bank's "extreme" debt enforcement policies.

The pair ran a successful building company in Whitley Bay but were made bankrupt after the financial crash of 2008.

They have formed the Dunbar Action Group and among the cases they are examining is one of Ric Francis and his late wife Pauline who were with Dunbar for more than 20 years and borrowed money to fund development projects such as the Hartford Marina in Cambridgeshire. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.