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Hyacinth Nelson's grief
Portmore resident protests sale of her house, but COK says she had bad payment history
Wednesday, October 08, 2008
Hyacinth Nelson (left) pleads for help outside the Cross Roads branch of the COK Co-operative Credit Union yesterday as her three grandchildren look on despondently. Nelson's house has been auctioned by the credit union which claims she has been consistently delinquent with loan repayments. (Photo: Michael Gordon)
Hyacinth Nelson believes she has been dealt an unfair hand by COK Co-operative Credit Union.
According to Nelson, the financial institution has sold her house from under her feet and now she and her five children have nowhere to live.
Yesterday, the woman and about 20 supporters staged a peaceful demonstration outside COK's Cross Roads branch to express their disgust at what they described as the "heartless action" of the credit union.
Nelson claimed she owed COK $3,000,000 and despite renegotiating her payment plan with the institution, her house at Passage Fort in Portmore, St Catherine was sold for $5 million without her knowledge.
"Me nuh have nowhere fi live. I am begging a lawyer, the prime minister, the opposition leader to help me with this one," Nelson, who was next to tears, told reporters. "Five pickney haffi sleep outa door. My house value $12 million and them sell it without me know anything for $5 million."
The woman said she had fallen behind in payments but had attempted to hatch a new payment plan when the credit union sold her house which, she said, was used as security against the loan. She said her last payment was made in July and provided receipts as proof.
The receipts showed that Nelson owes COK a balance of $3,110,969.67. Her last payment of $400,000 was $290,000 short of the required monthly payment.
"Them don't deal with me right. Things hard right now and me couldn't find the money, but them never haffi sell me house. See the children them yah, them no have nowhere fi sleep," Nelson said.
However, COK's general manager for credit and administration, Ewan Shaw, said the credit union had been working to assist Nelson and had given her advice on how to stall the pending sale of the property.
"We were in a meeting with her, her sister, a police inspector and two of our officers," said Shaw. "We tried to help her by telling her she could go through the courts to stall the sale, but she goes and lambasts us as if we weren't trying to help her. We have been having a bit of difficulty since 2006 with this loan." Shaw told the Observer that this was the second occasion that the property had been put up for auction in an attempt to recover the money owed by Nelson.
In a release to the media yesterday, COK attempted to explain the reason for their course of action.
"Based on the alarming level of delinquency and as a responsible financial institution, COK had no alternative but to protect the savings of our many other members, whose savings we use to grant such loans as Ms Nelson's," said the release, which bore the signature of deputy general manager for marketing and business development, Michael Steele.
The demonstration almost got ugly after one of the protesters padlocked the doors to the institution, reportedly harried staff and prevented customers from entering the establishment. The situation was diffused by officers from the Cross Roads Police Station, who were quick on the scene.
Portmore resident protests sale of her house, but COK says she had bad payment history
Wednesday, October 08, 2008
Hyacinth Nelson (left) pleads for help outside the Cross Roads branch of the COK Co-operative Credit Union yesterday as her three grandchildren look on despondently. Nelson's house has been auctioned by the credit union which claims she has been consistently delinquent with loan repayments. (Photo: Michael Gordon)Hyacinth Nelson believes she has been dealt an unfair hand by COK Co-operative Credit Union.
According to Nelson, the financial institution has sold her house from under her feet and now she and her five children have nowhere to live.
Yesterday, the woman and about 20 supporters staged a peaceful demonstration outside COK's Cross Roads branch to express their disgust at what they described as the "heartless action" of the credit union.
Nelson claimed she owed COK $3,000,000 and despite renegotiating her payment plan with the institution, her house at Passage Fort in Portmore, St Catherine was sold for $5 million without her knowledge.
"Me nuh have nowhere fi live. I am begging a lawyer, the prime minister, the opposition leader to help me with this one," Nelson, who was next to tears, told reporters. "Five pickney haffi sleep outa door. My house value $12 million and them sell it without me know anything for $5 million."
The woman said she had fallen behind in payments but had attempted to hatch a new payment plan when the credit union sold her house which, she said, was used as security against the loan. She said her last payment was made in July and provided receipts as proof.
The receipts showed that Nelson owes COK a balance of $3,110,969.67. Her last payment of $400,000 was $290,000 short of the required monthly payment.
"Them don't deal with me right. Things hard right now and me couldn't find the money, but them never haffi sell me house. See the children them yah, them no have nowhere fi sleep," Nelson said.
However, COK's general manager for credit and administration, Ewan Shaw, said the credit union had been working to assist Nelson and had given her advice on how to stall the pending sale of the property.
"We were in a meeting with her, her sister, a police inspector and two of our officers," said Shaw. "We tried to help her by telling her she could go through the courts to stall the sale, but she goes and lambasts us as if we weren't trying to help her. We have been having a bit of difficulty since 2006 with this loan." Shaw told the Observer that this was the second occasion that the property had been put up for auction in an attempt to recover the money owed by Nelson.
In a release to the media yesterday, COK attempted to explain the reason for their course of action.
"Based on the alarming level of delinquency and as a responsible financial institution, COK had no alternative but to protect the savings of our many other members, whose savings we use to grant such loans as Ms Nelson's," said the release, which bore the signature of deputy general manager for marketing and business development, Michael Steele.
The demonstration almost got ugly after one of the protesters padlocked the doors to the institution, reportedly harried staff and prevented customers from entering the establishment. The situation was diffused by officers from the Cross Roads Police Station, who were quick on the scene.
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