National Australia Bank Subsidiary Clydesdale's 'Tailored Business Loans' are
Hurting Scotland's Youth, Poor, Homeless and Abused, According to Scottish
Charity, Destiny Church
GLASGOW, Scotland, March 26, 2014
GLASGOW, Scotland, March 26, 2014 /PRNewswire/ --
NAB owned Clydesdale Bank has seriously hurt
Destiny Church's work with the homeless, disadvantaged
and women suffering from domestic violence. The
Church has incurred substantial 'break costs' on
loans it claims were mis-sold by Clydesdale Bank
sales staff. The net effect is that Destiny
Church has had to severely curtail it's charitable
work with poor and vulnerable people.
Destiny Church ironically owns Clydesdale Bank's former Headquarters in
Glasgow which it now cannot afford to redevelop into a Community Centre,
Church and Nursery. The loans sold by Clydesdale are thought to have earned
the Bank many thousands of pounds in commissions and fees.
The loan products sold to the Church had hidden financial derivatives embedded
in them and according to Professor Dempster, of the Centre for Financial
Research at the University of Cambridge, an expert in Financial Derivatives,
the type of loans sold to the Church and others were 'mis-priced and
overpriced'. The Professor illustrates the case for
NAB/ClydesdaleBankmis-sellinginhispresentation at the NAB Customer
Support Group conference (ironically at Destiny Church conference centre in
It seems that 60,000 of these 'toxic loans' have been sold by High St banks to
UK businesses since 2001 and there is growing pressure on the Government to
include these loans in a review process which has already seen another 40,000
'similar' loans under review by UK regulator, the Financial Conduct Authority.
It seems that Destiny Church and the people reliant on it's remarkable work
may have to pray for a change of heart from Clydesdale parent, NAB, as there
is a real possibility that the charity may have to make further cutbacks. The
nub of the matter is that the Church is paying £5,500 per month more than it
should be doing as a result of the mis-sold loans. The Church estimates its
losses at £400,000, money it and Scotland's disadvantaged can ill afford to
The support group helping Destiny Church, 'NAB Customer Support Group' set up
by John Glare has provided the Church with expert help and advice from it's
members who have also been mis-sold these loans.
Glare says 'some of our members have been bankrupted by NAB owned Clydesdale
and Yorkshire Bank's actions, they are destroying peoples lives; seeing what
has happened to a charity is really beyond comprehension.'
John Glare continues, 'I guess that at many people helped by the Church's
charity had nothing, and they still have nothing.'
The Glasgow and Edinburgh based charity says specifically;
*2,000 peoplehavegonehungryasourfoodbankshaverundry ,
*2,500 of Scotland's youth have not been reached, helped or cared for, due
to loss of youth workers not being employed,
*150 people have been made homeless as our hardship funds ran dry and we
were not able to help,
*2,000 vulnerableladiesfacingdomesticabuse or drug/alcoholaddiction -
not helped because funds were not there to expand our ' LifeLineprogram '
which supports them
*2,500 kids not supported through our kids programs as no funds to pay for
kids workers' salaries
*300 families not received
According to Destiny Church, the Clydesdale originally promised to gives them
a response to their ongoing complaint with the bank before Christmas, now
nearly 3 months on and another £17,500 in additional payments, it seems that
the Church's destiny is not looking too good.
About NAB Customer Support Group (NCSG)
The group was set up to help customers of NAB owned Clydesdale and Yorkshire
Bank who were mis-sold fixed rate loans embedded with financial derivatives.
NCSG is lobbying the UK Government hard to get these loans 'reviewed' and
NCSG Website http://www.nabcustomersupportgroup.org
Contact: Scott Simpson +44(0)7960806751
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