EUFA approach Australian Competition and Consumers Commission over BlueChip Mortgages

Following a protest outside the homes of BlueChip Victims last Friday, EUFAs active member Margaret Rasmussen was encouraged to learn that Challenger Mortgages have committed to review her file over her BlueChip dealings. However they have not committed to review all other victims files and Mrs Rasmussen believes her “review” is only afforded through her constant public stand.

Challenger Mortgages had served a Properly Law Act (PLA) notice to Mrs Rasmussen just prior to Christmas. Following the protest last Friday, Challenger Mortgages reportedly told TV3 that they will now “review” Mrs Rasmussen file. Mrs Rasmussen (69) and her mother (91) have both been subjected to Challenger's undue pressure.

Challenger Mortgages and GE Money - who used as their agents, Tasman Mortgages Ltd, a company directly associated to BlueChip, are under attack by the EUFA organisation for repeatedly using bullying tactics for recovery action when a Serious Fraud investigation is being undertaken against the Blue Chip Companies. The lenders are enforcing powers over securities which were gained by agents in BlueChip. Challenger Mortgages and GE Money claim also to be victim to BlueChip - but are chasing the vulnerable to seek their own recovery rather than chase the perpetrators.

Government officials in NZ who advise the various Ministers do have a full brief on the BlueChip case. It is almost a year since the enormity of the situation was exposed, yet individuals are being ignored and not being protected by the authorities in New Zealand.

EUFA executive and members (individual BlueChip Victims) have for many months tried to meet with their MPs and the Minister of Commerce but are becoming exasperated - resulting in EUFA executive contacting the Australian Competition and Consumers Commission to discuss Challenger Mortgages actions.

As consultant to the Negotiator Ltd, Coordinator of EUFA Suzanne Edmonds worked closely with the ACCC in 2006 taking a suitcase with $30kilos of evidence to a meeting with top ACCC officials. The case was a bogus franchise and after a thorough investigation by the ACCC the case was won in the Federal Court of Australia early last year.

Mrs Edmonds said from Auckland today “We have called on all officials and the companies involved to freeze recovery action while the Serious Fraud Office investigation is carried out - but our cries are landing on deaf ears. Challenger Mortgages is an Australian Company and we believe the ACCC must be informed of the magnitude of the problem here in New Zealand. The case we took to the ACCC in 2006 has some similarities to it and I believe the evidence must be viewed by the Australian officials if we are to get relief for our people”