GE Money briefs Minister on Blue Chip

10 September 2008

GE Money briefs Minister on Blue Chip

At a meeting today with the Minister of Commerce, the Hon Lianne Dalziel, GE Money reaffirmed its commitment to an empathetic and flexible approach to borrowers who are victims of the Blue Chip collapse.

GE Money Director of New Zealand Business, John Grant, said GE Money has provided loans for less than 10 percent of Blue Chip investors.

"We have not issued any Property Law Act notice to pensioners or retirees who may be at risk of losing the roof over their head. We are very concerned about this group and we need to talk to them individually about their specific circumstance, in order to help.

"However, there is a significant number of investors who have bought income producing rental properties who should continue to make loan repayments. Not making repayments just makes their own positions more difficult."

A GE Money free-call number has been set up for Blue Chip investors: 0800 281 998.

"Our aim is always to help customers through financial difficulties where possible," Mr Grant said. "We can only do that if customers talk to us."

ENDS

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