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The FINSAC Commission of Enquiry resumed its hearings on Wednesday morning, the first in several months following a legal challenge mounted against its former Chairman and retired jurist, Boyd Carey.
The two remaining Commissioners, Charles Ross and Worrick Bogle heard testimony from FINSAC debtor Vera Donaldson.
In her words ‘I am homeless, I don’t live anywhere’.
A tearful Vera Donaldson told the enquiry that she is now residing with relatives after her house in Spanish Town, St. Catherine was sold.
The commission heard that in 1993 Mrs. Donaldson guaranteed a debt of $1 million on behalf of her daughter, with a mortgage on her house.
However her daughter defaulted on her payment and the debt was turned over to the Jamaica Redevelopment Foundation (JRF).
Mrs. Donaldson said she received the shock of her life when in two letters dated April 7, 2008 she was informed by the JRF that her debt had climbed to $10.9 million and $111 million respectively with accrued monthly interest.
Puzzled she turned the matter over to an attorney.
As it turned out no explanation was given as to how the figures were arrived at.
The letters ended with a threat of legal action if the debt was not paid.
Mrs. Donaldson said she next received a letter from the JRF informing her that her house had been sold for $3.9 million and her debt now stood at $14.9 million.
This has left Mrs. Donaldson and her attorney, Alexander Williams, confused, hence the matter being brought before the Commission.
The two remaining Commissioners, Charles Ross and Worrick Bogle heard testimony from FINSAC debtor Vera Donaldson.
In her words ‘I am homeless, I don’t live anywhere’.
A tearful Vera Donaldson told the enquiry that she is now residing with relatives after her house in Spanish Town, St. Catherine was sold.
The commission heard that in 1993 Mrs. Donaldson guaranteed a debt of $1 million on behalf of her daughter, with a mortgage on her house.
However her daughter defaulted on her payment and the debt was turned over to the Jamaica Redevelopment Foundation (JRF).
Mrs. Donaldson said she received the shock of her life when in two letters dated April 7, 2008 she was informed by the JRF that her debt had climbed to $10.9 million and $111 million respectively with accrued monthly interest.
Puzzled she turned the matter over to an attorney.
As it turned out no explanation was given as to how the figures were arrived at.
The letters ended with a threat of legal action if the debt was not paid.
Mrs. Donaldson said she next received a letter from the JRF informing her that her house had been sold for $3.9 million and her debt now stood at $14.9 million.
This has left Mrs. Donaldson and her attorney, Alexander Williams, confused, hence the matter being brought before the Commission.