Dear Editor,
My friend is a pensioner, a bottom-of-the-ladder NIS pensioner, and has been so for a few years.
She showed me a notice sent by Mayor and City Council showing that she owes $282,959 plus interest of $621,593. I phoned the banks and found that the interest for a savings account starts at 1.25%. What is the interest rate charged by the M&CC? − 30%. With long sad faces on TV and in an aggrieved tone the mayor is adamant that he cannot pay increased wages because he has no money. Similarly this pensioner cannot pay because she has no money.
The M&CC threatened to use the big stick to eventually deprive her of a home, and she will be forced to join the growing number of street people I guess.
According to the Guyana Times of October 5, more than $9B in rates and taxes are owed. What percentage of this is interest? This looks like a good business to me.
Who will take the big stick to the MCC? The same article deals with the question of possible major fraud, leakages in the financial system, poor management of finance, unaccountability for funds, incompetent management and a plethora of other things. And who must pay for this? The pensioner must pay nearly $1M. This is more than even what the house is worth. What part of the carrot is the Mayor offering to this and citizens of similar circumstances?
I phoned the M&CC and was told that if the $282,959 were to be paid off immediately then the interest charged would be only 50%. What a carrot! Bugs Bunny will have to bring this one to the Mayor. Then I looked at my account and saw that I owed $76,380 but the interest was $69,250. I will wait for the big stick and allow the M&CC the privilege of paying the interest in legal fees, for I consider this interest rate unfair and unjust.
Every day the media bombards you with news on the financial crisis throughout the world and the horrific tsunami-like toll it is taking on the mortgage industry. Guyana seems to have missed this destabilization. But then why should we be crisis free? No Sir. The M&CC is there with its big, big stick to make sure citizens of Georgetown are not left out of the loop.
Yours faithfully,
Hema Persaud
Editor’s note
We are sending a copy of this letter to Mayor Hamilton Green for any comments he may wish to make.
