A meeting was held in Portcullis House on Thursday 4th July 07 regarding SAMS, (Shared Appreciation Mortgages), with executives of HBOS Mortgages Division and SAFE, (Struggle Against Financial Exploitation Ltd), Secretariat to the APPG, (All Party Parliamentary Group ~ Against Financial Exploitation) which Alan Keen MP Chaired as Vice Chair to the APPG.

Bank of Scotland met with representatives of SAFE and Alan Keen MP earlier this week. This was a constructive meeting but the talks are still at a very early stage. Bank of Scotland has not received any details to explain how the Barclays scheme works. Until this happens no judgment can be made about whether any support scheme is possible. There can be no certainty that there will be any such scheme.

A spokesperson for SAFE said, “The Barclay deal for its SAMs holder took several months to evolve, namely an interest free life time loan to replace the Barclay SAMs, for customers who were in hardship, but in order to expedite the potential HBOS package, Barclays have agreed to allow SAFE to provide HBOS with the précis of Barclay package.”

At a later meeting of the APPG Against Financial Exploitation in the Commons Chaired by Lord Ahmed the Barclay package was welcomed by MP’s who expressed their hope for a similar deal for the HBOS SAM holders. Some 180 MPs’ have expressed their support to SAFE for their efforts on behalf of their constituents trapped by Shared Appreciation Mortgages known as SAMs.

CONTACTS:-

SAFE: Website: www.safe-online.org

Elaine Williams; Tel: 0208 630 9990  Email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

&

Robert Owen Tel: 01929 424 528  Email This e-mail address is being protected from spam bots, you need JavaScript enabled to view it