CURO/SOMER HOUSING DEBT ?178MILLION

south west | anti-cuts | opinion/analysis Thursday July 26, 2012 09:59 by very concerned tenant

According to the Tenancy Service Authority report of 2010 Somer Housing will have a peak debt of £178million by 2012/13  to be repaid out of tenants rents by 2023. This on top of the £75million in interest charges already paid out of tenants rents in the last 12 years. This debt is clearly unsustainable on an income of £25million per annum. To get around this the Somer Housing Board has been hijacked by bankers/venture capitalists whose stated aim is to transfer the charitable assets of Somer Housing valued at over £1 billion on the open market to a new profit driven organisation called The CURO Group.eg: a 2 bedroom flat in Snow Hill Bath rented out by Somer at £95 pw in 2011 is now being advertised in the Bath Chronicle for rent by CURO at £147 pw. The Charity Commission must investigate this misuse of charitable assets eg: several hundred thousand pounds of Somers rental income already spent on leasing a new fleet of vans with the CURO logo emblazoned on it, tens of thousands spent on issuing tenants with glossy propaganda leaflets telling them the changes are in tenants best interest when in fact the opposite is the case, before these parasites asset strip our charitable assets any further.