Hardship help from P.S.I.S.

Press, 11 July 1979, Page 2

Hardship help from P.S.I.S.

PA - Wellington Public Service Investment Society members who are suffering extreme hardship or who have contractual commitments may be able to* obtain assistance from the| society by way of loans, according to the statutory manager (Mr R. W. Stannard) yesterday. “I may be sticking my neck out but I believe this is one of the fundamental func-l tiohs of the society and I am trying as far as possible to avoid hardship,” he said. “I do -not want to imply that the danger has passed and that members no Jonger need to maintain or increase their level of support. It is equally important, though, that members who are having financial difficulties should also be able to rely on their society for continued support.” Where members had entered into an irrevocable contract which, if broken, could result in financial loss.

and they were unable to complete the contract because the funds intended for this purpose were “frozen,” the society would consider their applications for loans. Mr Stannard said. This could apply in the case of unconditional contracts to buy a home that were entered into before the “freeze.” The loans granted under the scheme would be from the new funds deposited by members, and would be at normal society interest rates. i Loans for other forms of financial hardship would also be considered where the members used the society | for all financial dealings and required urgent financial assistance. “As with the earlier loan provision . announced,” Mr : Stannard said “none of the i loans granted under this I scheme may be secured or I set off against ‘frozen’ funds.”