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KEY POINTS:
When Capital + Merchant went bust, it took an $11,000 nest egg for Graeme Shaw's teenage daughter with it.
Mr Shaw was shocked, but sadly not surprised: the family had already lost a $132,000 investment when Bridgecorp went bust in July.
But even to be hit twice in
the spate of finance company collapses pales in comparison to the $320,000 the Shaws spent repairing the leaky Epsom home they bought off the plans seven years ago.
Despite the "triple whammy", Mr Shaw was philosophical yesterday, saying they were not naive investors, but rather unfortunate "victims of circumstance".
He said the family's discussions about the losses to the Bridgecorp collapse and leaky home meant 14-year-old Laura had a better understanding about what happened to her money at Capital + Merchant when they broke the news last week.
She was a "good little saver", putting aside money given in gifts by grandparents and others since she was born.
Mr Shaw, an automation engineer, had put the money with Capital + Merchant on her behalf.
After the Bridgecorp collapse he had been hoping to get Laura's money out when the term deposit matured next year.
"Then we got the call from our financial adviser and I just said: 'Don't tell me ... "' Mr Shaw had naturally agreed to cover Laura's losses but the family were still "absolutely gutted".
Both finance company investments were made following advice from a financial planner, who Mr Shaw did not want named and did not blame.
They had been "100 per cent happy" with the returns until the Bridgecorp collapse.
Mr Shaw was hopeful of getting some money back from Bridgecorp eventually, with the loss particularly hurtful because it was to provide income protection in case his IT consultant wife, Maureen, an arthritis sufferer, ever needed to take time off work.
He also hoped to get some recompense from the Weathertight Homes Resolution Service early next year.
An Australian who moved here 20 years ago and is married to a New Zealander, Mr Shaw admitted to having a "bitter Kiwi taste in his mouth" for the moment.
His advice to those who had money invested with finance companies was simple: "Get your money out."
TRIPLE WHAMMY
Shaw family losses:
* $11,000 in the Capital + Merchant collapse
* $132,000 in the Bridgecorp collapse
* $320,000 to repair leaky home
CONTACT THE BANK
Customers of ill-fated finance company Capital + Merchant should get in touch with their banks immediately if they find investment payouts mysteriously reversed from their accounts.
Banking Ombudsman Liz Brown told the Herald yesterday she could do little to help investors who had not first tried through their banks to recover lost earnings.
Her comments come after it was revealed that a number of Capital + Merchant customers had seen mature investments paid into their bank accounts suddenly taken back as the company found itself in financial strife.
One St Heliers woman, who did not wish to be named, told the Herald she had received a payment of $5493 into her ASB account on November 26, only to find it reversed on November 28. When she contacted her bank, she was told the payment had been "dishonoured".
Bankers Association chief executive Alan Yates said last night that banks were limited in what they could do after receivers were put in charge of a company's finances. A cheque or payment could be stopped at any stage. David Eames
