KEY POINTS:
A widow in her late 70s who invested with Blue Chip is pleading for help, desperate to avoid selling her family home.
Olly Newland, helping a group claiming more than $3 million from the property business, said the story was typical of the letters he had been receiving lately.
"I am on the point of putting my home on the market so this is my very last chance of a reprieve," the widow wrote to Newland. "Would you or anyone you may know be interested in buying into my home as an investor? If I could find someone who would do this, it would allow me to stay here for a period of say three to five years until the market improves.
"I could not afford to pay rent. The investor's gain would only be on the capital gain at the end of the term. The property is less than 12 months old, brick and tile, a G J. Gardner home built to a very high standard with quality fittings, carpet and drapes.
"None of my family are in the position to help me out financially. I have thought of all other avenues available to me, without success.
"I have applied to Tasman Mortgages for a holiday on the mortgage. However I don't see this as any real benefit as at the end of the day the money still has to be paid back. All this is having an effect on my health and I can't see myself being able to cope with the stress of it all for too much longer
"I do realise that this a somewhat forward proposition, however as you would appreciate I am in a desperate situation. I am just trying to keep some sort of reasonable lifestyle for myself, without having to resort to the charity of my family, throughout this whole debacle with Blue Chip."
The Auckland Property Investors Association said this week it would host a series of panel discussions to help property investors with the issues arising out of the current environment and situations such as the failure of Blue Chip.
Sue Tierney, the association's president said she knew of investors who were hurting.
"Although we cannot change the consequences of actions taken in the past, we can invite people to join us so that they can gain the information and knowledge to become more successful in the future," she said.
People who want to attend should email admin@apia.org.nz to register.
"There is such a wealth of knowledge within the membership of the association," she said.
The association wanted to draw on the knowledge of experienced members to stimulate discussion and enable people to gain insights and answers for their own situations.
"We want to respond immediately and effectively to the urgent concerns of members and to encourage other investors to join the association to enjoy the same support," she said.
