Latest news with #repossession
News.com.au
17-07-2025
- Business
- News.com.au
Jon Adgemis mother's house repossessed, prepared for sale
The Rose Bay home that embattled pub baron Jon Adgemis owns with his mother has been repossessed by financiers. The six-bedroom home on a 567sqm block at 2A Conway Ave, where Mr Adgemis's mother and grandson had been living, now has signs on the doors saying 'the mortgagee is in possession of this property'. The note advises that the 'mortagee has secured all doors and windows and will prosecute you if you trespass upon or in the property'. There are padlocks on the gates, the property has been emptied of furniture and TVs have been pulled from the walls. The Daily Telegraph reported last month that Mr Adgemis's Public Hospitality Group has a whopping $500m in debts. A call around of eastern suburbs agents has revealed that Fred Small of Laing and Simmons Double Bay has been appointed to sell it, and the property is now being prepared for sale. Mr Small has been approached for comment. Reports emerged in late May in the Australian Financial Review alleging that the former KPMG dealmaker mortgaged the property behind his mother's back. Mr Adgemis's mother had been in the Supreme Court trying to keep the property, as La Trobe Financial sought to claim it as part of efforts to recoup $6.2m that Adgemis borrowed to finance his business. The Supreme Court heard that his mother 'does not recall and has no record of ever receiving' any legal documents. It was also alleged that the mortgage was taken without her knowledge or authority. La Trobe had applied to the court to repossess the Rose Bay house, that last traded for $4.45m in 2018. Double Bay agents estimate the property would now be worth between $7m and $8m. The land title includes a long list of caveats from creditors, including the chief commissioner of state revenue. The hospitality boss has been battling to keep his faltering hospitality empire — which included Oxford House, pubs The Lady Hampshire and the Camelia Grove and Noahs Backpackers — out of the hands of liquidators as he faced hundres of millions of dollars in debt. Mr Adgemis now lives in a Bondi apartment owned by billionaire fund manager Will Vicars, having moved out of the Point Piper 'Bang & Olufsen' waterfront house owned by Jerry Yafu Qiu, in exchange for property maintenance.
Daily Telegraph
17-07-2025
- Business
- Daily Telegraph
Jon Adgemis mother's house repossessed, prepared for sale
The Rose Bay home that embattled pub baron Jon Adgemis owns with his mother has been repossessed by financiers. The six-bedroom home on a 567sqm block at 2A Conway Ave, where Mr Adgemis's mother and grandson had been living, now has signs on the doors saying 'the mortgagee is in possession of this property'. The note advises that the 'mortagee has secured all doors and windows and will prosecute you if you trespass upon or in the property'. There are padlocks on the gates, the property has been emptied of furniture and TVs have been pulled from the walls. The Daily Telegraph reported last month that Mr Adgemis's Public Hospitality Group has a whopping $500m in debts. MORE: Australia's most bitter celeb divorces MORE: Hemsworth's Aus esky drink hole in receivership A call around of eastern suburbs agents has revealed that Fred Small of Laing and Simmons Double Bay has been appointed to sell it, and the property is now being prepared for sale. Mr Small has been approached for comment. Reports emerged in late May in the Australian Financial Review alleging that the former KPMG dealmaker mortgaged the property behind his mother's back. Mr Adgemis's mother had been in the Supreme Court trying to keep the property, as La Trobe Financial sought to claim it as part of efforts to recoup $6.2m that Adgemis borrowed to finance his business. The Supreme Court heard that his mother 'does not recall and has no record of ever receiving' any legal documents. It was also alleged that the mortgage was taken without her knowledge or authority. La Trobe had applied to the court to repossess the Rose Bay house, that last traded for $4.45m in 2018. Double Bay agents estimate the property would now be worth between $7m and $8m. The land title includes a long list of caveats from creditors, including the chief commissioner of state revenue. The hospitality boss has been battling to keep his faltering hospitality empire — which included Oxford House, pubs The Lady Hampshire and the Camelia Grove and Noahs Backpackers — out of the hands of liquidators as he faced hundres of millions of dollars in debt. Mr Adgemis now lives in a Bondi apartment owned by billionaire fund manager Will Vicars, having moved out of the Point Piper 'Bang & Olufsen' waterfront house owned by Jerry Yafu Qiu, in exchange for property maintenance. MORE: Kyle Sandilands' love nest sells
Yahoo
05-07-2025
- Business
- Yahoo
A Dave Ramsey Caller Skipped Her Car Payments To Gamble And Double The Money. The Plan Failed, And Now She's $19,000 In Debt With No Car
A caller to 'The Ramsey Show' recently shared a hard lesson learned about gambling and debt with hosts George Kamel and Jade Warshaw. Her decision to skip car payments and try her luck at the casino backfired in a big way, resulting in a repossession and a remaining debt of over $19,000. 'Instead of making my payments, I was thinking I can go to the casino and double it to make payments and things like that,' the caller said. But it didn't work out. The car was repossessed and later sold for about $3,500, leaving her responsible for the large remaining balance on the loan. Don't Miss: Maximize saving for your retirement and cut down on taxes: Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. Adding to the confusion, she began receiving toll road bills tied to the vehicle even after it was sold. 'I did reach out to toll road. They did get confirmation that the car was sold,' she explained, noting she never received advance notice of the sale. The woman, who is in Dave Ramsey's Baby Step 1 with $1,000 saved, said the gambling addiction played a central role in the situation. She's taken steps to address it, including cutting off online ads and distractions, but admitted, she hasn't been to Gamblers Anonymous. Kamel emphasized that fixing the financial issue won't matter if the gambling problem isn't resolved: 'I just want to make sure that we've resolved the root problem here before we just fix the repo.' Trending: Tired of Grid Failures and Charging Deserts? This Startup Has a Solar Fix and $25M+ in Sales — When asked how much she owed in total debt, she replied, 'That's all I have for now.' Her income is $4,000 a month, and her only major monthly expense is $1,300 for rent, which includes utilities. With minimal transportation costs and no dependents, she believes she can save up enough to offer a lump-sum settlement. Kamel recommended that she negotiate a payoff amount, such as $7,000, and get the terms in writing. 'This is everything I have. Would you be willing to settle in full for this amount?' he suggested she say when reaching out to the lender. He also warned, 'Don't give them access to your checking account. Get it all in writing, and instead do like a cashier's check or a money order.'Warshaw reminded her to make sure the debt is officially marked as paid in full in writing to avoid future issues. If successful, this would leave her completely debt-free. 'I figured I can do it,' the caller said, adding that with her children now adults, she doesn't have the same financial responsibilities she once did. While the financial loss is steep, Kamel and Warshaw pointed out the emotional cost as well. 'It's heartbreaking to watch,' Kamel said of car repossession videos. 'I feel like the emotional toll on that is just as painful as the financial toll,' Warshaw added. Read Next: Many are using retirement income calculators to check if they're on pace —Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article A Dave Ramsey Caller Skipped Her Car Payments To Gamble And Double The Money. The Plan Failed, And Now She's $19,000 In Debt With No Car originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
The Guardian
26-06-2025
- Business
- The Guardian
Rules that protect UK homeowners from repossessions may be scrapped
The City watchdog is considering scrapping rules meant to protect struggling homeowners from having their homes repossessed, in the latest sign of regulators reacting to pressure from the chancellor, Rachel Reeves, to remove red tape for businesses. The chief executive of the Financial Conduct Authority (FCA), Nikhil Rathi, said the much-lauded mortgage charter was up for review as the body tries to show it is addressing accusations that its rules have hindered economic growth. Repealing the newer charter, introduced only two years ago under the former Conservative government, would mean homeowners would no longer have a safety net that granted a 12-month grace period before potentially losing their home. 'The chancellor sees the regulatory system as having regulated for risk, not growth. So we're engaging seriously with this feedback, and we continue to make changes at pace,' Rathi told TheCityUK annual conference in London on Thursday. 'Take mortgages: I have raised with the prime minister and the chancellor the mortgage charter. It was designed for a period of sharply rising interest rates. But could it now be retired, with the [consumer] duty in place, repossessions lower, the maturing risk mindset?' Rathi asked. 'Do we need this duplicative approach, with the added reporting burdens it brings? So as we at the FCA review the mortgage market fundamentally, what signal does it send about political risk tolerance if the charter is retained?' Although relatively new, the mortgage charter is now one of a number of regulatory measures being reconsidered, as ministers order watchdogs to make the UK more attractive to businesses and investors. Reeves threw down the gauntlet in November, saying that consumer-friendly regulations put in place after the global financial crisis had 'gone too far'. She ordered financial watchdogs to encourage more risk-taking and roll back rules that may have been curbing the growth and competitiveness of City firms. The FCA is now looking at how it could ease home loan rules, including those that were tightened after the banking crisis, in order to boost property ownership. The mortgage charter was introduced amid fears that millions of people could be at risk of losing their homes amid soaring UK interest rates, which hit 5.25% in August 2023. The surge resulted in much higher monthly payments for households due to sign on to new fixed-term contracts, as well as those on trackers, where contract rates move in lockstep with the base rate. Ultimately, 49 lenders, including HSBC, Lloyds Banking Group, NatWest, Santander and Nationwide, signed the charter, agreeing that: Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion No home would be repossessed within 12 months of the first missed payment. Customers could seek advice from their lender without it affecting their credit score. Customers could switch to an interest-only deal for six months; or extend their mortgage term and revert back within six months if they want. Neither option requires an affordability check or will affect their credit score. Rathi said it was important for the government to be transparent about the amount of risk it was willing to take as part of its growth drive. 'One of the reasons I've consistently called for an open debate on risk appetite and metrics for tolerable failures alongside metrics for competitiveness growth and operational performance, is to ensure that as we shift to this stance, it will endure over time. 'We want to … give firms and consumers long term confidence to invest, while building greater coherence between government, industry, parliament, and regulators.'
Daily Mail
21-06-2025
- Daily Mail
EXCLUSIVE Desperate homeowner who destroyed his £150,000 property 'brick by brick' in 17-year war with tenant loses everything as it's repossessed and sold by bank
A desperate homeowner who tried to dismantle his house after he exploded in frustration following a long-running dispute with a tenant has 'lost everything' after the property was repossessed. Louis Scudder, 53, was forced to give up his childhood home which has now been sold off at auction. The three bedroom home had been left in a shocking state of disrepair for nearly a year after Mr Scudder launched into a frenzied one-man demolition mission. Mr Scudder was at the centre of a 24-hour stand-off with police in riot gear last August after he began destroying the end of terrace house - starting with the roof. Friends told how Mr Scudder snapped after reaching the end of his tether following a 17-year battle to take back control of his £150,000 property in Sheerness, Kent, which he became convinced had been 'stolen from him'. After a series of court battles the property was put up for sale by the bank with whom he had taken out a mortgage. The house had a reserve price of £115,000 when it was put up for sale by estate agents Barnard Marcus at an auction at the Grand Connaught Rooms in central London in April. It sold for £134,000 and is believed to have been purchased by a property developer. The sale catalogue pointed out that auctioneers had not been able to inspect the freehold home and that purchasers would have to 'rely upon their own enquiries as to the internal layout of the property'. No viewings were conducted and auctioneers explained 'no keys will be provided to the property upon completion. The property was being sold 'by order of the mortgagees'. Neighbours - who were ordered to evacuate their homes during Mr Scudder's rampage - told how they are now hoping the house can be made habitable again and they can return to their peaceful lives. Tanya Gray, who has lived in the streets for 28 years, told MailOnline: 'It was a lovely house but he completely wrecked it. 'He wanted to get the house back but he went about it the wrong way and now he's ended up losing it because the bank took it and put it up for auction. He's lost everything.' Tanya, 58, added: 'The house has been in a terrible state ever since. It's a real eyesore. 'Before it went up for sale his friends were regularly going into the property but there has been no one since it went up for auction. 'No-one was allowed to go inside to view it because it was classed as unsafe. We've heard someone from London has bought it. They must be planning to do it up. Good luck to them. There must be even more damage now because it's been left open to the elements for nearly a year. Hopefully that's the end of it. This is a family-orientated area and it would be nice if a nice quiet family will move in now.' Mr Scudder took matters into his own hands after growing increasingly frustrated that he had been unable to live in his property. Fearing the authorities were against him in March last year, Mr Scudder waited for long-term tenant Ayshea Kramer, 51, to go out before climbing in through a window to gain entry. He removed her possessions and dumped them outside before changing the locks but was ordered by a court to quit the property and hand back the keys. As a legal battle rumbled on, Mr Scudder returned to the property in June last year where he began ripping tiles off the roof and smashing windows with his bare hands - leaving himself covered in blood. He was arrested and was bound over to keep the peace for 12 months for causing a public nuisance and breaching an injunction. A dilapidated chimney and police tape are just two of the sorry sights to meet neighbours Two months later, he returned with a sledgehammer to finish the job. Neighbours told how at the end of the terrifying rampage Mr Scudder left behind a scene of devastation they likened to 'a disaster movie'. Officers in riot gear were drafted in while specially trained negotiators tried to coax him down from the rafters of his wrecked property. Ambulance crews and fire fighters were also called in amid fears damage to pipes and cables could cause an explosion. Walls came crashing down and pipe work was shattered as Mr Scudder rained blow after blow on the property reducing brickwork to piles of rubble. At the time Danny Owen - who has lived in the street for more than a year - told MailOnline: 'He got on the roof and started tearing the house to pieces. He did it twice. The first time he tore the whole roof down with his bare hands. He smashed all the tiles. He was ripping them off and was throwing them. 'He punched the windows with his hands which were all cut and bloodied. There was scaffolding put up after that as attempts were made to fix the roof. 'He wasn't happy with it and he went up there again and wrecked the place. 'All I heard him say was 'I'm not coming out until I take this whole place apart - brick by brick. He said he was going to destroy the house. It's his family home. He grew up there. He owns it but he hasn't been allowed to live there. 'He says he tried to do things properly but in the end he felt helpless as everything always went in her favour. He demolished all the inside. He smashed up the bathroom and there was a worry because of all the pipework that was damaged. There was water leaking. 'There's been this long dispute with the tenant which has ended in a long legal fight. He reached breaking point and it ended with this. I feel sorry for him. He went about it the wrong way. It's very sad. He's hit rock bottom. He thought the authorities let him down and he had a genuine grievance. 'He should have gone about it differently but he obviously wasn't thinking like that.' Another neighbour said: 'His attitude seemed to be 'If I can't have my house, you can't have it either' so he set out to demolish it. He went up there on the Wednesday and he didn't come down until Thursday evening.' In the aftermath of the rampage Mr Scudder said: 'I feel like an injured fox being hounded. No-one's listening to me. I'm so angry inside.' One friend of Mr Scudder told MailOnline: 'This has destroyed this man's life. He's a broken man and it's not fair how he's been treated.' After one of Mr Scudder's court appearances last year, friends told how the property had been his childhood home which he went on to buy from the council. One friend told how Mr Scudder was forced to leave the house for a number of years after finding himself in 'a challenging personal situation'. He asked a relative to arrange for it to be rented out to help him pay off his mortgage. But Mr Scudder claims that unbeknown to him a 25-year tenancy agreement had been signed. In 1999 Ms Kramer moved into the property and it was there that she brought up her three daughters - twins aged 27 and their older sister who is now aged 31. The friend claimed Mr Scudder only discovered about the terms of the tenancy in 2007. The friend said: 'During all those years he's been homeless. He's been jumping from friend to friend, living in spare bedrooms, on sofas. If friends had motorhomes he would stay there for a couple of months, he stayed on boats - anywhere he could find. 'He's a man with a home that's homeless. It's ridiculous. 'He's the loveliest man you could ever meet. He just wants a quiet life. His dream in life which he was hoping this house could help him do was to buy a small piece of land and rescue animals. Friends of Ms Kramer told how she has been left traumatised by the experience - losing her home and most of her possessions including treasured family photographs. But Tobe Hayden, who assisted Mr Scudder in previous legal actions, said: 'I didn't know the house had been repossessed. I was assisting him for a while but then they went in a different direction. It was a terrible miscarriage of justice for him.'
