Taxi driver loses his home after Andrews Government compensation scheme payout

A MAN who borrowed almost $900,000 from a bank for three taxi licences has had his home repossessed after only getting $150,000 of it back under the Andrews’ Government compensation scheme.

A MAN who borrowed almost $900,000 from a bank for three taxi licences has had his home repossessed after only getting $150,000 of that back under the Andrews’ Government compensation scheme.

Andy Thompson said the Commonwealth Bank sold his home to recover the debt, forcing him to sleep in a cold factory at night.

The 45-year-old is also working 18 hours a day to survive but fears he will lose his family over the ordeal.

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In 2012 Mr Thompson borrowed $890,000 against his house and bought three taxi licences from the government.

Andy Thompson has lost three of his taxi licenses and the bank repossessed his home. Picture: Jake Nowakowski

But in August, the Andrews Government announced an overhaul of the commercial passenger vehicle industry, buying back licences for less than their worth.

Mr Thompson, who has been driving taxis for 20 years, said he was told by the government his family would be put up in urgent public housing.

But once the Department of Health and Human Services discovered Mr Thompson owned a small factory, the offer was withdrawn.

“I was informed that I was not eligible for any housing as I owned a very small factory, even though the factory has borrowings against it, for $450,000 and it’s only worth $350,000,” he said.

“I have been forced to borrow and borrow against it to keep my loans paid in a rapidly shrinking taxi industry with dwindling earnings due to the destruction of the industry, by the Labor Government reforms.”

Andy Thompson is sleeping his cold, small factory and is working 18 hour days to try and pay off some of his debt. Picture: Jake Nowakowski

Mr Thompson said the “traumatic” stress has affected his mental and physical wellbeing.

“I’ve been hospitalised three times in this year with chest pains and suffering extreme anxiety attacks,” he said.

“I am feeling constant despair and severe depression all the time and have been on the verge of suicide.”

The father-of-one said his toddler didn’t recognise him anymore and he hardly sees is wife anymore.

Mr Thompson said the “traumatic” stress has affected his mental and physical wellbeing. Picture: Jake Nowakowski.

“I am patiently waiting on any sort of financial relief from the hardship fund, but have had no response from them as of yet,” he said.

“I am an incredibly proud strong hardworking man, that has never been on Centrelink, or taken a single dollar in welfare my entire life.”

A spokeswoman for Transport Minister Jacinta Allan said more than 4000 licence holders had received transition payments since August.

“We are providing over half a billion dollars to the existing industry, the most generous assistance package in the country — including support for those hardest hit through our Fairness Fund,” she said.

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