Lee Doyle

My Story... I assisted a relative , with my Home as collateral. My 'commitment' was supposed to be for 1 year only! Since then and some years later, the relative has fallen ill, unable to work and can no longer service the loan. Up until thatpoint, other than signing the initial LAF, I had nothing to do with the loan - either servicing it or otherwise - have had no profit or benefit.   Subsequently it was found that the LAF was altered AFTER I had signed - not as a 'guarantor' as was my presumption, but as a borrower. As the loan has defaulted to me, I now face the imminent loss of my Home of decades as, on an 'Age Pension'   I can't service the loan. I was never in the position, at any time, for being approved for any loan, let alone this 'no-doc' one. As such, this was an 'imprudent lend' and a blatant, pre-meditated "asset" grab...

Dear members Normally I'm not a vengeful  man but it is with delight that I've just read some of the best Sunday news for along time. The online      broker magazine" The Adviser" is running a story about Westpac raising  the rate of commission on loans. The story and article seem pretty straight forward and not much consequence but its when you read the comments the brokers have responded with that you get the true insight. In the banksters haste to divorce themselves from direct contact with customers getting low doc, no doc, full doc loans they set up the brokers to be the front men and fall guys, so when the loans started to implode as designed after a few years the onus and blame would fall upon the brokers heads. Next comes the GFC, our big four were well buffeted against it and still managed to make record...

Dear members While trolling the Australian parliament website I came upon some text relating to contacting our pollies. There it is in black and white, we the voters and citizens of this great country have been provided with the link to contact everyone from the P.M. down to all the politicians and various departments, alas if only that was true. Nearly every member of BFCSA has tried to contact everyone from the P.M. down without much luck, I'm on my fourth P.M. now and thats not including P.M. Rudd  twice.  Some Ministers have replied albeit through staff and they just signed off on it. We even took the local M.P. route but he like most is stifled by the party machine and the underlings who run the show. We have to confront our politicians with the evidence and put them in a position where they commit to look into the matter...

" Criminologist Denise Brailey, who runs the Banking and Finance Consumers' Support Association (BCFSA), said the airlines were using their loyalty schemes as a sort of "trojan horse" to push unwanted and potentially illegal financial products out to consumers. “People should be writing to ASIC and letting them know their utter horror that these companies would be able to issue unsolicited products while the regulator gives them a green light,” she said. http://www.smh.com.au/business/banking-and-finance/qantas-and-virgin-skirting-the-law-with-unsolicited-card-mailouts-20140130-31ol2.html#ixzz2rw6WK2R5   MasterCards for 16-year-olds in massive frequent flyer mail-out MICHAEL WEST 30 Jan, 2014 04:30 PM  Qantas and Virgin Australia have embarked on the biggest mail-out of unsolicited debit cards in the country’s history, sending MasterCards and Visa cards to up to 12 million frequent flyer program members. There is more than one catch to this unique event however. Not only are the cards unsolicited – a tactic which appears to breach federal payment card laws – but,...

Having been evicted from our home in late December 2013, we are now in the unenviable position of facing bankruptcy.   The inquiries into the banking practice conducted by FOS has failed to consider the degree of responsibility that must be taken by the initial criteria that the banks made loans against: Namely that of Asset based lending that was outlawed in 2003 and continued until 2010.   We were loaned over $800k against our home and there were no accounts or income presented to the NAB.   The consequence that we have experienced is losing our home that we once owned outright and as for the Bank??, well they have our home and it will no doubt get sold for a knock down price.  The interest paid over the years would easily buy a modest home!!   I personally would like the banks held to some sort of account instead of...

My Story concerns FOS and its limitations.   They can only assist in a very narrow sense, only arbitrating a position between both parties.  They only adjudicate additional lending between lender and borrower.  There is no subpoena of documents, instruction of bank , enforcement of criminal proceedings.  Borrowers are entrapped into a legally binding Determination which prevents any other actions.   My low doc loan of 2007 with Perpetual/ Macquarie was transferred to St George without my knowledge by a broker who added $26,000 to the loan. He received $6,000 (which I am repaying) and was later charged and discredited by ASIC.   I have been involved with FOS for several years as my Loan Application Form was substantially falsified, unknown to me, and the loan repayments were untenable from the beginning. The Bank NEVER CHECKED WITH ME not even a phone call.   I have persevered with FOS, although they tried...

My story is about ANZ systematic fraud/ malpractice aiming to illegally take my equity in a property far exceeding $190,000 while I had completely and honestly stated that our family income was $0 in the Loan Financial Position of our LAF. The following is an extract of my letter to the Senators for submission to the Inquiry into ASIC's performance The Facts: In November 2009, I planned to refinance my existing mortgage for generate income to meet our needs and objectives. On 4 Nov 2009, our loan consultant from One Direct told us that: “As you got sufficient equity in your properties, we can lend you $750,000. As it is Low Doc Lending, it won’t be matter whatever your income is. You can even just put zero income in your Statement of Financial Position form and our bank should have no problem with assessment.” On 8 Nov 2009, we did...

In October 2009, St.George approved a loan to us of $416,700, for a term of 25 years, involving a new rental investment property, leased at $530pw. At that date I was aged 71 years, not employed and receiving part Age Pension.     Needless to say, we now find out (since becoming aware of Bank Fraud and joining BFCSA) that our Loan Application showed lots of false information about our “income”-  e.g. shown as earning a salary of $150,000, - all blatant lies, which even carried through to the list of Assets on the page headed “Financial Position”- wherein it states we “owned a boat $5000” (never have) and had “Business Equity of $150,000”- more blatant lies.   In September 2011, we applied to St George for Hardship Assistance” as we were under extreme financial pressure to maintain repayments, and had sold my wife’s car plus shares, and used all of our cash...

Qantas and Virgin skirting the law with unsolicited card mailouts Banking and Finance  Date January 30, 2014 - 3:47PM (0) by Nathan Lynch Extract from the article " One in every three Australians is set to receive an unsolicited — and potentially illegal — MasterCard or Visa product after Qantas and Virgin Australia secured a private "no-action letter" from the country's corporate regulator. An investigation by Thomson Reuters has found that the cards are being sent out unsolicited to all Qantas frequent flyer members who are Australian residents aged 18 or older, despite federal laws that make it an offence to send debit cards to customers without first seeking their consent. The Qantas Cash cards are also being made available to 16 year olds. Lawyers and consumer groups have expressed their dismay over Qantas and Virgin Australia's decision to ride roughshod over the unsolicited card provisions in the ASIC Act. They also...

Dear members We all know the BFCSA membership is over eleven hundred and each and everyone of us has been touched by the hand of bankster fraud but when you start reading the individual stories its nothing short of a tragedy and a travesty of justice.  We haven't lost our home yet but we came close some months when we had to use a Mastercard to meet loan repayments. I was working out payments such as utilities , insurances, bankster loan repayments etc twelve months in advance and even allowed for the two months of the year when we got three pension payments for the month, these two extra payments were used to pay back the Master card which covered the months we coudn't meet the full bankster repayments. The only reason we have a little breathing space at the moment is due to the record low interest rates but its...

We write on behalf of our son. We hold enduring power of attorney. Our son took out a Low Doc Loan, interest ONLY, from Macquarie Bank on his house and one other property. The application grossly overstated his income and assets and also stated that he was married which he was not. Because of high interest rates, and the fact that he could not afford this loan from day one, our son fell behind on his repayments. He finally came to the family for help, as the Bank was threatening to foreclose. He tried to sell the property so as to cut his obligations in half, but Macquarie refused to release the mortgage.  He wrote to Macquarie explaining his reason for selling the one property but received no written response. He engaged a Lawyer to do three things,To stop the foreclosureTo find out how much arrears had to be paidTo remove the withdraw facility from the loan. Macquarie did...

This is our story                                We applied for a loan with 2nd Chance mortgages brokers name was Kylie G.  from South Australia. We filled in one LAF form 23 May 2007 with our details to La Trobe Financial and the loan was approved.  After four years of making payments which we struggled from day one to afford, we were in a drought for two years and as result lost work and were in deep financial distress. After advice from friends to contact Denise Brailey we went to find our Loan Application Forms.   In Aug 2012 with the help of COSL (as La Trobe wouldn’t supply) we received our LAF forms then we were surprised that there were two LAF forms, one with our details, and another form with altered details.  The LAF form which we filled in has been stamped by La Trobe dated 12 June 2007 The second altered form stamped and...

  I won my case in December against Provident Capital - they will get no more from me, but have a $30,000 caveat over my home ONLY when it is sold, which could be in the next century.     1.Loss $1 million plus 3 investment houses 2.No longer with FOS - they said our claim was now too high 3. Advised by a broker -Areca Finance 4. Provident Capital have left me financially crippled, and with a husband who is now classified as being in need of high care for his dementia.     PC are still trying to get $700,000 from me although they have recouped the cost of what they lent us PLUS $1 million in interest.  I had $1.94 in the bank when they asked for that amount at mediation..... Have heard nothing re class action against PC, although I joined up right away.    I am battling to continue to work...

I have listed a very short version of our horrendous and continuing ordeal with Suncorp-Metway Bank.   My father owned ten properties by the end of 2005. He had $66,000.00 cash in the bank and a mortgage of $385,000.00. From November 2006 to October 2007 Suncorp-Metways,  Mobile-Banking-Lender-of–the- Year, Brendon M. wrote five Loan Applications Forms for my father totalling $2.63M, to be repaid over the next thirty years. The absurdity of it all is my father was old and frail and at seventy six years of age, he did not have any real income and none is listed on the LAF. Suncorp-Metway, through their agent Brendon M., has targeted my father as an ARIP, selling him Bank products he obviously could not afford with the intention of Brendon M. gaining commissions on those sales and Suncorp-Metway to eventually strip my father of his hard earned assets. All my father’s accounts are with...

We owned our own home & were virtually debt free having made reasonable profit on investment properties in the past.  In 2006 an agent approached us and said that he had a buyer looking to buy our home. We agreed to sell and looked around and found a home that was $25,000.00 cheaper than our home.     Both settlements were to be on the same day. We were notified by the agent selling our home that the purchasers finance had been approved. About 10 days before settlement, the finance company for the purchasers reneged on the amount that they would advance  by $100,000 & would not make funds available on settlement day.    We had been talking to a local finance broker previously about an investment property, so he approached the finance company that we still had a small business loan with.  Then we found out that the sellers of our new home...

After receiving a letter from KEMP STRANG (solicitors for PERPETUAL TRUSTEES VICTORIA) letting me know I have until 28th. February to pay up all monies owing including the 11% interest they have been charging  or they will start proceedings against me to evict , I went to my lawyers who sent KEMP STRANG a reply requesting all paper work and contracts including the complete LAF docs. and most importantly the Service Calculator Sheet and correspondence from all concerned to do with my loan and anything that was in my "VAULT" so that I could assess this matter further and give them an answer. After a few days the reply from KEMP STRANG was as follows : "we will not be sending any paper work and once again ask that all monies be paid or legal action will go ahead as stated." So now I am refused any paperwork to do with my...

Calculators could catch brokers out                            by Ben Abbott | 01 Apr 2011                     Brokers should develop their own fact find and serviceability calculation procedures to meet their NCCP obligations, a risk consultancy claims, rather than rely on those of their finance providers. QED Risk director Greg Ashe said that under the new licensing regime, he would “strongly advocate” brokers develop their own fact find and serviceability calculators, as lenders could in fact use legal means to “hide behind brokers”. "The lender can use their lack of exposure to the client as a defence," he said. “If a broker is using a lender’s serviceability calculator without understanding the mathematics and assumptions behind it – and they have not accounted for lifestyle expenditure -  how can they truly stand up and say they conducted reasonable enquiries?” he said. Ashe said at the ”very, very, least”, brokers should take comprehensive notes and consider the client’s lifestyle...

ANZ review after glitch forces $70m in home loan refunds DateJanuary 30, 2014 - 10:18AM 388 reading now Read later Clancy Yeates Banking reporter View more articles from Clancy Yeates Follow Clancy on Twitter Email Clancy ANZ Bank is conducting a sweeping review all of its home loan, savings and small business accounts to ensure they are operating correctly, after a major glitch forced it to refund $70 million to 235,000 home loan customers. Last week the bank commenced sending out letters to the customers, who were charged incorrect interest rates through their mortgage offset accounts due to processing errors by the bank. Do you know more? This email address is being protected from spambots. You need JavaScript enabled to view it. Some of the errors dated back to 2003, and occurred because key processes were carried out manually, leaving the door open to human error. Customer complaints first alerted the bank to problems with the offset accounts in 2010, which then led to a four-year review led by...

Dear members To those who think the word disenfranchise in the blog title is mainly to do with ones right to vote, your right but it also means to deny someone or a group of people legal right and in our case thats exactly whats happened. At first as individuals trying to get resolution from our politicians and regulators and now as a support group of over eleven hundred members and growing and we simply want the laws of this country upheld and acted upon and not watered down to lesser charges by mediocre pencil pushers like Medcraft and Kell. Being an ARIP (asset rich income poor) is a badge I now wear with pride and distinction. At first I thought it was stupidity and greed that was our undoing but soon realised it was that basic fundamental that most humans pocess, trust. We trusted a former work colleague who steered...

This morning I sit here going through invoices finally provided to me by BOQ.  It is 4 ½ months since eviction and I am still in absolute disarray and do not know where things are at.  BOQ has up until now not even provided me with a settlement statement for my ‘building dispute’ This house was SOLD in August 2013, nor has the bank told me  how much I SUPPOSEDLY STILL OWE THEM which they are persistently chasing me for.  This is just disgusting when it is hard enough to try and work out where I will be living in a few months’ time.  I can't even afford this temporary accommodation. How can I settle or get my life together or recover mentally? But worse still, it's impossible for me to get on and find peace due to all of this uncertainty.   BOQ have a LOT TO ANSWER FOR. While never once OPENING THE...

Our story:  Credit Assessor Clayton C. and Loans Manager Hugh M. both employed by Legacy Financial Services at time of our loan approval. Lender was Australian Executor Trustees Ltd.  In 2007 we applied for a small investment loan through a broker with the intention of boosting our retirement funds, as we did not have any super and did not want to depend on Government assistance.  Well it all back fired on us big time and we have been suffering ever since.  Little did we know that our broker was trained by the lender to deceive us and lead us to destitution, but the broker and bank gain financial benefits at our expense.  Simply applying for a loan should not have put us in jeopardy of losing our home. This loan approval has changed our life from being comfortable and happy to a living hell.  Our 30 yr loan should never have been approved as our small Centrelink...

Gail Kelly was a dud and other mysteries Date November 17, 2010 (1) by Michael Pascoe So Westpac's Gail Kelly, potentially the $55 million CEO according to the latest beneficent offer from her board, was a dud CEO at St George. Or the Australian Competition and Consumer Commission's Graeme Samuel is a fool. You choose the correct statement and disregard the other. Those alternatives were (perhaps unintentionally) proposed in yesterday's Chanticleer column in the Australian Financial Review, which claimed St George could not have survived the global financial crisis as an independent entity as it “was too heavily exposed to the securitisation market”. According to Chanticleer and general market opinion, that's why Samuel waved through Westpac's acquisition of St George in 2008. If the Westpac takeover didn't have to happen – if it wasn't another case of the regulators and bank club quietly engineering the solution to a crisis – Samuel has to...

Hello    I find it increasingly hard to believe that FOS, COSL and ASIC can sit on the fence and tell us that we have not provided enough details to convince them that our BANKS have a MAJOR INVESTIGATION coming their way.    Our case has reached a substantial level now with FOS and our evidence is all clear, concise and points to three very guilty parties all working  together to make a maximum return with a calculated and sinister efficiency. All “our ducks are in a row” as Denise would say, but it now appears that FOS are giving us a new diversion, saying that there is no evidence of us supplying our tax returns for the three years prior to our taking the loan. That of course is a load of rubbish. We have always supplied figures no matter if we were intending to buy equipment, vehicles or as in this case, a property.  Common...

BFCSA: Denise Brailey slam dunks MFAA about Loan Application FraudThe people who complain about Loan Application Fraud are consumers.  MFAA knows that brokers will not complain as they do not ask the bank to send the client the LAFs, therefore Brokers do not see the fraud.  Consumers complain to BFCSA as a support group and we demand the LAFs.    It is inappropriate for MFAA to say "no systemic issues" when it has not seen the relevant documentation.  The very reason there is a Senate Inquiry into ASIC is due to the large number of complaints from consumers to ASIC which it ignored for ten years, on the subject of toxic lending. ASIC has never taken a Lender to Court.  MFAA also has Lenders as Members.  Something to explore I would think and for consumer victims of bank fraud to consider.  Denise Brailey   ...

"Why would a BROKER feel the need to give my husband & I a direct deposit from his own personal account to ours of $7,000 ?  I can tell you why now…..  GUILT MONEY  EVIDENCE, EVIDENCE & MORE EVIDENCE……YOU BANKING GANGSTERS ! YOU & THE BROKER WORKED IT TOGETHER BUT YOU STUPID IDIOTS SIGNED OFF ON THE APPROVAL ONLY SEVERAL WEEKS BEFORE DECLINING IT!!!!!  So I NOW have it in writing, the first time I have seen this, no wonder life has been such a struggle.   I just got it in the mail….thank-you ANZ for all you help and for all the PAIN and suffering you have inflicted on my family!!!  ANZ think it’s OK to live off $111 per month with 2 kids in 2012. Really??  I wonder if the BANK CEO can live off this…………….  Bankwest tell me I have NO CHILDREN but then when my mortgage was refinanced by ANZ all of...