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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: Angry Letters to JOSH FRYDENBERG re Sterling Collapse # 19

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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Dear Mr.Frydenberg,

In March 2017 my wife and I entered into a 40 year “lease for life’’ with Sterling New Life .Today we are broke , our money having been stripped from us ($135.000)by the directors of this company .

We now endure extreme hardship of emotional turmoil everyday and worry about our financial future .I am on the Pension and my wife ,who is 65 only qualifies for the New start Allowance . To say we struggle is an understatement and without the support financially and emotionally from our children we wouldn’t survive .

Well may you say ‘buyer beware ‘’ but if it wasn’t for the criminal neglect of ASIC in relation to their appalling record of Consumer Protection this would not have happened . We received a phone call from ASIC around the middle of last year asking us questions about how we were pursued by SNL and were we happy with what followed . At that stage we were until we received that phone call and this set about us starting to worry

Several emails and phone  calls followed with Michael Darch  and we were assured everything was okay and that our money was safe , HA ,what a load of bunkem ,we were fobbed off.

ASIC were aware of the cast of characters involved in this scheme for many years but still allowed them to rip pensioners off . ASIC are to blame and have a lot to answer for in the criminal way we and lot of other pensioners have been treated and should be fully reimbursed for the lease outlay and further improvements to the property which SNL were only too happy to let us do at our expense .

 

Yours Sincerely

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Guest Tuesday, 19 November 2019