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BFCSA: COSL a Nightmare for Consumers. Warning: do not sign for new mortgage unless member of FOS

Posted by on in Bankers A Law Unto Themselves
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There is more than one way to encourage people about to take out a mortgage which is the best lender to chose?  The one with the so called "best interest rates" usually has hidden charges that would need a crane to lift - that means more bonuses for the bankers and definitely more DEBT FOR YOU.

It gets quite ugly if the loan you are offered is a LOW DOC.  Demand a FULL DOC but note that 18% of Full Docs are TOXIC.  If the lender says NO you need a bigger deposit....steer clear of the debt trap and save for more deposit advice we give that banks will not tell you why that is GOOD ADVICE.

LOOK FIRST and see if LENDER is a Member of COSL or FOS.  If they say COSL - run a mile - DO NOT BORROW - DO NOT SIGN ANYTHING - RUN FOR YOUR LIFE!  COSL will not be able to assist you with complaints as our members found out.

The best outcomes by far in DISPUTE RESOLUTION SERVICES is coming from FOS, and only if we are there to guide you, so it seems.

Take this example seriously from Greg, a BFCSA Member:

and YES Under every dung heap there is Bank of New York Trust alias ex JP Morgan Australia Trust what worms they are!!!  

TRUST is meaningless to these two.

Ok now:  the person with COSL that was originally looking at my issues with Pepper Home Loans or Möbius or who ever the hell these people are has left COSL and I now have someone else looking at the issues. I am now being taken down a different path by the new COSL rep and being told something rather different to what discussions I have been having for the last 12 months with the previous rep!

Now COSL are saying it's now a FOS issue and what the original thoughts and issues were have changed under the the new COSL investigator? Pepper aka Möbius aka Perpetual are only managing the mortgage from BNY. Therefore BNY control the likes of Pepper etc and is all now BNY fault for allowing Pepper to turn our life to crap to intimidate and harass.

Lets put this in perspective Pepper harassed us daily actually laughed down the phone line , intimidated us , put in a premature statement of claim even though we were up to date with our payments and had an arrangement in place with the account manager, held our credit rating to ransom, caused untold anguish yet they are not to blame BNY was, who by the way are an American company also associated somehow with JP Morgan? 

FOS closed our case saying it comes under COSL as it is Pepper, now COSL are closing cause they are saying it's BNY, FOS have reopened the case because they realised it was under their jurisdiction however are not looking at the same issues COSL were! 

This is beyond bizarre , on a better note FOS are finally looking at the issues with the areas that are significant like the LAF that is all over the shop, lets hope they get it right and COSL did find minor issues such as over charges in late payment fees and we may get a couple hundred dollars back oh woo bloody hoo!

I am not sure if I can add info to the senate committee after I have already lodged my qualms but will give it a go! Why tell me one thing for 12 months then change investigators and the story changes.....? Aaahhhhhhh

Hope all are well !

Good luck to everyone and for the love of all that is holy put your submissions into the Senate and tell the Senate WHY ASIC who licences COSL need to be relieved of all duties relating to consumer protection..


Cheers G

Dear Greg:  You can now put in a "supplementary submission:  COSL is licensed by ASIC and ASIC should scrap COSL altogether as they deliver zero outcomes pro consumers.  Their outcomes ALWAYS favour the Lenders Members...................................

ASIC IS THE CULPRIT.  To new borrowers:  My advice:  do not say you were not warned and,  if you read this, take heed!

DEMAND a complete copy of all ASSESSMENT RECORDS including Loan Application Form and also SERVICE CALCULATOR AND WORKSHEET prior to agreeing to accept the loan monies

You will need that file for your own protection against these bank/lender racketeers!

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  • doyla66
    doyla66 Tuesday, 20 August 2013

    What a stuff up!

    Gawd, Greg. Your COSL FOS experience was even worse than mine! A real mind bend.
    Please tell the Senate about it. You're not alone.
    I agree, ASIC should not be anywhere near consumer complaints. Either ASIC management are incompetent in COSL 'supervision' or this treatment of our cases is deliberate ie. typical low grade vindictiveness to evade detection.
    If ASIC are relieved of their complaint handling/supervision duties then Government will have to supply proper investigators and lawyers to take on our cases against the Lenders?
    Thanks for the consumer borrower tip off, Denise. I'll pass it on.

  • doyla66
    doyla66 Tuesday, 20 August 2013

    Bank$sters External Dispute Resolution Scheme (EDR)... its all a sham ...a dogs breakfast all round:

    COSL, a suppository of wisdom:

    (1) My initial Pioneer(Trustee) 'hardship' case began 2011 @FOS & closed thru INGDIRECT (parent funder) forging a resolution letter, which irrefutable proof exists which FOS have been alerted..

    (2) I then opened a Pioneer 'maladministration-in-lending' complaint -- as fresh evidence of imprudent/predatory lending surfaced.. (belatedly) -- but @COSL due to Pioneer abandoning FOS EDR Scheme and transferring over to the other EDR Scheme @COSL just a few weeks after the old FOS case(1) closed in a sham/fraud.

    Stay with me (if possible)... so COSL in their learned suppository of wisdom, decided, and after Pioneer 'intervened' that the 'maladmin' case should go back to FOS.. but it must be filed against the 'parent funder' INGBank...which the Applicant(me) had no say in the matter... so, I resubmit same 'maladmin' complaint verbatim against INGDIRECT Bank @FOS... peeew!!!

    ["the sting in the tail"] ING DIRECT lies in wait...and pounce, decides to raise the 'forged' resolution applied to close the previous, initial FOS 'hardship' complaint no.(1) against Pioneer premised on 'hardship'... and demands a special exemption, allowing ING to sue me (thru the related entity Pioneer, the Trustee) and at the same time the 'maladmin' case is running...and FOS acquiesce to ING DIRECT demands by saying "we cannot prevent... ".

    The Applicant, demonstrates to FOS solid evidence of the ING Bank "forge & utter" committed on ING DIRECT letterhead) and unlawfully applied to close case(1), that was the case against Pioneer @FOS which ING Bank decided to finish off by giving FOS a fraudulent letter.... so, are u keeping up? ...I can prove, much to ING's angst, because I hold the original "incomplete" ING DIRECT letter of (proposed) resolution which such resolution was never consummated...

    What does FOS do? ... they're sitting on their hands (FOS Legal Counsel) hoping ING Bank finish me off -- thru ill-conceived legal action commenced thru Pioneer -- apparently solid evidence of fraud doesn't count(furnished certified copy of the "original" citing inconsistencies between the genuine doc and the badly forged ING confected version... and all this is going now.. more than 2months after FOS asserted a "recommendation" can be expected around mid-June(2013)...which by all accounts must deliver an "adverse finding" against the financial service provider.. wiping most if not all of any purported "liability" the FSP asserts as owing under the mortgage...

    Next step.... I'll compile a small package to submit to ASIC... demonstrating clear document fraud committed by ING DIRECT(its officer as identified) which the Parliamentary Inquiry redacted the bank officers name in my Senate ASIC Inquiry Submission... and when and if ASIC fail to investigate and intervene with respect to FOS allowing this bank abuse to continue... and/or ASIC fail to report the clear fraudulent documentation to the law enforcement authorities... then I'll file "Supplementary Information" to add further fuel to the ASIC bonfire come what October(2013) as the Senate Inquiry begins.. as ASIC burns......

  • doyla66
    doyla66 Wednesday, 21 August 2013


    I cant get through my head how the trail of bad documents does not make this case a doddle. ASIC must come clean, they cannot hide behind their [email protected] excuse that we can see no systemic issues with the Banks. In my own case which has advanced to a senior FOS case manager now but it took some time getting them to see it was but wasnt our Broker (they wanted to move it to COSL). The Broker initiated the sale and found the property but we had a long standing relationship with our Bank Manager so elected to do the borrowing directly through the Bank. The Bank themselves through their Loans Manager did the ground work and prepared the entire FRAUDULENT Loan Document (and my god their is plenty on it). We supplied all of our assets listed and our TAXATION figures to them and they did the paper work which we initially saw in the document prepared in the original loan prepared at the deposit stage. That loan document had to change it the 11th hour of our borrowing as there was a zoning change on the property at completion so new documents had to be prepared. At this point things got twisted and the slight of hand began, please try to follow, The original Bank could not do the entire lend as the zoning did not allow it to be done by one lender, so now it must be split into 2 lenders of which both new documents contained the same overstated incomes overstated assets and many other abnormalities. Although we had supplied all the relevent information BOTH BANKS somehow made the same typing errors on their documents to overstate incomes etc but this is not a systemic problem (oh please you are bloody well kidding me). Oh by the way folks just to complicate thing further the original document which we did view with all the information correct and in place for the deposit Well guess what that has disappeared and although they have searched high and low they cant seem to find it. We did manage to get the 2nd set of loan applications 1 set from the Branch and 1 set from Head Office and guess what surprise, surprise they are both different and the ones from Bank 2 different again but all basically well overstated. So i suppose it seems to me that the obvious common denominator is they all did the same tricks, you never got to see the loan document again once you signed it. I suppose we all being too trusting and believing as we had been taught the Bank Manager was someone to be trusted and looked up to so none of us ever thought of anything underhand going on. Boy were we mislead.

  • doyla66
    doyla66 Wednesday, 21 August 2013

    You surely were mislead. We were too. Our original Nab mortgage document was in 1971. The bank manager was a drunk. But we were young and had no idea as to what goes on with home loans. Turns out now the mongrel little weasel took us for a ride. 1. We were not entitled to a loan because it was a rural property but not a farming enterprise. 2. It was an all monies mortgage when it should have been a home loan mortgage.
    3. The loan was supposed to be a 15 year loan and was never discharged although the loan was paid off. 4. addresses were incorrect on documents. 4, Documents not registered for over 12 months. We have only found all this out in the last couple of years. Nab have been playing sordid bankster games it appears for ever. Nab's bad reputation is obviously deserved.

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