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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: Our story - BOQ; "regarding my home loan and subsequent overdraft - all fraud..."

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" I used to think it was the GFC but I have come to realize that it is the bank’s fault that we lost our business and now face losing our home and the roof over our 4 beautiful childrens’ heads.....   

My Story regarding my home loan and subsequent overdraft with BOQ

Back in 2009 we thought it would be nice to have more room and set our sights on a new home on acreage. We went into the bank and signed pre-filled LAF, handwritten by bank staff.

We had our accountant back up our income with our tax returns of which he emailed over. We supplied payslips etc as well.

We were approved for a loan of $510,000. We purchased our home and from that moment things started to quickly go downhill financially with the larger repayments. We discussed our financial situation with the bank who then gave us a $50K personal line of credit ("LOC"). 6 months later we were still in the same boat and begged the bank for more money as we were facing losing our home. To our utter surprise, they turned our $50K line of credit into a business overdraft so now our business owed $50K and had $50K. Things didn’t get any better as we had to use the business to pay for the home loan and the overdraft was also paying for itself. 6 months on we were forced to liquidate our once successful business and have been struggling with the mortgage and overdraft since.

I lodged a complaint with FOS on 8th October and within about a month I was allocated a case manager. I received a copy of my LAF via FOS on 13th December as well as a multitude of other documents that had no relevance.

Upon reading my LAF, I immediately noticed that my husbands income had been inflated ridiculously and that we were also apparently (false) receiving rent from our residence at the time.  Upon closer inspection I also noticed that the writing on the personal details pages (2 of) and the writing on the financial budget and financial position pages were different and therefore these pages were changed after we signed the LAF.

We had a large Plumbing business and sadly since liquidating, my husband lost his BSA licence for 5 years. I used to think it was the GFC but I have come to realize that it is the bank’s fault that we lost our business and now face losing our home and the roof over our 4 beautiful childrens’ heads.  

The FOS letter states that unless you have health issues or risk legal action, they will not allocate a case manager urgently. The last case manager told me that once she received my last response, if she had enough information she would pass it on to a more senior case manager.

As my case has progressed ever so slightly, I have today received another email informing me: 

 "At this stage the dispute has not yet been allocated to a Case Manager. We have a very high caseload and there may be some delay before your case can be allocated".                

Kind regards




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  • doyla66
    doyla66 Friday, 24 January 2014

    FOS and COSL, the consumer avalanche has begun and you can't stop it, you will be a victim of it like us.

    There's no turning back, the consumer avalanche has begun and FOS and COSL are now both victims of it.By their own admission they are overloaded with cases, its the banksters perfect storm imploding. I don't think the banksters calculated properly because what started as a few of the early victims cases imploding the EDR's FOS and COSL could handle and then let the banksters lawyers loose to finish off the poor hapless victim. The trouble is the numbers are snowballing and the banksters, ASIC and its EDR's have gone into damage control trying to cover it up by putting, once again, the onus on the brokers. Why would media shy Peter Kell (ASIC) go on a main stream media serving it up to the brokers. If only the brokers would stop thinking about lining their individual pockets and organised themselves to fight back but the banksters know damn well they won't and that's why the whole plan works so well, the brokers get blamed and they're too weak to speak up and fight back.All of the claims before the EDR'S are exactly the same format its only the names that are different but as ASIC states there are no patterns of systemic fraud here, yeah right.I would like to be in the moving business in Canberra because me thinks a lot of people will be clearing out their desks soon.

  • doyla66
    doyla66 Saturday, 25 January 2014


    BOQ is in the top 4 for highest complaints at FOS in housing loans. Look at at FOS comparatives tables 2012 to 2013. The average is 60.5. BOQ is at 105.9. Three things come to mind straight away after looking at the comparative tables- BOQ has
    (a) poor customers relations service in handling complaints effectively and appropriately.
    (b) toxic loans
    (c) both

  • doyla66
    doyla66 Saturday, 25 January 2014

    FOS encorages the public to look at these tables when choosing a lender. ASIC should be educating the public to do so also.

  • doyla66
    doyla66 Sunday, 26 January 2014

    I had forgotten all about a savings a/c I had with BOQ until they recently sent me a replacement debit card in the mail (for an a/c that must have no more than a $10 balance if any balance at all) - that account I had bled dry meeting mortgage payments pre and post re-financing the mortgage with ANZ before needing to dip right into the buffer loan when the GFC hit just as I was preparing to sell - the very GFC that we now know our Banks were equally responsible for causing! Does anybody else have one of these beauties adorned with one huge and one smaller heart saying "it's possible to LOVE A BANK"? Enough to make you want to throw up as much as does the prospect of eating flesh from pigs cooked on a spit!

  • doyla66
    doyla66 Sunday, 26 January 2014

    If you have the chance - go look at the FB website of the banks. Westpac seems to be the only one that gets the concept "Perception is reality" and the true power of social media and it's effect. Standardised comments for every complaint or no response start giving the perception that they do not value and have no respect for customers when they have an issue. Just because people are not commenting - does not mean they are not reading it and coming to their own conclusions about the bank and their customer service. Although I must admit CBA tried to vary some comments. A company is judged by the public at large on their ability to handle complaints effectively. I wonder how many customers when finding they have an issue with their bank - go to the FB website - look at the standardised comments or in some cases no comment - come to the conclusion that the bank obviously does not listen or appear to be concerned about customer complaints and go straight to FOS. I also found it interesting that you can make some direct correlations between the banks FB pages and FOS comparative tables. BOQ has many complaints and negative feedback on FB and this is reflected in FOS tables. Westpac has a tight and well regulated FB and they has considerably lower than the median complaints at FOS. You can come to the conclsions about the other banks and FOS tables when you look them too.

  • doyla66
    doyla66 Wednesday, 29 January 2014

    Also read the comments from brokers about their accusations for dodgy lending practices from BOQ CBA and Westpac on
    - Widespread misconduct accusations untrue : MFAA.

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