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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: "I was appalled to find out from my FOS Senior Case Manager..."

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Comment from one of our many readers.

Domenic - Posted on Thursday, January 16, 2014

Denise I was appalled to find out from my FOS Senior Case Manager that the Banksters have been, by passed legislation only last year he believed, allowed to destroy all original documentation and store everything as electronically scanned versions. I find it incredible firstly that some political moron would even consider this a valid request from the Banking fraternity let alone table it and get enough support that it get passed into LAW. This must have happened during the last days of the trauma filled previous Government and flew by unnoticed as there were so many things dominating the news at the time such as the debacle of their leadership spill and outward bickering. It probably slipped under the radar as an add on and another favour from Mr Swan to his Bankster buddies as he was dismantling the very good for our country but no longer required RMBS (oh just by the way why has he never been taken to task on this balls up).
The new Government should be winding back such poor decisions and making Banks retain the customers only real form of defence their WET INK SIGNATURE, to take that away is akin to taking a sharp knife to the ends of each finger and removing our fingerprints. The Banks apparently claim it is to lighten their record keeping space but we the informed know there is a much more sinister plot behind them (the Banks) wanting this changed in legislation. As we have seen and I have copies of in my file returned from the Bank, changes have been made on many documents and have never been initialled by us to say we have even seen that change let alone approved it. Things altered without our knowledge will become common place and lets face it our Banksters morals are lacking to be kind (if they have any at all) and for them to photoshop a document wouldn't be beyond the realms of possibility.
My opinion of any legal binding contract is that any signed copy by the purchaser must be retained and in their own hand then witnessed by an outside source totally independent of the two parties entering into the contract and retained as proof of the contract for the life of the contract. If this is altered to suit one party eg; The Bank then it must be considered in-balanced and biased and I would consider the only way these documents can ever be considered is that an independent party a Lawyer for example will have to be introduced in future as the third party looking after the purchasers interest.
So I think we should return to the retention of all documents WET INK being retained for the duration of the loan just to take away any temptation for our Banks to perhaps alter them in their favour. Also put into place a checklist which will require WET INK signatures or initials of every page plus all contracts entered into must be viewed and checked by a Lawyer/Solicitor of the clients choice. The Aggregator method is obviously not effective and self regulation of any industry leads to dishonest practices making their way into the day to day, it all has to change and it must change now.

ED - Job for the Prime Minister to get to the bottom of this.  Who gave that order? Which bank significantly lobbied to get the legislation passed? If indeed there was such legislation passed.

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