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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: My Story - I was led to believe I was signing as guarantor NOT as co borrower.

Posted by on in ROYAL COMMISSION URGENT
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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 by the lender from the get-go! When I approached the government agencies, ASIC for one, I was deflected from one to the other as none of these entities look at evidentiary 'fraud'.
 
The impression given that the government agencies favour their members (banks, lenders) and are not impartial in their decisions affecting the consumer. Forget Consumer Support! This situation has resulted in great mental anguish, irretrievably torn family relations apart and impacted, irreversibly, on my health . Where is the Consumer's Protection? Neither the relative nor myself were in the position to apply for any loan at the time of application.
 
How do banks and lenders still engage in lending practices that have, to my understanding, been made illegal since 2003 and get away with it??

 

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  • doyla66
    doyla66 Sunday, 02 February 2014

    They were hoping they would get away with it, knowing that ASIC is weak as water and can be swayed to side with them. The loan application forms were hidden from our sight. They changed and added whatever they wanted to. They are all criminals lining their own pockets and laughing at our distress.

  • doyla66
    doyla66 Sunday, 02 February 2014

    Yep Nab did much the same thing. A family member was unilaterally added as part of the loan applicants and also as guarantor.
    He did not apply for the loan nor was to be any part of the loan. One of the original applicants was dropped out of the deal.
    Nab were totally confused, whether by design or accident. I believe by design. Nab were notified of this stuff up and said they would fix it up. Timing was a crucial factor in the fraud. Nab had had 2 months to gather themselves and provide the documents for signing. This was a business loan and the docs were sent only 3 days before settlement and take over. Had Nab simply made a phone call to confirm details and authenticate the details this would not have happened. It is deceitful way to do business and totally unprofessional and illegal. Scum of the earth Nab are.

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