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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 wish my name to be withheld as we had to sign a confidentiality shut up letter

Posted by on in ROYAL COMMISSION URGENT
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This is my story.. 
 
In 2006 we became involved with an investment group.. in order to invest we had to refinance and this was with Perpetual Trustee who became GE Money.
 
In 2007 Sevelle finance was shut down and $500,000 invested (borrowed against our Home equity) was gone.  
 
If this was not devastating enough, we asked for a copy of our original LAF faxed to the Lender on BFCSA's advice and it was ONLY then we discovered the changes that had been made...figures added in, false super and business valuations and my husbands salary altered.  That's what we saw on the pages of the LAF GE would give us... We have never gotten the other pages and in fact subsequent requests have been met with less pages.
 
ASIC was told of the fraud...a billion reasons why they could not help.  FOS...no help. Police...no help....this was totally avoidable had there been ONE phone call from the bank to verify information.
 
I can't begin to explain the anguish we have and continue to face.  If not for my parents my children...5 of them...would not eat..no Xmas presents.. can't pay basic things.. no holidays... no car.. cant buy a lot of food.. have to decide who will get new underwear first... or socks.. often out of shampoo toiletries... rarely can we afford a night  out... We have debt collector threats frequently... We stress about lights being left on or switched off..
its crazy !! None of this was a concern before this hell...now its ALL a concern all of the time. 
 
We are so lucky, blessed, to still have our home...I could write a book on the pain we go through all the while trying to teach our children to be thankful for what we have.
 
We need a royal commission... this is criminal and no one in Government wants to help - only BFCSA
 
ASIC are an absolute disgrace...what do those guys earn ??  $800,000 a year?
 
This is purely a snapshot of what the banks have done to us.
 
Name withheld
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  • doyla66
    doyla66 Saturday, 15 February 2014

    Neil Toplis - Posted on Saturday, February 15, 2014

    We also were investors in the Sevelle group. ASIC never informed investors they were taking him to court. Before they shut him down ASIC contacted the investors asking did they have any dirt on him but DID NOT inform investors that any information provided could actually shut him down.

    We wrote to Wayne Swan and stated 69 mum and dad investors who mostly borrowed using their homes as equity had lost 13.5 million dollars. Mr Swan replied ASIC did what they did to protect us.

    ASIC lied. At first they stated to us that they shut Sevelle down because he used pressure to coerce an investor to sign a transfer from property development to shares, but now they state they took action because he didn't have the appropriate license.

    It was years later, only when some of the investors got together that we discovered LAF fraud. ASIC was approached with damning evidence and even a witness stating that they saw the broker and his three close associates locked in the office all day shredding evidence. But ASIC refused to act. The broker was bank trained and even had ex bankers working for him.

    The victims had done half of ASIC's work for them by collating all the evidence for them but they still weren't interested.

    I truly think that ASIC are more interested in writing or amending laws, not the physical side of carrying them out. When ASIC are forced into action they get a few small guys as sacrificial lambs and any big player they encounter they go into a gentlemans agreement, enforced undertaking.

    This is why a Royal Commission must result from next weeks Senate hearings.

  • doyla66
    doyla66 Sunday, 16 February 2014

    Gfs246

    What will happen if a RC is announced?
    I am thinking "all hell will break loose"
    But where will we all stand NT?
    I am so excited and at the same time so frightened.....
    Where will they start?
    Will they freeze our cases?
    Will they freeze our loans?
    My head spins as to what may come of this...... Of course only good would come but it's still so very scary.
    If a RC is announced, would it be when the report is handed down in May?
    I would like to be educated on it more as I have no idea.
    I am just the simple mum who never wanted to be part of this club.....xx

  • doyla66
    doyla66 Sunday, 16 February 2014

    Duped

    The problem Gfs246 is that the wheels of government turn so slowly (almost as slow as ASIC) and it would be only through pressure applied to them to make the decision. One would only hope that for the time being instructions from the Senators recommending that ASIC should demand loans be frozen and any actions from the banks to be put on hold if your complaint is registered with EDR's. Until such time they get their head around this monstrous fraudulent scam, we can only hope someone in government has the brains to think of something along those lines.

  • doyla66
    doyla66 Sunday, 16 February 2014

    Duped don't think that would be enough. This is so widespread and not only with complaints registered with EDR's but everyone who has lost there homes already through the court system which is part of this widespread fraud. There are thousands who have been pushed into selling their homes for fear of the court system, shame and humiliation. Just where does it start and end.???? FOS cases having anything to do with allegations of fraud or maladministration, predatory lending. ASIC lodged complaints that have been ill advised and shuffled through the system by them and pushed out the back door. The list goes on and on. Would be a mammoth task but not inconceivable with the right people at the helm. Maybe the lenders would pull their heads in and actually work with the likes of these people. Would like to think so but not holding my breath. !!!!!!

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