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BFCSA
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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 - Evicted from our home in Dec 2013 by NAB.... A Merry Christmas ?? NOT

Posted by on in ROYAL COMMISSION URGENT
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Having been evicted from our home in late December 2013, we are now in the unenviable position of facing bankruptcy.  

The inquiries into the banking practice conducted by FOS has failed to consider the degree of responsibility that must be taken by the initial criteria that the banks made loans against: Namely that of Asset based lending that was outlawed in 2003 and continued until 2010.
 
We were loaned over $800k against our home and there were no accounts or income presented to the NAB.
 
The consequence that we have experienced is losing our home that we once owned outright and as for the Bank??, well they have our home and it will no doubt get sold for a knock down price.  The interest paid over the years would easily buy a modest home!!
 
I personally would like the banks held to some sort of account instead of the toothless FOS, which incidentally do not have a Panel of Review and because there are only bank lawyers and FOS employees looking over any complaints, it appears that there is a little bit of bias concerning the results of any complaints.  An independent tribunal needs to be set in place in order that Australia remains a country where the ordinary people can have a fair go!!.
 
We have paid the ultimate price for our decisions but also have paid the price for the unsound lending practice that NAB was part of in 2008.
 
* Loan  $800k
 
* No Accounts 
 
* No proof of income 
 
The banks needs to become more accountable to the mum & dad home owners and less concerned about the share price and profits.  

 

The result of this, has been a Sheriff of Nottingham approach:  

 

 *     Loan the ordinary people unsupportable loans 

 

 *     Take the highest rate of interest that is allowable.

 

 *     When they cannot pay keep the interest rising and eventually repossess their homes!  

 

The only winner is the Sheriff, alias NAB (in our case)
 
We are currently looking for a Robin Hood amongst the government, however currently there is no person that fit the criteria below, to be found in the land of Australia:
  
* Honest  
 
* Will remain true to the ordinary folks. 
 
* Will, despite any incentives (encouragements from other sources *bribes), fight for the cause of peasants and insure that the banks remain accountable to the loans that they sanctioned. 
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Comments

  • doyla66
    doyla66 Friday, 31 January 2014

    Were they kind enough to offer you a mortgage holiday or two before the inevitable as ANZ did with me? Now thinking accepting might just have been the second biggest mistake I ever made!

  • doyla66
    doyla66 Saturday, 01 February 2014

    Whilst our Supreme court case was happening my husband had to go to hospital for a triple bypass. I contacted Nab's outsourced lawyers and requested a delay given the circumstances. The court date coincided with the week he was to be operated on in Melbourne. The lawyers thought that it would be a good idea for me to go to court whilst in Melbourne. Now hows that for being compassionate. They finally relented and gave us a further 2 weeks which had to be signed off on. I had to provide proof of the operations with documents from the hospital etc to get this across the line. Obviously didn't trust me.!!!!! Just like I never trusted them and they gave me plenty of reasons not to trust them.

  • doyla66
    doyla66 Saturday, 01 February 2014

    All cunning are they not?

  • doyla66
    doyla66 Saturday, 01 February 2014

    BOQ Persecuted

    Yes, agree with Organza, don't ever tell your bank you are in hardship, my undoing also, I could have borrowed money from anywhere without their help to keep going, instead I did what it said in my Contract. Tell us, they say. Now, no home, horrible and ruthless eviction instead of sensible help and compassion, and they will send me to bankruptcy after underselling my home by a few hundred thousand. And they are justifying the costs of their foreclosure and many valuations and re-valuations to prove it was only worth what their 'arranged purchaser' paid for it! So is it possible to LOVE A BANK? Every BOQ victim knows the answer to that one. Whoever thought up that fraudulent slogan?

  • doyla66
    doyla66 Sunday, 02 February 2014

    So much for "we are here to help you". In my case I did not even know to take a mortgage holiday was possible and then actually had some money AND also could have borrowed elsewhere "in case needed". Even worse in following the advice of the bank manager I actually dried up a source of income for had been renting out 2 bedrooms to 2 Uni. students who moved on when I told them I was selling. No wonder he told me to sell fast and settle fast is all I can now think having been enlightened! Yet I took my time and actually spent the 3 months I did not have to pay the mortgage on tickling up the house to present it as best I could! He most likely knew a lot he did not tell me re what might now happen in accepting the olive branch. 18 months after talking to my bank manager............15 months after listing.........say no more huh!

  • doyla66
    doyla66 Sunday, 02 February 2014

    PS

    As well as offering me a mortgage holiday he also then told me to go flick the credit balance over to a different bank and to do on-line for all banks were doing it AND he also suggested I take-back what I had paid in surplus on the mortgage in not having lowered the interest rate which after 5 years amounted to little more than one months mortgage payment! Did not do the credit card suggestion after checking conditions out re that on-line for I most definitely did not meet conditions but I did do the latter with his kindly on-the spot assistance! Sure are all well instructed re how to bleed you dry and doubtless ordered also to not give away bank secrets under the threat of losing their own job if they dare!

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