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BFCSA: Our story - Letter to FOS about Bendigo and Adelaide Bank fudging our income figures and more!

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OUR STORY  -  Bendigo and Adelaide Bank

Dear Mr. P.

RE: FOS Dispute with Bendigo and Adelaide Bank Limited- 

Thank you for the FOS Recommendation you sent to us dated December 30, 2013.

We do not understand the recommendation on every point you raised.  Asking Bendigo and Adelaide Bank to refund legal fees and late fees is a great relief to us.  We are grateful for that.

You stated somewhere that we did not provide income details for year 2006 – 2007.  We tried to send all the copies of tax returns all at once and this was rejected by your computer. File was too big.  So I sent off each page individually.  Some may have been lost. I am trying to reach the accountant to get copies of our returns for 2006 – 2007.  The timing is not right as it is still holiday time.

Combined income for year 2007/08 was $48,000, you would assume year 2006/07 would be similar or less.

The income stated on the Loan Application Form was for $85,000.

Our income for that year was much less.

We did not sign that our income was $85,000.  This figure has been altered as you can clearly see on the LAF.

The figures have been altered to make the loan fit.

Who altered the figures????  The broker or someone at the bank?

If a figure was altered on the LAF it should have been sent back to us for verification and approval.  No one from the bank called our accountant to verify the income stated.

When we looked for someone to refinance our home loan and obtain extra funds, we did so to  “Start a Cafe” in the centre.  We do not recall speaking to anyone that it was for “purchase of shares/managed funds”.

Who would have inserted this on the LAF????? The broker or someone from the bank?

It was stated that the Mortgage Manager  supplied a memorandum to FSP stating that the funds were to be used to “purchase shares/managed funds”.  Who is this  Mortgage Manager? We did not know of a Mortgage Manager before the signing of the LAF.   Did he call us and request that he should change the purpose of the funds so that the loan would be approved?  No one called us or emailed us.

We were in our mid sixties and very surprised that the loan was approved because of our age at the time.  However we were told by a friend that it was worth a try so that we could get this cafe up and running.

The business and stock were grossly overstated on the LAF.  Also altered to make the loan fit.  And without our permission.

We should have had the altered figures sent to us for verification.   

When we first asked the Bank to send us the copies of the Loan Application Form, they stated that these were confidential documents and could not be sent.

When pushed they eventually sent us most of the forms.  We were shocked and amazed at all the alterations on the forms.

We ask again who made all the changes as you can clearly see they are in a different handwriting?

We can only guess that they were altered so as to make the loan fit.  

Could we ask the Bank for other lending documents?  We would like the copy of our Statement of Financial Position that they relied upon to approve our loan?  This should be available to us.

Also we would like a copy of the bank’s Lending Policy Guidelines at the time we signed our LAF.

Also a copy of “Lender Agreement with Originator”.  

Your recommendations although helpful to us still does not put us in the financial position we were in before the loans were approved.  We would like to keep our options open and send you more information as it comes to hand.

For instance the 2006/7 tax returns. 

Thank you for your considerations,


(names withheld)

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  • doyla66
    doyla66 Monday, 27 January 2014

    Until people find they are having trouble with an FSP and unable to get the problem resolved - most people do not know who FOS is. I now tell people who FOS is and tell them to read their website BEFORE they get a loan. People who have a loan - I tell them too and that they might to switch FSP after looking at the data FOS provides. Majority of people are interested in looking at the tables provided from FOS once you explain what they are. Regaedless if they have problems or not with their FSP - they want to look at them.The first thing they want to know is the results from the FSP they currently have. Their comments are very interesting and the ones - especially if their FSP results are higher than the median. First question is - why are they so high? What is going on? I then say - despite all the advertising you see on tv - can you see which ones truly value their customers?..

  • doyla66
    doyla66 Monday, 27 January 2014

    Forgot to mention - one of the most said comments by people in relation to FOS and their data - that it was very useful to have cause it was data not influenced or controlled by the spin doctors and media blitz the banks pay thousands of dollars for to get your business. The FOS data was more truth revealing than the bank's advertising!

  • doyla66
    doyla66 Monday, 27 January 2014

    Looks like same scenario different bank in this case. Nab took the data and figures provided by a Broker we had never met.
    We could have had 2 heads for all he knew. He elaborated the sales and the stock value as well as the get out sell figure for the business. This Broker was supposed to be accredited but we have never been able to find any verification although on the web he state this fact of his accreditation. This so called broker was a finance guru with the franchise style business we were intending buying. He was also a Nab ex bank manager. He never completed a LAF, no tax returns were asked for, nothing. The Nab never ever made contact with us to verify anything even though 2 of the partners were not Nab customers. They were made to change their home loan to Nab and boy did Nab have a field day fudging their loan documents. Both were unemployed but Nab decided that was wrong. Fictitious company names were created as the place of their employment. The loan was approved in 3 days with all correspondence being sent to the Broker. Nab unbeknown to us unilaterally added an extra person to the loan without his knowledge or permission due to the fact Nab never contacted anyone. Nab had plenty of time (2 months) to get the docs for signing to us but held up this until the Tuesday arrived Wednesday, 3 days before takeover. 2 months is a long time for Nab to get organised, why wait until the last minute.??? Sure we did not have to sign but that meant that everything would fall in a hole so foolishly we signed. We did not know what the Broker and the Nab had been up to prior to us defaulting. We had a Rural Financial Counsellor come to us and check out of finances. He was blown away by the fact we had been given the loan. It was enormous. The security for the business being our home had been inflated to the max to provide an exit plan. The other exit plan indicated the sale of the business. I mean isn't that just plain stupid. If we defaulted what would there be to sell. Nothing!!!!! Nab even stuffed up the sale of the equipment in the shop. To long to explain so ultimately the landlord finished up with $150K worth of gear. This figure was also relied upon by Nab in the initial Brokers figures. Fire sale value kept being shoved down my throat by Nab at the finish, but they never even realised that. Nab are the slackest and dirtiest bank I have ever had anything to do with. They are lazy into the bargain. No wonder Nab have a an enormous bad image. Funny though I have received phone calls asking to rate the Nab in a survey. You can imagine what kind of ratings I gave them. They always ask do you have any further comments. You bet I do, Could not wait. I made sure the surveyor got it right by making him read it back to me. !!!!! All this was investigated by FOS which took over 12 months. Ho hum you can guess the rest. We lost and Nab won. But the fools have had to sell our house for about 1/3 of the valuated price. Once Nab deduct the Mortgagee agents fees, the Real estate agents fees, the Solicitors fees etc I couldn't imagine there would be anything left to deduct from the loan. In court the judge said "You wanted the loan". No, not if we had known what was going on behind our backs. Come on be realistic. We thought everything was above board not manipulated to steal our home and our daughters home. I liken Nab to maggots, get my meaning although maggots do a good job cleaning up wounds and Nab cause the wounds like a staph infection which is incurable. Today must be one of my nasty days from what I have just written. !!!!!

  • doyla66
    doyla66 Thursday, 30 January 2014

    Bendigo were right into heavily advertising reverse mortgages I recall. Wonder how many poor ARIP's got conned by that line and will end up with no equity!

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