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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 - NAB threw money at us. $105, 000 more than we requested, no questions asked. I am 75 and trapped.

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We owned our own home & were virtually debt free having made reasonable profit on investment properties in the past.  In 2006 an agent approached us and said that he had a buyer looking to buy our home. We agreed to sell and looked around and found a home that was $25,000.00 cheaper than our home.  
 
Both settlements were to be on the same day. We were notified by the agent selling our home that the purchasers finance had been approved. About 10 days before settlement, the finance company for the purchasers reneged on the amount that they would advance  by $100,000 & would not make funds available on settlement day. 
 
We had been talking to a local finance broker previously about an investment property, so he approached the finance company that we still had a small business loan with.  Then we found out that the sellers of our new home had also purchased a new dwelling and required our funds to meet their obligation to settle and would not extend our settlement date. We panicked.
 
We asked the broker if the finance company that we had approached for the investment property would be able to advance us a bridging loan for about one month and we would need a loan of about $100,000.00 for about 12 months only as the purchasers of our home would pay us back the balance in 12 months.
 
The broker said that he doubted that he could get it approved at such short notice with our bank, but that he had been approached by a rep for the NAB that morning and that NAB had an abundance of money available.  The broker was sure that he could get the amount needed at such short notice from the NAB.
 
All the sales went through and about 1 month later we received the bulk of the monies from the purchaser of our home, leaving a shortfall of about $100,000.00 to be paid in 12 months time by the purchaser. 
NAB credited our account and made available $205,000.00 in a LINE of CREDIT even though we only needed $100,000.00.
 
12 months later we received the balance of our monies from the buyer of about $107,000.00 which was credited to our account, however any excess from our buyers repayment was eaten up in interest repayments.  The buffer money had run out.  After reading about Denise Brailey in the Australian newspaper we approached BFCSA  and was told to get a copy of our LAF.  
 
After numerous attempts we received a printed copy and after complaining more, received only 5 pages of a 15 page fax which was sent through for assessment together with our wet ink LAF.  Both had about 50 discrepancies  The main one was that our annual income of $20,000.00 at the time
had a 1  added to the front of it, making it $120,000.00.  In our application we named our accountant and provided his name  phone and address for NAB to contact and confirm our income, this was never done.
 
Also the interviewing officers checklist stated that he had interviewed us and explained everything about the loan to us . We had never met any employee of NAB until the day of settlement . We have signed statutory declaration stating same , these have been forwarded to ASIC & FOS  who totally ignored that
 
NAB told FOS that those senior employees were no longer employed by NAB and that they could not be contacted [how convenient ]. We have now made a  formal complaint to the Queensland Police Fraud Squad and no doubt that in due course these persons will be located and charged with Fraud.
 
FOS state that maladministration could be applied " If a prudent banker could make enquiries regarding an application for finance  but chose not  to"
this is exactly what happened in our case.  FOS has recommended that NAB allow us time to sell within 90 days and pay them off.
 
I am 75 years old this year and have worked since leaving school at 14. We owned our own home and was looking forward to retirement.  Being self employed most of my life and having little superannuation  I am still working.  I was diagnosed  with  Asbestoses a few years ago.  The stress that this has caused us is unbelievable. 
 
I believe that the only  way  that Australia can again be made a good place to live is to apply the old age rule of "an eye for an eye".
A lot of us have been driven to suicide for failing our families, from being preyed upon by these crooks.  Is it any wonder that some of us are considering this or have been given the death sentence by our doctors for illnesses.
 
Spencer
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Comments

  • doyla66
    doyla66 Thursday, 30 January 2014

    Nab are good at handing out money knowing full well that we will never be able to meet the payments. Shonky as they come.

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