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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 - St.George recklessly approves $416,700 loan to a 71 year old, Unemployed Pensioner.

Posted by on in ROYAL COMMISSION URGENT
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In October 2009, St.George approved a loan to us of $416,700, for a term of 25 years, involving a new rental investment property, leased at $530pw.
At that date I was aged 71 years, not employed and receiving part Age Pension.  

 

Needless to say, we now find out (since becoming aware of Bank Fraud and joining BFCSA) that our Loan Application showed lots of false information about our “income”-  e.g. shown as earning a salary of $150,000, - all blatant lies, which even carried through to the list of Assets on the page headed “Financial Position”- wherein it states we “owned a boat $5000” (never have) and had “Business Equity of $150,000”- more blatant lies.

 

In September 2011, we applied to St George for Hardship Assistance” as we were under extreme financial pressure to maintain repayments, and had sold my wife’s car plus shares, and used all of our cash reserves to assist our loan repayments. 
 
The reply from St.George was staggering and they NOW state - “it would be irresponsible for the Bank to apply assistance,............as this would result in putting you in a worse off financial position-based on your current income and expenditure”. “Further, due to the fact your over-commitment is long term we cannot agree to vary your contract.” 
 
In fact our financial position was no different from when we lodged our initial application in October 2009, to the date we sought assistance in September 2011.
 
BUT- now they decide “it would irresponsible to assist”!! 

 

St.George could easily have come to that conclusion, when the application was FIRST lodged if they had made just one call to us to verify the details in the Loan Application, which had obvious errors and discrepancies, some typed in, some hand-written, even the blindingly obvious and false variations of details which varied from one applicant to the other.  They chose to just accept whatever was IN the application as it was obviously made to fit as required by persons other than ourselves. 

 

We wrote to St.George again on 21st June 2013, seeking  answers to the large number of serious and false entries that made up our Loan Application, which has been largely completed in typed form by persons other than ourselves.  We received a fairly standard 3 page letter from St.George dated 1st July 2013, which asked us for heaps of information.  We chose to ignore this and forwarded a complaint to FOS on the 24th July 2013. 

 

In response to FOS, we then replied on 28th November 2013, with a 6 page letter via DLS and BFCSA. 

 

To date no further response from FOS, except to say on 12th December 2013, “as your dispute has not been resolved it will be allocated to a Case Manager who will further investigate the dispute and issue a decision called a Recommendation”

 

We were asset rich and income poor who became a ready target in BANKSTER FRAUD AND MALADMINISTRATION.

 

St.George Bank, were totally irresponsible back in October 2009, when they approved a 25 year loan to a 71 year old, unemployed and on Age Pension.

 

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Guest Thursday, 24 September 2020