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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 - We were part of a sting by Westpac and Suncorp.... not by chance we found ourselves in this position, but by design.

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I find it increasingly hard to believe that FOS, COSL and ASIC can sit on the fence and tell us that we have not provided enough details to convince them that our BANKS have a MAJOR INVESTIGATION coming their way. 


Our case has reached a substantial level now with FOS and our evidence is all clear, concise and points to three very guilty parties all working  together to make a maximum return with a calculated and sinister efficiency. All “our ducks are in a row” as Denise would say, but it now appears that FOS are giving us a new diversion, saying that there is no evidence of us supplying our tax returns for the three years prior to our taking the loan. That of course is a load of rubbish. We have always supplied figures no matter if we were intending to buy equipment, vehicles or as in this case, a property.  Common sense tells you that to supply as much detail as possible only adds strength to your application, and if you have the figures available, as we did, (we had been in business for over ten years) when we applied for this loan. 


Our story is this.  We were basically headhunted by an Investment/Property Broker as he was aware through his Perth branch office manager (who we knew well) that I had received an insurance payout for a health issue. So he basically pursued us and wanted to give us the full treatment... you all know the spiel... “ find the property best suited, find the finance and then work with us to create an ongoing income stream and build a property portfolio....”  


Well I told him early on that we would be financing with WESTPAC as my old friend had been doing all our finance for as long as I chose to remember and I implicitly trusted him. The Broker then talked us into an off the plan beachside Melbourne property but said we were getting something he would only usually sell to his staff, as they were exclusive, and as this was vouched for by our friend who was working for the Perth office, and she was buying one off the plan in the same complex, we felt fairly comfortable in purchasing the Melbourne property. 


Long story short many things began to not quite be going to plan and in the final week, prior to the buildings completion, the zoning changed and our loan previously organised solely with WESTPAC had to be split with another bank as the zoning made the property effectively now a commercial property (of course no one at this point made us aware that this change could have given us an out clause).  

Our Branch manager at WESTPAC said “no problems we can source another bank to take up a percentage of the lend and everything can still go ahead relatively unchanged”. Well nothing could be further from the truth. It changed everything! 


The property was originally guaranteed by its own valuation, without our own property being put at risk, but once it was split between two banks, both parties needed security and it could not be over one property so WESTPAC took security over our own property, and Suncorp, the other bank involved, took security over the entire amount of the investment.     

One thing lead to another and our Bank Manager, in the last week of organising the loan, went out on his own as a broker (so now we were working with a broker and not the bank direct as it had been organised to be originally) We never wanted to work with a Broker. Our loan had been structured and in place for over a year when all this happened, and now, with all the last minute changes, it was all a huge mess and was always from this point going to be trouble.   

Well we soon found out that the valuation so called, done by WESTPAC was grossly overstated. The originator, the broker that was selling the property, never declared his commissions which were extreme to say the least, and the build quality was very poor. The originator broker was sited by ASIC and banned for seven years and three years over different issues related to his financial dealings.  Our builder went bankrupt and we sold the property at a huge loss just to get out.  


We began looking into a course of action we could take to try to reclaim some of the money that we had been ripped off for, and that is what lead us to Denise Brailey and BFCSA, after realising there is basically no recourse available to decent people ripped off by crooks.  

Denise was a real breath of fresh air and a wealth of knowledge, and it soon became apparent that we were not alone.... that we were all part of a much bigger sting and it was not by chance we found ourselves in this position, but by design. 


I need not go on much more on the subject as we are all well aware of what has been perpetrated against us as victims, but I will say as with everybody, I was shocked at what had been exaggerated on our LAF. 


Denise had found the mechanics of a major FRAUD being played out by our Banksters on good honest, decent people, and this FRAUD was being ignored by Regulators and GOVERNMENT OFFICES. It is a major blight on our country as a whole, and the sheer fact it is being ignored by our elected POLITICIANS makes it criminal in its essence. 


The only way this can be exposed for its deception of all citizens of our nation, and I kid you not, there will be many more victims that are yet unaware that they too have been implicated in this mess, is by way of a ROYAL COMMISSION.  If our politicians refuse to go down the path of a full scale investigation you would be left wondering just how far or how deep this deception runs.   



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  • doyla66
    doyla66 Wednesday, 29 January 2014

    Right down to the depths of Hades itself I'm afraid and a lot more involved than one might ever suspect. They have created such an unholy mess they have absolutely no idea what to do other than keep plastering on bandaids. Maybe it's time we relieved them all their liabilities so they can get a good nights sleep.

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