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BFCSA: Report abusive lenders says LaTrobes "how to" guide.. YET LaTrobe is at the top of the list to be reported and COSL looks the other way

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the following is an extract from the Latrobe Consumer Advisory Guide...

" Report Abusive Lenders

If you have been a victim of predatory lending abuse, let others know! Your complaint could save others from being victims, too. Call your local office of consumer re listed in the Government section of the phone book.
Report your experience as they watch out for predatory lending scams and frauds; a good start would be to:

• Call ASIC toll-free 1-300-300-630,
• Or go to’ to file a complaint online.

What is Predatory Lending Take action against Abusive Lenders
© 2007 07/01/13
La Trobe Financial Services Pty Limited
Australian Credit Licence: 392385
La Trobe Financial Asset Management
Limited Australian Credit Licence: 222213

to read the guide click on this link


Comment: This is all well and good Latrobe.... in theory, however  our own recent case for maladministration against Latrobe was closed by COSL (licensed by ASIC) ruling no case to answer due to Latrobe Financial not having to abide by any Bankers Codes if they do not wish to....

COSL Investigator then advised us to deal directly with LaTrobe Financial and write  a letter attaching our new evidence (photos of original wet ink Laf to compare with Faxed copies) which proves maladministration and imprudent lending by LaTrobe Financial.


Extracts from our letter to Mr Brian Ford Senior Vice Chairman and Chief Operating officer Latrobe Financial Services

" Dear Mr Ford,


We refer to your letter dated XXX and appreciate LaTrobe Financials’ position in relation to our complaint, however we feel our letter to you was treated with disdain.  


The problem that remains is that you have still not addressed the issues concerning our complaint which is disputed for all the reasons placed before you to address and resolve as one would expect of a Chief Operating officer of a Lending institution. 


We are under the impression that you are not willing to get to the bottom of this Mr Ford.  We are members of BFCSA (Inc) and Denise Brailey the BFCSA President, has now written a response to you on our behalf, which is attached to this email.  ....


..... "I am very aware that our complaint against LaTrobe Financial’s imprudent lending and maladministration in our case, is not one in isolation.  


We will not let this matter rest until you compensate us for our Losses......   " 


You say in your letter “ we invite you to attend our offices to inspect the original faxed pages so that you can be satisfied as to their veracity”.  We have the Original biro documents with our signatures.


Your faxed copies contain false Information relating to our assets/income/liabilities which clearly is not on our Original document.  Why?


The first we became aware of this fact was when we requested LAF copies from LaTrobe last year.  We ought to have been given copies at the time of signing in 2007/08. 


You just dismiss our complaint with “these documents were signed by you and the signatures match other documents signed by you”.


In fact, we now realise that there were OTHER Loan application forms (purposely) hidden from us at point of signing.  The broker XXXXX advised us last year that he was told to destroy ALL our files.  Why? 


As mentioned, through a stroke of luck, XXXX broker  accidentally left behind Original loan application forms which contained our signatures in biro. We do not need to view faxed LAF copies containing false information at your office. 


We are satisfied that we have been duped Mr Ford.  We have the proof.  I even emailed you photos as comparisons to enable you to see and understand this fact for yourself.  We should never have been approved in the first place.


In closing, as Denise says in her letter “LaTrobe Financial made the corporate/commercial decision to take a risk and not verify the income of the intended potential borrower. It is a practice that is nothing short of reckless or total indifference to the circumstances. We believe this is more than imprudent lending, it is improper.  


LaTrobe Financial can share liability with XXXXX Broker, we don’t care, but the loan should not have been made and would not have been made if there had there been the simplest diligence exercised; just reading the LAF was all it would take. Why not read it?   Because the service calculator ‘qualified’ the application and nothing else mattered. 

“LaTrobe Financial and the broker are responsible for this mess and they must bear the consequences, which is to put the borrowers back in the position they were before the loans were made. Simple.”

Yours sincerely


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  • doyla66
    doyla66 Wednesday, 22 January 2014

    this must be a bad joke by Latrobe. I just reread "what tactics do bad lenders use"... In our case Latrobe USED JUST ABOUT EVERY ONE...
    A lender or broker tells you that they are your only chance of getting a loan or owning a home. You should be able to take your time to shop around and compare prices and houses.
    • You are asked to sign a sales contract or loan documents that are blank or that contain information which is not true. This can be a crime, as obtaining finance by deception is punishable by jail; you should never lie about your income or capacity to repay a
    loan or make false declarations in your application.
    • The cost or loan terms at loan settlement (first advance) are not what you agreed to.
    • You are told that refinancing can solve your credit or money problems. This potentially “strips” homeowners’ equity from their homes by convincing them to refinance again and again when there is no benefit to the borrower.
    • Targeting vulnerable borrowers to refinance offers when they know borrowers are in need of cash due to medical, unemployment or debt problems, or knowingly lend more money than a borrower can afford to repay.
    • You are told that you can only get a good deal on a home improvement if you finance it with a particular lender, using high pressure sales tactics to sell home improvements and then finance them at high interest rates.
    • Encourage borrowers to lie about their income, expenses, or cash available for deposits in order to get a loan.
    • Charge high interest rates to borrowers based on things other than their credit history, and charge fees for unnecessary or nonexistent insurance, credit card

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