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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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Our Story - Dodgy La Trobe Financial

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This is our story

                               We applied for a loan with 2nd Chance mortgages brokers name was Kylie G.  from South Australia. We filled in one LAF form 23 May 2007 with our details to La Trobe Financial and the loan was approved. 

After four years of making payments which we struggled from day one to afford, we were in a drought for two years and as result lost work and were in deep financial distress. After advice from friends to contact Denise Brailey we went to find our Loan Application Forms.  

In Aug 2012 with the help of COSL (as La Trobe wouldn’t supply) we received our LAF forms then we were surprised that there were two LAF forms, one with our details, and another form with altered details. 

The LAF form which we filled in has been stamped by La Trobe dated 12 June 2007

The second altered form stamped and dated 19 June 2007 

In the LAF form used to approve the loan, partners income was changed from $25,452 to $199,640  

2nd income left blank 

Assets overstated from $499,800 to $656,000 

Previous mortgage repayments to CBA were $640 per month, now changed to $352

Number of years of owning property changed from 4 years to ten years. 

We had contacted ASIC and sent them the LAF forms + any other info needed in Aug 2012.  We had no reply until 14 Feb 2013. 

Here are some of ASIC's comments -  

ASIC’s decision to take action will be influenced by whether there is evidence of systemic concerns, and whether it is in the public interest to take action, after the consideration of all relevant concerns. 

While we appreciate that you have a personal interest in whether ASIC takes action, as a regulatory authority ASIC does not act for individuals and does not generally take action to recover funds for aggrieved parties. 

In the letter they tell us to go with COSL which we had already done so. COSL have tax assessments & returns, bank statements, title deeds and wage statements. COSL said that they will have outcome at end of 2013, heard nothing until we contacted them. Their response was due at the end of Jan 2014. 

After reading blogs have little to no faith in system for a good outcome for us. 

Carol & Graeme

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  • doyla66
    doyla66 Thursday, 30 January 2014

    A lot of these fraudulent loans are coming up for the 2007 year. Is this when the lenders brokers were dispensed with in favour of the puppet Brokers having their strings pulled by the banks.? Is then when a new wave of Brokers emerged all gung ho promised of a lucrative income and lifestyle, all provided with the training, computer programs, stationary etc and the service calculator. All armed with the necessary gear and training provided by the lenders. It would have sounded like a gift from heaven being handed to them. I bet they could not believe their ears. Just shows how gullible we all are and how our lives revolve around the all mighty dollar. Stooges working for the banksters. Trapped in the web of the banksters pre planned deceit and fraud. I'll bet the brokers now wish that they never heard of the banksters plot.

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