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'Our Story'. Macquarie Bank and Perpetual Ltd.

Posted by on in Bankers A Law Unto Themselves
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Writing our 'Bank Story' isn't easy.   I've written it in point form - but it's still probably too long for people to want to read it all.
However, it IS 'our' bank story - and who knows, someone may have the time to read it and be informed about some of the things the banks get up to. 

Oh, and just to set the rumor straight ... my husband is NOT a lawyer, and has nothing to do with the profession.  We were just a Mamma and Pappa, with three teenage children living at home, who mistakenly believed banks could be trusted, and who thereby ignorantly entered a minefield. 

A.  'OUR BANK STORY'.

1.  2002 applied for loan from Interstar Wholesale Finance (became 'Challenger' and November 2006, and now known as 'Advantedge').  We owned our home freehold at the time.
2.  Brokers acted strangely - at the time I told my husband they were 'sleezy'.  They seemed like excited little puppy dogs with a secret.
3.  They gave a strange instruction - 'You must draw down your entire loan before the account can be activated.  But you can put all the money back the next day if you want'.
4.  We did as instructed, including re-depositing the money the next day - and were charged $3,000 for the privilege.
5.  I have since learned that the requirement for the loan to be fully drawn down is linked with Securitisation.
6.  2004  A no doc loan was taken out with Perpetual Ltd and Macquarie Bank Ltd. and the 2002 Interstar loan was paid out with this new loan, and in 2006  A no doc loan extension was approved by Perpetual Ltd and Macquarie Bank Ltd.
7.  We have since learned that each of these loans carry many hallmarks of being 'predatory' and/or 'imprudent'.   I have requested the LAFs, including the Serviceability Calculator, from Macquarie/Perpetual multiple times, and from Interstar (now Advantedge) and in various ways - phone, snail mail and email.  I have been sent some of the Perpetual/Macquarie LAFs, but pages are missing, and no Serviceability Calculator.  They now refuse to acknowledge my communications.  The broker has shredded all but a few pages for each of the loans.
8.  January 2010 bank filed for possession of our home.
9.  After several unsuccessful attempts by us to be 'heard', Perpetual got possession by court order.
10.  September 21st 2010. First eviction
11.  Two days after the eviction Perpetual removed all our belongings from our 40 square home.  They refused to allow us access to get some belongings before they took everything away, but after nearly 2 hours standing on the footpath outside our property persisting with them, they relented and allowed a limited time to fetch 'necessities'.
12.  However, I still wasn't allowed on the property until two agents from Barry Plant Real Estate turned up to follow me around my home making sure I didn't steal anything that was mine.  They were required to make a list of everything I took.  'One pair of nickers - pink; one book titled 'The Evil Princes of Martin Place' .....'
13.  We were assured that 'as soon as everything is in storage you will have access to all your other belongings'. 
14.  We were lied to.   Perpetual took everything else and hid them away from us.   They refused to disclose their whereabouts.   Phone calls by us to Perpetual's solicitors, HWL Ebsworth Lawyers, were put on hold - indefinitely. 
15.  After one week, we had a phone call from Ebsworth Lawyers telling us we could collect our belongings.  They would only give instructions over the phone and refused to put their instructions in writing.  Is it any wonder ...  their instructions were impossible. 
16.  They told us we could go to Fragile Removals and Storage at 1pm that day and we would have an hour to collect our belongings.  Right.  Run that past me again.  It was nearly midday already.  The address was an hour's drive away.  We had no truck booked.  It had taken eight+ men 12 hours to empty our home.  By Fragile's count, our belongings took up 140 square metres - and Macquarie's lawyers gave us two hours from the phone call to complete everything.  It was an ingenuous 'offer' which we refused.
17.  Someone managed to see sense, an alternative arrangement was made and we collected our belongings.
18.  In protest over the fact that various issues were never 'heard' in the court, we decided to re-possess our home.  That wasn't an easy decision.  We were taught to respect 'the law', to respect 'those in authority' - but now we were being let down by them, and no-one cared. 
19.  Late September 2010 we re-possessed our home.  A Barry Plant agent 'happened' to arrive just as the locksmith was finishing the locks for me.  The police were called and two policemen from Preston police station arrived shortly after I had locked myself in the empty home.
20.  Held under siege by the police for an hour and a half.  They tried coercion, threats and lies to try to persuade me to unlock the door.  I told them the warrant had expired, that they should make a phone call to check, and that without a warrant they had no legal authority to be wandering over my property.  But they refused to take any notice and kept wandering around my home, occasionally trying doors in the hope of gaining access.
21. After an hour and a half, my sons arrived and requested to see the warrant - without it the police would be trespassing.  We knew the warrant had expired the moment the sheriffs left our property a week earlier. 
22.  The police maintained the belligerent and high handed posture they had taken since they arrived - until a senior officer suddenly turned up.  He made the phone calls I, and my sons, had told the other officers should be made and immediately the senior officer called off the two policemen, saying 'this is a civil matter'.  Our sons also heard him say to the effect, ''so they'll have to go back and get another warrant' while on the phone - confirming the warrant had expired.
23. The police had simply rushed to our home as a knee jerk reaction to a phone call from the Barry Plant agent or from Perpetual and Macquarie's solicitors, HWL Ebsworth.  The police took no care to check their facts first.  It seems that they too are simply at the beck and call of the banks.
24.  Threatening letters arrived from Perpetual and Macquarie's solicitors, HWL Ebsworth Lawyers, telling us to get out of our home or else ...  We had to hold our ground - the bank had things to answer and we were denied that justice in court.
25.   Over the next four months I went through all our belongings, culled, and re-set up our home.
26.  Early October 2010 received 'Notice of Eviction as a matter of urgency' - or words to that effect.  Life took on an interesting turn in that each day at 5pm we knew we had another night in our bed, and when we woke, we wondered, 'Is this E-day?'.  But life had to go on, and as best it could, it did.
27.  Early December 2010 received letter saying eviction would take place in late January 2011 so 'things could be arranged' - or similar.  A reprieve.  We could have our grandchildren stay with us over Christmas after all.
28.  Late March 2011.  Second Eviction - two months after 'late January'.  It must have taken them longer to 'arrange things' than they had hoped.  
29.  HWL Ebsworth Lawyers had, on behalf of Perpetual, organised for 23 police and sheriffs, 3 real estate agents from Barry Plant (salivating at the prospect of pouncing on the property), 3 security guards (insecure little men who get their meaning out of their 'power stance'), 4 police cars blocking all road access to our property, and a guard dog - all to evict three adults and two teenagers, none of whom had ever made any threats or displayed any violence, and whose only 'crime' was to resist, by way of the written word, the fraud and deception of the bank. 
30.  We were told by a third party that there was another vehicle parked out of sight - full of armed and uniformed bullies - sorry, police - presumably ready to knock us to the ground, taser us, even shoot us if they felt it necessary.  After all, what are 23 police and sheriffs against 5 unarmed civilians? It was a ridiculous farce and a total waste of public monies.
31.  Sheriffs forced entry into our home and assaulted my husband and adult son, pushing and pulling them out of the home.  Neither of them resisted in any physical way.   My two teenage children and I were not there when the sheriffs arrived.  Husband and son forced off property.
32.  I arrived home, to find our roads blocked by police cars - I quickly noted three, and discovered a 4th car sitting around another corner.  There were also three Barry Plant real estate agents standing around their car at the end of a short drive-through lane.  
33.  Was refused access to our property to get any clothing or necessities.  Pleaded with sheriffs for a long time to allow us to get 'some clothing and our computers'.  We were refused again and again until one sheriff showed a tiny bit of heart and said she would get some things for us.  I guess she did her best, quickly getting some clothing for the five of us, but all she ended up getting for me was gardening clothing and a little underwear, so I basically left my home with only the clothes on my back.
34.  We were also finally allowed to have our main computers.  It wasn't till later that I discovered a possible reason for their not wanting to give us our computers.  Unknown to them, my husband had been recording something when the sheriffs arrived, and in the rush of things, hadn't turned the recording program off.  Therefore, it had been recording all noise within range during the eviction.  At one point, two sheriffs were recorded saying,  'Looks like they knew we were coming'; 'Let's get screen shots'; 'Find his contact list and get a copy'; and other interesting bits and pieces.  They had no legal authority to access our computers - they were here to take our property off us, nothing else.
35.  Immediately after the sheriffs stepped off our property in March 2011, a security fence was erected and two security guards and a guard dog were placed permanently (24/7) on the property.  Later they reduced it to one security guard at a time. 
36.  Perpetual/Macquarie once again hired Fragile Removals and Storage to take all our belongings out of the house the day after the eviction.   We were assured that 'as soon as everything is in storage you will have access to all your other belongings'.  They lied again.
37.  Instead, they hid our belongings away from us for approximately four weeks.    On the day of the eviction, the removalists, under instructions from Perpetual and Macquarie's solicitors, HWL Ebsworth, destroyed all contents of our three fridge/freezers.   Frozen meat, fruit and vegetables, expensive perfumes, medications, natural health supplements, fresh fruit and vegetables, pet food, were all destroyed.
38.  At the eviction, we were prohibited from collecting our two pet cats belonging to our teenage children.   The cats were traumatised by the presence of the guard dog and hid in the garage for several weeks by gaining entry through the small animal door until a kind neighbour saw one of them and began putting food out for them at the back of her place.  The cats became somewhat feral and it took weeks before my neighbour could catch them.  Once caught, we had to put one down as she was too damaged to be a pet any more, and the other was able to be looked after by someone who eventually happily took it as her own.
39.  We were prohibited from getting my son's sedan from the property and, eventually, under instruction from HWL Ebsworth, and without any notification to us, the car was taken from the property to an undisclosed place.  They stole our son's car. 
40.  A few weeks after the eviction, and while our son's car was still on the property, we requested access to get his personal belongings from the car.  We were refused.  The personal belongings went with the car when they took the car away.
41.  HWL Ebsworth Lawyers sent us letters threatening to destroy and/or sell all our belongings - which include all personal items, papers, books, clothing, childrens' school books and sports equipment, computers etc unless we complied with their every wish and demand. 
42.  End April 2011.  It took four weeks to get access to our belongings.  We decided to take Ebsworth's threats on behalf of Perpetual and Macquarie seriously and remove our belongings from their clutches immediately rather than risk losing everything to power hungry, arrogant, high-handed, little people.
43.  Macquarie and Perpetual took a long time to put our house on the market - all the time running up 'costs' for the security guards, guard dog and security fence.  I don't believe there was any reason to delay the sale, aside from asset stripping. 
44.  The house was put up for auction.  The sale was compromised by a very short campaign and the presence of a security fence, guard dog, and guard;  the 'Auction' sign was hidden down a small dead-end lane so that only those looking for it were likely to notice it;  there was no 'open house';  the auction venue and time was kept a secret - it was 'in rooms';  only those who had inspected the house could attend the auction.  No wonder it didn't sell at auction.  Further to that, the Barry Plant agent was under instruction from Perpetual's lawyers, HWL Ebsworth, not to tell us the venue or time of the auction thus denying us our right to observe the proceedings.
45.  Our property was put up 'For Sale' after the failed auction.  The same encumbrances toward a successful sale existed as they had for the failed auction.  Macquarie/Perpetual made no effort to ensure a 'fair' price' for our home.
46.  It happened that the Barry Plant agent who sold our home was the same one who had provided us a written appraisal for our property just twelve months earlier.  His written appraisal was $1.6M.  REIV figures show house prices for the area at the time of the sale were pretty much the same as when I got the written appraisal.  That same agent advertised our property on behalf of the bank for $950,000 and sold it in September 2011 for $832,000 - just over half his appraised value.
47.  When the bank sold our home, we discovered something that shows they should never have approved the loan based on 'house and land' value.  When we purchased the land, a covenant prohibited the land to be used for residential purposes.  However, we obtained a Variation, allowing us to build our home.  We moved in in 1996.  It wasn't until our home was sold by the bank late in 2011 that we learned that Preston Council had neglected to gazette the variation at the Titles' Office, thus effectively leaving the full prohibition of the covenant on our land.  This situation can be easily rectified at law, but that's not the point here.
48.  The point is that our house was technically illegal at the time these loans were provided - meaning the loan should never have been given based on both land AND house value.   If the house was 'illegal' when Perpetual/Macquarie sold our property, then it had to be 'illegal' when they, and Interstar, provided the loans.
49.  Perpetual's lawyers would have known, but in keeping with the predatory lending practices of the time, the 'originate to distribute' model for securitisation profits, and the 'if they can fog a mirror they can get a loan' ethos of the day, they didn't care - they wanted the loan, whether or not the house was 'illegal'.  But when it came to selling our property, they sold if 'for land value only' justifying asset stripping by saying the house was 'illegal'. 
50.  Most of our letters to Macquarie and Perpetual have been ignored.  They know they are unlikely to be challenged at law as people who lose their homes can't afford to run a case.  Thus they act with careless abandon, ignoring their Duty of Care requirements.
51.  March 2011 to July 2012.   No fixed address.  Changed address 10 times. 
52.  End July 2012- the Present.  Living in temporary accommodation.  Have to move again this year.
53.  Contrary to what we are being led to believe, many of the Securitisations have involved the transfer of LEGAL title to the mortgages and loans, and not just 'equitable title'.  I have it on very good authority that this is the case with the Trust that my mortgage and loan went into.  Thus, Perpetual Ltd had NO standing to foreclose.  Further, there is a possible issue of 'self-assignment' (an illegal practice) by Perpetual.
54.  No-one has cared or listened - except BFCSA members of course.  :)


FOS haven't - they always closed the file after some cursory 'investigation';  not APRA; not the Premier of Victoria - 'not my cup a tea'; not the Attorney General; nor the courts;  or ASIC - passed the buck on every issue I raised;  or the CEO's of Perpetual and Macquarie; or the Police Commissioner; or the State police - 'it's a Federal matter'';  or the Federal police - 'it's a State matter'; the ACCC; and a few others as well.

That's the Bankers system of Justice for them and none for the consumer.

The day after I blogged this, we got a letter threatening further legal action because of a 'shortfall' issue.  I blogged that here:

http://www.bfcsa.com.au/index.php/entry/further-to-our-story-macquarie-bank-and-perpetual-ltd

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Comments

  • doyla66
    doyla66 Tuesday, 04 February 2014

    gfs246

    thankyou for sharing your story Susan.
    bunch of crooks.
    you sound like a very strong family.

  • doyla66
    doyla66 Tuesday, 04 February 2014

    You have certainly been through the mill. It is an horrendous experience for anyone to go through. Still cannot stop calling the house we lost OUR HOME quite often and refer back to things there on many occasions.

  • doyla66
    doyla66 Tuesday, 04 February 2014

    And to think that our uncaring weak usless Government is standing by and allowing this criminal behaviour to continue against it's people is an absolute crime in itself. Shame on you all. I don't know why we even bother to vote for a Government who doesn't give a damn about it's citizens.
    Thankyou Susan for sharing your story....I admire yours and your families strength. We will keep fighting until justice is served.

  • doyla66
    doyla66 Tuesday, 04 February 2014

    What an utter horry story. Seems to me you are damned if you do and damned if you don't once in their evil clutches and well they who engineered this crime know for they can hardly blame a computer can they when they all have their own systems. So cleverly designed to ensure win/win for them and lose/lose for everybody whatever they do BUT their time is coming and if I were any of them I'd run for the hills. The one thing I will say is all 3 R/E Agents I used were good Agents who all did their best under what I now know were impossible conditions and circumstances to do the right thing by me (although at the time and before enlightened I did have my doubts as I also did re the Broker and the Bank Manager). Guess all the good R/E Agents are as trapped in the web as much as everybody else is in trying to earn a living to keep a roof over their own heads! As Denise keeps on saying IT'S THE BANKS - IT'S THE BANKS - IT'S THE BANKS!

  • doyla66
    doyla66 Tuesday, 04 February 2014

    Gfs246

    Yes indeed
    The banks the banks the banks. And here i was blaming the broker who is now so involved his life will also be turned upside down.
    But guess what... bad luck
    He had no duty of care just like the banks!

  • doyla66
    doyla66 Wednesday, 05 February 2014

    Unbelievable

    Dear Susan I really cannot believe anyone should be exposed to that sort of disgusting abuse of their rights and for our constabulary to support such actions is a blight on their better judgement. Ali you are right on the ball the Government have a commitment to the people to examine exactly why those who have backgrounds of paying their taxes and borrowings on time and without fail have suddenly crossed over to be defaulters. When their are signs of a growing trend of monetary mismanagement across wide walks of life and good folk have taken steps to bring it to the attention of the regulatory bodies our elected (and I stress elected) politicians have an obligation to investigate thoroughly the root cause. It will be the making and breaking of many political careers this current Banking and Finance Crisis as it is not just an anomaly that this has taken place. This is going to go down in history when finally it is resolved as the greatest category 5 perfect storm whipped up by a gangster cartel that we now call BANKS. Only the strongest of politicians will stand above the rest and that will reshape our country and reintroduce a moralistic approach to business and how it is done into the future. Times are changing and generation X and Y will not tolerate the fools of today and their apathetic approach to governing without direction and clear cut rules. Be prepared they will ask the hard questions unlike our generations who put their faith in trust and decency being our ruler. I hope I never have to hear of people being submitted to the abuse that was portrayed on Susan and her family. It could be all our fates of which I am sure we are all aware as we are all victims of the same disgusting misuse of power portrayed on us by the Banks but to strip decent people of their dignity is just a disgrace. Keep fighting we have done nothing wrong Susan we are just victims of circumstance and that circumstance was not an act of GOD it was an act of PARLIAMENT.

  • doyla66
    doyla66 Wednesday, 05 February 2014

    Gfs246

    Susan's story needs to be shoved under the senators noses.
    She has been through enough, the media would be good but how can this woman and her family take anymore?
    Susan, I have not stopped thinking about you.
    You showed such courage telling us your story.
    I live in Melbourne , you mentioned Preston in your story.
    Not sure if you have other family members near you but I am here for support and I am just down the road.
    I can't solve the problem but I can be your friend, a friend in the same situation.
    Dab has my number.
    GFS

  • doyla66
    doyla66 Wednesday, 05 February 2014

    All these bankster lawyers resorting to these bully boy tactics should be outed and publicly exposed and have their licenses suspended.

  • doyla66
    doyla66 Thursday, 06 February 2014

    Excellent idea Gfs246, for Susan's story to be put before the Senators. That will add more pressure and make the Politicians rethink and have a change otf thought. They cannot deny any longer that this severe abuse on the Australian people is happening because here it is happinig to thousands and thousands of victims and it is always the same story. BANK LOAN FRAUD, BANK LOAN FRAUD AND MORE BANK LOAN FRAUD.
    POLITICIANS, must take serious action before someone in their family falls victim. Listen to the people, don't listen to Asic. The victims are crying out for your intervention.

  • doyla66
    doyla66 Thursday, 06 February 2014

    Gfs246

    We must make sure the senators read her story
    Denise will be able to help with that I think.

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