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Sub. 23


Our Submission to the Senate Inquiry

“Effects of the GFC on the Australian Banking Sector”

Economics References Committee P.O. Box 6110 Parliament House Canberra ACT 2600



Dear Senators,

Before you read this letter, my family & I would like to Thankyou for taking the time to read about our harrowing & disconcerting experience with Commonwealth Bank / Bankwest

This is our story - my name is David Crisp & my wife of 46 years is Margaret. I am 67 years of age and I am writing to you because we have had our whole life savings taken by the banking systems of the ‘Commonwealth Bank / Bankwest.


My wife & I have been in business since the age of 21. We have been happily married for 46 years and we have raised 4 wonderful sons. One son works for an airline; the other three have their own businesses & have also graced us with 13 Grandchildren who we cannot help financially anymore, due to our dilemma of being robbed of it all.


In late 2008, the Commonwealth/Bankwest sent us to a company for an evaluation of our project whereby we were charged a whopping $80K. When we arrived at this company while waiting to be interviewed, I started to read some of their literature, I was shocked to find that this Company were “Liquidators”. I immediately started asking questions and they assured me that they were working in the capacity of Advisors to the Commonwealth /Bankwest’.

The bank added the sum of $80K to our loan account,


In conclusion to this meeting the Bank Advisor made terrible & misleading statements and slammed our project .


In August 2009 the Bank made a demand on us for $3M for monies owed as now our facility had expired stating that they could go no further with us and therefore appointed their receiver. Strangely enough though, the same company that was a so called advisor in 2008 was now appointed as a Receiver for the ‘Commonwealth Bank’


I had to watch in amazement to see our families blood, sweat, tears & lifetime of finances go & be sold for such a ridiculous price.  You know what?, I couldn’t do anything about it.

I just broke down & cried.


I was absolutely distraught to a point that I didn’t care anymore, my wife was having anxiety attacks and our marriage was taking its toll. Deep down, because of my faith, I knew that I had to pull myself together. My Family means the world to me and they needed me. After a few months of feeling sorry for myself, I snapped out of it & had to take every day as it came. I decided to fully research the events that unjustifiably happened to us and low & behold I have since found that the ‘Commonwealth Bank’ has destroyed other innocent peoples lives as they have ours by strategically under-valuing properties & then selling them off at absurd low prices.


In conclusion, we have full documentations & valuations of our project to corroborate this letter to you.


I have been an Australian Taxpayer all my life, worked very hard to live a comfortable life & provide for my growing family but now I have to rely on the Pension and live from day to day.

I really believe that I, and my family have been unjustly treated by the ‘Commonwealth Banking System’, therefore your assistance would be greatly received and appreciated – please help me to regain what is rightly mine.



Kind Regards,

David & Margaret Crisp, & Families

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  • doyla66
    doyla66 Friday, 21 September 2012

    Dear Crisp family,
    I truly feel for you and what you are going through. It is heart breaking to see everything you have worked for years dissapear before your eyes and the people who "created" all these messes could not care less. I just wish that someone in power (government or opposition) whould grow a set of b***s and assist us in getting a Royal Commission started in regards to these illegal loans. Foe goodness sake we are not asking for anything out of this world. All Australians, present and future would benefit from the clean up of this rotten Financial Industry. Here in Qld the prosecutors (the Commonwealth) will spend another 4 million dollars in re-trying Dr Patel, why can't the Australian Government invest in a "spring clean" of the banking and finance sector.
    I cannot do anything for you guys but you will be in my prayers and who knows, probably we had to go through this "valley of the shadow of death" (as at times it sure feels that way)so that our children and their children would reap the benefits of what we are fighting for.
    Hang in there guys, it is never too late. Lots of love.

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