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.
Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.
Treasurer Joe Hockey is not the only one with a close family member ripped off by Banks. There are others. We are planning a big contingent of people to Canberra in November. Every victim will want to be front row to hear Australian Securities and Investment Commission's lame duck excuses for seeing all and doing nothing. BFCSA voices will inspire the timid and embarrassed to also come forward. Anyone wish to arrange a bus from Sydney? Talk to me.
Dates have not been set as yet. We will keep you posted. Meanwhile FOS (Financial Ombudsman's Service) is closing files where loans were arranged in 2006 or earlier. Statute of Limitations can only apply from when people "were aware of the affability issue." FOS would not be able to get away with such nonsense in a court of law, but then this is a game to assist Banks..................... Statute of Limitations for...
There is more than one way to encourage people about to take out a mortgage which is the best lender to chose? The one with the so called "best interest rates" usually has hidden charges that would need a crane to lift - that means more bonuses for the bankers and definitely more DEBT FOR YOU.
It gets quite ugly if the loan you are offered is a LOW DOC. Demand a FULL DOC but note that 18% of Full Docs are TOXIC. If the lender says NO you need a bigger deposit....steer clear of the debt trap and save for more deposit first....best advice we give that banks will not tell you why that is GOOD ADVICE.
LOOK FIRST and see if LENDER is a Member of COSL or FOS. If they say COSL - run a mile - DO NOT BORROW - DO NOT SIGN ANYTHING - RUN FOR YOUR...