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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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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.

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Subscribe to this list via RSS Blog posts tagged in debt

Posted by on in From My Window
Hi All, I thought I'd put these important definitions up for all members because, after reading a lot of older posts, I notice that there is a range of knowledge levels amongst our group and I feel that it's important to help all members to come to understand what has happened in their particular situation. To do this, certain concepts need to be understood. The following links include a definition of the term, an explanation of the term and, in some instances, a video to further explain the term. It's definitely a good starting point for anyone who needs to improve their knowledge on this complex topic. If this post gets a good response, I'll continue to add to it over time. Apologies to any members that already know this stuff. Maybe you can chime in with some further useful terms and definitions? Contract: http://en.wikipedia.org/wiki/Contract Debt: http://en.wikipedia.org/wiki/Debt Equity: http://www.investopedia.com/terms/e/equity.asp Equity Stripping:...
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  • doyla66
    doyla66 says #
    FOS and COSL are supposed to be independent dispute resolution schemes, a part of the ridiculously conceived concept of self-regul
  • doyla66
    doyla66 says #
    Good info, but the problem is : most of these corrupt Banks & corrupt regulators deliberately choose to ignore the Laws, their own
  • doyla66
    doyla66 says #
    Apart from legislation, there are also things such as ASIC Regulatory Guidelines (which are interpretations of the actual legislat
  • doyla66
    doyla66 says #
    Good post, lee. I'm personally all for this kind of information being shared but I don't make the rules so... If people want it
  • doyla66
    doyla66 says #
    Add one more CRIMINAL CODE - SECT 408C 408C Fraud (1) A person who dishonestly— (a) applies to his or her own use or to the u
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  29 Jun 2012 - Good reading and video at: http://barnabyisright.com/2011/06/29/rba-says-our-banks-are-stuffed-in-other-words/#comments   Yesterday, RBA Assistant Governor Guy Debelle indulged in some MOPE.   Management Of Perceptions Economics.   Lies, deceit, and propaganda, in other words.   But for those with an ear to hear, and an inclination to check the “authorities’” claims, what he really did – unintentionally – was to give us a heads up.   That our Too Big To Fail banks (TBTF) are going to get bailed out, sooner rather than later.   Go grab a modest quantity of your favourite beverage, and settle in.  You are about to learn – in detail – why we cannot trust a word the banksters say.   Ready?   Now as expected, the mainstream press all lazily parrotted the “everything’s fine, move along, nothing to see here” headline that Mr Debelle wanted. Here’s a good example, from the nations’ “premier” newspaper:...
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  • doyla66
    doyla66 says #
    "why is the Australian taxpayer on the hook to backstop the banks?.." Why not change this scenario around in favour of the tax p
  • doyla66
    doyla66 says #
    Lisa, 'you're a woman after my own heart', but would you be employable to the press? Hmm, let me think......computer says, "no" r
  • doyla66
    doyla66 says #
    A big read Lisa. Keep them coming.
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http://www.youtube.com/watch?v=DyaitC91hEM&feature=youtu.be&a    
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With Credit Card Losses at Record-Lows, Issuers Are Raking It In
Do most Australians assume that if you're over 18 you can drive a car and operate a credit card with safety? Neither are true as we've witnessed over and over again. Is the lack of proactive regulatory oversight due to a clear conflict of interest for the Australian Government?   This information (below) comes from a US site for a Credit Card Merchant Service. The site contains a lot of good information on international trends in credit card usage and the regulatory initiatives that are being trialled for the domestic economic management in a global marketplace.  It looks likely that Credit Card bonds will be issued at an increasing rate. My concerns are that this will: Increase consumer access to relatively unregulated credit at a high rate of interest Increase consumer exposure to serious debt related problems Increase the pressure on consumers to participate in imprudent credit card usage through advertising...
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  • doyla66
    doyla66 says #
    Re: Debit Card(Bank of Melb') - years ago it apparently also had a credit facility of $50.00 (go figure) & an unathorized transact
  • doyla66
    doyla66 says #
    Thanks Geoff - your awesome!!
  • doyla66
    doyla66 says #
    Wow! Thanks JJ and Geoff. Timely advice for me too! I'll probably need more information to make this work and be confident enough
  • doyla66
    doyla66 says #
    Your blog is relevant, I felt, to that just posted by Denise to which I replied. Under "Privity of Contract," as many may know, a
  • doyla66
    doyla66 says #
    Hi Geoff - what you have said is of interest to me greatly. My friend had an ANZ credit card and fell on hardtimes (death of partn
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By David Collyer The apathy of economists about the costs and burdens imposed upon modest citizens is staggering, as though this is their natural lot and there is nothing to be done. Housing is a perfect example. We see young adults rejecting home-ownership because without future price appreciation, taking on debt-slavery is futile. Existing owners cannot trade up or out unless first home buyers step up. This happened in Japan, to their great cost. A key paper by Dr Luci Ellis, head of the Reserve Bank of Australia's financial stability department (Property Market Cycles as Paths to Financial Distress; Ellis, Kulish and Wallace, 2012) shows our central bank is relaxed about Australia's land bubble, and thinks the finance industry is safe. The paper asserts the "distribution of debt is far more important in creating financial distress than its aggregate value." However, both measures are now at extreme levels – many...
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  • doyla66
    doyla66 says #
    "It seems the whole machine is designed so brokers take the fall, then simply close up shop and vanish."
  • Denise
    Denise says #
    Agreed David and excellent point: "So the RBA may, in the pursuit of a 'stability' mirage, preside instead over a moribund and int
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Posted by on in BANKSTERS
By MortgageMix August 22, 2012 The RBA might have lowered the cash rate to just 3.5% earlier this year, but it has done little to alleviate concerns for homeowners that job loss or rising living costs will cause them to lose their homes. A survey about Australian homeowners' greatest fear has found more than 25% are worried about becoming unemployed, and another 18% listed rising livings costs as their top reason to worry.   Mortgage broker network 1300HomeLoan said the results revealed the responsible nature of Australian borrowers. This is also reflected in our very low default rates on loans, it said. MD John Kolenda suggested that anyone who thinks borrowers are rushing in to take advantage of easy credit is mistaken. "Australian borrowers are very prudent and cautious about taking on debt they can't repay," he added. "These results show that homebuyers are very preoccupied with their ability to make...
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I came across this 2004 ANZ submission by accident. What a gem! From the Banks perspective we, the Fringe Lending Market, were "missing out" on so many financial products. Frankly, I didn't feel like I was missing out by not having a mortgage hanging around my neck or a plethora of bank accounts and credit cards to manage! I didn't lament my lack of financial products. One bank account for everything was fine for me, and had been for as long as I could remember. Why complicate life by being chained to the wheel as a debt slave?   I got into major debt through my long time friend and partner. A decent man who thought $30,000 was a large amount of debt. He wanted to be able to retire and he felt he should be able to leave something for his children. He took the risk. And found he was...
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  • doyla66
    doyla66 says #
    Thanks for the hyperlink Lisa. Some light reading for later when I get off the net
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Posted by on in Corrupt Regulators
  'Farm debt mediation' is a structured negotiation process in which the mediator, as a neutral and independent person, assists the farmer and the creditor in attempting to reach agreement on the present arrangements and future conduct of financial relations between them. Mediation is a simple, voluntary and confidential process that is quick, accessible and affordable.   The object of mediation under the Farm Debt Mediation Act 1994 is to provide for the efficient and equitable resolution of farm debt disputes. Mediation is required before a creditor can take possession of property or other enforcement action under a farm mortgage. It is recommended that farmers employ a professional adviser.  The adviser can be your local Rural Financial Counsellor, your Solicitor, your Accountant or some other appropriately qualified person.  The role of the parties' adviser in mediation will be to fully prepare their clients for and then to assist and advise, rather than...
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