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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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From a Banker   We confirm your loan was securitised and discharged in full on 7 December 2007.   Securitisation was, and continues to be, a funding mechanism used by many financial institutions in Australia and globally. There are strict regulatory frameworks and disclosure requirements involved in securitisations. Securitisation arrangements are outlined in disclosure documents which are generally publicly available.   Securitisation involves bundling many similar assets (loans) together to form a pool of assets, which investors (for example; Banks, insurance companies, governments, superannuation funds) invest in via a Trust. The investors get paid interest on their investment, and get their money back as the mortgages are repaid.   The legal relationship between the borrower and lender does not change through the life of the mortgage. That is, Perpetual Limited continues to be the Lender of record as per your loan contract and Macquarie continues to be responsible for the management of the loan...
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  • doyla66
    doyla66 says #
    Evidently not in banking Exactly,the banks can alter documents to suit their purpose as has happened with us,all our documents wer
  • doyla66
    doyla66 says #
    Thank you Colin, Here's another question you might like to tackle, If the original loan agreement(mortgage contract) you signed wi
  • doyla66
    doyla66 says #
    I suspect the answer is still the same, because the parties' signing of the loan agreement, not the drawing down of the loaned mon
  • doyla66
    doyla66 says #
    In response to Honesty, the "fine print" in the loan documents (ie the legal mumbo jumbo) generally says the lender can assign its
  • doyla66
    doyla66 says #
    The legal relationship between the borrower and lender does not change through the life of the mortgage. Hmmmm, what happens if yo
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Posted by on in Consumer Protection Disaster
You may want to protect yourselves in 2013:  http://www.dailyreckoning.com.au/protect-yourself-coming-inflation-2012-txtcon.php?gclid=CNyqwMiw7rMCFadMpgodRwsA3Q This email address is being protected from spambots. You need JavaScript enabled to view it.  The Daily Reckoning Australia ISSN: 1834-3104.  Port Phillip Publishing Pty Ltd holds an Australian Financial Services License: 323 988. ACN: 117 765 009 ABN: 33 117 765 009 ...
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  • doyla66
    doyla66 says #
    I'm a subscriber. Highly recommend their research and editorials
  • doyla66
    doyla66 says #
    Thanks Denise, It will make interesting reading. I just keep thinking about the story of the Emperor's new clothes. It is obvio
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Posted by on in Consumer Protection Disaster
My question is if the loan asked for is for the LOWEST INTEREST compared to others or BEST OVERALL which everyone would want right? Does this mean   that the Mortgage is “Not reasonably fit” for use or “desires the services to achieve” than it is an incorrect “warranty” or faulty product and or service supplied under the ASIC act below? Any input?????? And if so what can be remedy.   All this is wrong Lee: it simply means, if you ask for a loan for whatever reason, and the person you are paying accepts the funds, the loan is fit for the purpose, Re:   Under section 12ED(2), This email address is being protected from spambots. You need JavaScript enabled to view it....
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  • doyla66
    doyla66 says #
    Lee .... good find this is the Kryptonite.......the services will be rendered with due care and skill.......enter Code of Banking
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Posted by on in Consumer Protection Disaster
he Nuances of Default Notices   Often when consumers, who may be defaulting on their credit repayments, receive a default notice they do not realize the implications of it and what they must do about it. This article focuses on default notices and the possible legal ramifications if the default is fixed after the period specified on the default notice.   Default notice – Section 88 of the National Credit Code (NCC)   The credit provider must give the debtor a default notice under section 88 of the NCC before beginning enforcement proceedings. The credit provider must specify in the default notice how to fix the default. Under the NCC the credit provider must give the debtor at least 30 days from the date they are given the default notice to fix the default. It is important to pay attention to this 30-day or more period (we will call this the...
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  • doyla66
    doyla66 says #
    This is so true the average person is clueless about default notices - why wouldn't they be? It's not something that you are famil
  • doyla66
    doyla66 says #
    Thanks, Wilson and White Knight. ASIC's site is legendary for being hard to find things on - Financial Counsellors have been compl
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www.asic.gov.au http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/What_can_I_do_if_I_have_received_a_default_notice_0117.pdf/$file/What_can_I_do_if_I_have_received_a_default_notice_0117.pdf This information sheet contains information on:• default notices under the National Consumer Credit Protection Act 2009 (National Credit Act)• your rights under section 88 of the National Credit Act• the information a default notice must contain• what you can do if you have been served a default notice. What are my rights under the National Credit Act?If you fall behind in repaying money you have borrowed, a credit provider must not takerecovery action against you until certain steps have been taken first.These steps are designed to give you an opportunity to catch up on or dispute the arrears(that is, the unpaid amount) before action is taken in a court to recover the debt.The National Credit Act allows you to request postponement of court proceedings. If thisrequest is refused by the credit provider, you have the right to:• apply to the court for postponement of enforcement proceedings, or• take the...
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  • doyla66
    doyla66 says #
    [i]....agreed .....go strait to FOS .....dont enter into a LTA Long Term Arrangement its a TRAP ......soon as your late with 1 p
  • doyla66
    doyla66 says #
    When you receive a default notice lodge a complaint with the Financial Ombudsman straight away...that way the bank cannot take any
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Posted by on in Consumer Protection Disaster
I have had trouble getting my loan documents from the bank despite sending numerous letters to which they don't even respond. I have lodged a complaint with FOS. Can FOS insist the bank produce the documents? Editor: YES FOS have powers.  Should u have a problem email me Yes also can demand discovery via the courts but 99% of people have no money for courts.  I have no trouble getting documents from all 36 Lenders involved.  Do not write letters just email me. This email address is being protected from spambots. You need JavaScript enabled to view it....
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  • doyla66
    doyla66 says #
    Thanks for the advice. I have sent numerous emails and faxes to Bankwest for the docs but last week I sent a letter by registered
  • doyla66
    doyla66 says #
    Thanks for the advice. The trouble is I don't know which branch they would be at as my deceased husband organised everything...I h
  • doyla66
    doyla66 says #
    Just wanted to add, in addition to making a phone call, go in to your branch, if they have a shop front and ask for your docs. The
  • doyla66
    doyla66 says #
    Hi Wilson, if the bank is not responding to your repeated requests, tell Fos exactly that and provide them with proof of your effo
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Hmmmm........more knowledge....... weapons ........... more secrets i tell you? ........Hmmmm?....... ................always in motion the future is..........check your banksters......... Hmmmm? ..........so there be banksters Kryptonite with in the legals of .......... ........Hmmmmm? .........what a broker be...........an intermediary.......YES Hmmmm.....much more powerful you have become ............. ............may the force be with you............
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  • doyla66
    doyla66 says #
    Questions: "Retention of your rights under this Code". Does this Code apply in any way to securitisation and the loss of our rig
  • doyla66
    doyla66 says #
    Yoda has provided some excellent information in this post and others. I have posted this morning an article on 'The Securitisation
  • doyla66
    doyla66 says #
    JOIN BFCSA TODAY for more educational and strategic information direct from Denise Brailey and team. THANKS AGAIN TO DENISE and
  • doyla66
    doyla66 says #
    .....thanks for the Kudos.....remember the banksters say to you...... ......YOU signed a Loan Contract .....the bankster signed it
  • doyla66
    doyla66 says #
    Great work there, Yoda, you've put a lot of effort in to helping people by providing this information. Thank you for that. IF I c
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Hi All, Just some quick thoughts I thought worth sharing. In another thread, I'd been discussing that it is important to define the pillars of your defense in relation to saving your home. I had mentioned that getting a large whiteboard and dividing it up into columns e.g. LAF Fraud / Loan Agreement / Terms and Conditions / Mortgage / Default Notice / Other / - and writing down all the points you consider important in showing that the lender has no right of claim or can act to show that it at least has no maintainable cause of action in court. Regardless of whether you are getting a lawyer to represent you or are going down the FOS / COSL path, this is an exercise you should still do. No one knows your case better than you. Don't rely on the assumption that a lawyer or the FOS / COSL...
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  • doyla66
    doyla66 says #
    Thanks Rivers, just trying to do my bit to help other members. The other thread was here: http://bfcsa.com.au/index.php/entry/be
  • doyla66
    doyla66 says #
    Wow what a great post and follow-up comments. So very informative. Thanks for passing on your expertise
  • doyla66
    doyla66 says #
    Good idea last-laf. Where was your other thread?
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Another website you MUST have in your arsenal for gathering information ... http://archive.org/web/web.php Browse through over 150 billion web pages archived from 1996 to a few months ago. To start surfing the Wayback, type in the web address of a site or page where you would like to start, and press enter. Then select from the archived dates available. The resulting pages point to other archived pages at as close a date as possible. Keyword searching is not currently supported.  ...
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  • doyla66
    doyla66 says #
    No worries Dawn - Glad this link has been able to help you and Lisa! It sure has helped me!
  • doyla66
    doyla66 says #
    Sorry Potabello! Why did I thank Wayne?? Thank you! I Sent the archived info off to the FOS. It probably won't do anything more th
  • doyla66
    doyla66 says #
    Wayback Machine - brilliant. Picked up legible copies of all the paperwork from the same vintage as the loans. Also lists of perso
  • doyla66
    doyla66 says #
    Wayne....you are amazing - Thankyou so much. I just Waybacked to the NAB Business Loan pages for August 2006 and have a copy of t
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I had been trying to find a copy of the Uniform Consumer Credit Code (UCCC) which was the Credit Code (Legislation) in effect before the current National Consumer Credit Protection Act (2009) (NCCP) I couldn't find it anywhere on comlaw or AUSTLii under repealed Commonwealth Legislation and was starting to think 'This legislation is an enigma!'. FYI - Any 'loans' / credit applied for before April 2010 was under the UCCC. Upon Denise's suggestion (thank you for that) I contacted the Consumer Credit Legal Service (CCLWA) and was advised by CCLWA that the UCCC federal legislation was based up on the Queensland Consumer Credit Code - Appendix to the Consumer Credit (Queensland) Act 1994 - now repealed. No wonder I couldn't find it!! The UCCC is the legislation under which the states and territories previously regulated consumer credit. From 1 July 2010, the UCCC was replaced by the National Credit Code...
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  • Denise
    Denise says #
    Very well researched Portabello. We have some powerful minds in our group. Thank you and will compare in earnest [email protected]
  • doyla66
    doyla66 says #
    May I strongly urge any of you that have loans taken out prior to 2009, to download a copy of the UCCC and related comparison tabl
  • doyla66
    doyla66 says #
    Thanks Portabello this is so useful.
  • doyla66
    doyla66 says #
    Relevant NCCP(sec77)mirrors former UCCC(Qld)1994 sec.70(2)(l)--whether at the time the contract, mortgage or guarantee was entered
  • doyla66
    doyla66 says #
    Thank you heaps for posting those links.
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Posted by on in Consumer Protection Disaster
Many of you have probably heard on this forum that 'nobody can profit from a fraud', but where did that concept originate from? Clearly, it makes common sense when you hear it but did you realise that it is a legal maxim dating back to Roman Law that was later incorporated into English Common Law and still prevails today, in the shift to a greater level of statutory law? The original Roman legal maxim was as follows: Ex turpi causa non oritur actio = "from a dishonorable cause an action does not arise" is a legal doctrine which states that a claimant will be unable to pursue a cause of action if it arises in connection with his own illegal act. Particularly relevant in the law of contract, tort and trusts,[1] ex turpi causa is also known as the "illegality defence", since a defendant may plead that even though, for instance, he broke...
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  • doyla66
    doyla66 says #
    Much appreciated. Also it was a general comment & whilst I was doing my own[case] research material, otherwise a senior barrister'
  • doyla66
    doyla66 says #
    I guess you could tie the two together; Ex turpi causa non oritur actio with res judicata? Thoughts?
  • doyla66
    doyla66 says #
    Thanks Andy, although we need to be concerned more with how this can be applied in the Australian legal framework. I guess res jud
  • doyla66
    doyla66 says #
    Sorry, did not qualify corollary (distracted at time doing other blog)> ING started action whilst FOS complaint was 'on-foot' & co
  • doyla66
    doyla66 says #
    res judicata [Latin, A thing adjudged.] A rule that a final judgment on the merits by a court having jurisdiction is conclusive b
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Hi All, We've been involved in a foreclosure matter for some time now that has been brought against us by GEL Custodians (rights assigned to Pepper Australia). In the process of researching our defense some months ago, we came across this excellent Youtube channel belonging to US (NY) lawyer, Carl Person. While Mr Person's information is based upon US and particularly NY law, there are many similarities and very interesting strategies that are discussed that we think could potentially be adapted with a little effort to work here in Australia. I do not mean in any way for this post or the related information provided by Mr Carl Person on Youtube to be considered to be 'legal advice' of any form; this information is provided simply for educational purposes with a view to providing some strategies that may not have been previously considered by people facing foreclosure in Australia. Any information...
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"In a small town on the South Coast of France, the holiday season is in full swing, but it is raining so there is not too much business taking place. Everyone is heavily in debt. Luckily, a rich Russian tourist arrives in the foyer of the small local hotel. He asks for a room and puts a Euro100 note on the reception counter, takes a key and goes to inspect the room located up the stairs on the third floor. • The hotel owner takes the banknote in a hurry and rushes to his meat supplier to whom he owes E100.• The butcher takes the money and races to his supplier to pay his debt.• The wholesaler rushes to the farmer to pay E100 for pigs he purchased some time ago.• The farmer triumphantly gives the E100 note to a local prostitute who gave him her services on credit.• The prostitute...
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  • doyla66
    doyla66 says #
    Cam--the person who wrote the paper states: "I have been teaching & studying commercial banking law and intermediate & advanced ac
  • doyla66
    doyla66 says #
    Andy Looks great - however can you detail the process involved in Australia . I am looking at buying a house soon with a mortgage
  • doyla66
    doyla66 says #
    RMBS:"God has given us a pre-paid a/c so we never have to go into debt, if we are honourable. We should pay everything in promisso
  • doyla66
    doyla66 says #
    This is a modified version of the one about the salesman who came to our small town in New Zealand, except he had a NZ$100.00 note
  • doyla66
    doyla66 says #
    ONLY "10% of what Obama spent rescuing the financial gambler he could have paid off every outstanding mortgage in the USA and moro
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Bottom Line: There could well be class action for those who have already LOST their HOMES.  There is no chance of Litigation Funding for SAVING homes...no money for funders........very simple. I used to work for IMF as Special Projects Manager and know the directors quite well 2003 - 2005 and again 2006 - 2008.  In 1998 I initially compiled the research, documentation, by gathering together 3000 retiree victims of the WA Finance Brokers Scandal 1998 – 2006.  The WA Finance Brokers Case…one of IMF’s first major cases. IMF sued the State Government for $120 million (sounded big bikkies back then) and included seven well known law firms. I conducted the first five years work voluntary in getting all those people together whilst at Uni – no funding and set up RECA Inc as the vehicle in 1996. IMF clawed back approximately $90 million through the courts.  All cases settled “on the steps of the court.”...
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  • doyla66
    doyla66 says #
    Just a quick question: In my situation, it was our family business that was stolen & sold at the 'knock down bargain basement' pri
  • doyla66
    doyla66 says #
    Thankyou for explaining this, Denise. Thankyou also for your many other forms of assistance in knowledge and this site, rich with
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Posted by on in Consumer Protection Disaster
Essential consumer warnings about borrowing from Australian lenders. Protect your rights, your home and your peace of mind. http://www.bfcsa.com.au/index.php/resources/need-a-loan (Check tab: Resources: Need a Loan?)...
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Posted by on in Consumer Protection Disaster
Hi Everyone and thank you for your contributions As Editor I need to ensure, groups with other interests do not try to take over the conversation.  I also have to insure that links are appropriate for the debate that takes place as the accusations against the banks are very serious indeed and we want to stay on message. If you have a link or article and you think it may be of assistance, do us the courtesy of asking us if you can publish.  You can do this via email.  There may not be an immediate response, but usually same day. Main stream news articles are accepted, letters relating to regulators, or links to Government Sites are accepted anytime. BFCSA provide an open site: bloggers and comments come from members and non members.  We welcome everyone. If you publish a link without permission, it may mean your comment is edited or risks being deleted if we believe it has another agenda. PLEASE DO NOT...
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  • doyla66
    doyla66 says #
    I found in the box to the right of the Write button there is a place where I can see where I've commented and unpublish my mistake
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September 14, 2012  Jim Sinclair: (usa) Gov’t to Raid Retirement Accounts to Fund Shortfall of Treasury Purchases Sinclair recommends investors stop creating and funding retirement accounts at a minimum. From Jim Sinclair: "There is one more serious problem with all retirement accounts ....."  "If a systemic failure and lower dollar causes an unwanted increase in interest rates in light of the Fed as the major consumer of treasury paper in the last 18 months, how would the US government fund itself? You can be certain that China and the Middle East are not coming to the rescue.  One way would be to liquidate retirement accounts ($2 trillion USD) and put treasury paper into them ....".  "Look around the world at governments either eyeing retirement programs or invading them. You will find it is already happening.  Please, at a minimum, stop creating and funding them."  Regards, Jim Jim Sinclair has authored numerous magazine...
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  • doyla66
    doyla66 says #
    Thanks, Arree. As to the credibility of politicians? John Howard ruled out the GST before he introduced it. Our PM ruled out the
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SUBPOENAS AND NOTICES TO PRODUCE   SUBPOENAS AND NOTICES TO PRODUCE PLEASE SCROLL DOWN TO READ :   . A GUIDE FOR SELF-REPRESENTED LITIGANTS   If a person or organisation has documents you think are relevant to your case, you should   approach them and ask to inspect the documents. If they will not give you access to inspect   the documents, you might be able to compel them to produce the documents by subpoena or   a notice to produce. This Guide explains how to issue subpoenas and notices to produce. It is   important that, before issuing either of these, you have checked first with the person or   organisation to see if they will let you inspect or obtain a copy of the documents without the   necessity of a subpoena or notice to produce.   The Court's Practice Notes require public authorities, including councils, which are parties to...
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  • doyla66
    doyla66 says #
    Thanks. It was to point out you can do some things yourself without paying huge costs to a solicitor.
  • doyla66
    doyla66 says #
    Thanks Jane for this self help guide to subpoenas. I just wanted to point out to readers that this information is specific to NSW.
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Posted by on in Consumer Protection Disaster
Was having a discussion interesting discussion with a solicitor today! Is there any reason why you can't take a lender to court for failing to give you your LAF's when signing the contracts? If I am correct - everyone has stated that their failure to give it to us on signing- they broke the law. Also in a few articles - it states this too. It also states that no-one has take the lenders to court for it ever.  If this is right - then why not?  Are we able to do it? By doing this - wouldn't a precedent be set and everyone would be able to get their LAF's without the crap that most people are experiencing in trying to get them? Does anyone have more input to this idea?  ...
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  • Denise
    Denise says #
    Its why we set up BFCSA. Most people do not have money for solicitors and certainly no funding for court action....ditto for 95
  • doyla66
    doyla66 says #
    Thankyou Andy! Great information. I wondered where the lender would stand with LMI if the loan was proven illegal. Out of pocket
  • doyla66
    doyla66 says #
    I would love to test this one out. I know the date I signed mine & yet Bankwest/Gadens added/used 2 additional dates on legal pape
  • doyla66
    doyla66 says #
    The premise to 'set-aside' any purported loan agreement must rely on existing successful High Court (case law)which cost Denise ye
  • doyla66
    doyla66 says #
    Same here. I have what I needed already and one hell of an interesting stroy to go with it - but it is not an ideas have ruled out
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Let me know via email those members who know of printers that may be interested in doing few jobs for us - those with cheaper rates Car bumper stickers, business cards etc - hand outs This email address is being protected from spambots. You need JavaScript enabled to view it....
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  • doyla66
    doyla66 says #
    Thanks for the tip off, Denise.
  • Denise
    Denise says #
    No that mob will not take your fax number off the program list if asked to do so - operates from overseas. They are serial pests.
  • doyla66
    doyla66 says #
    I've been checking out Vistaprint - they're cheap. Not sure what the quality is like as bumper stickers and posters need to be dur
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