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BFCSA
MORTGAGE
DISTRESS SOS

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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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Lee Doyle

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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doyla66

doyla66

Lee Doyle has not set their biography yet
ASIC were supposed to pursue the CBA for their part in the collapse of Storm Financial. Instead the two parties did a secret deal behind closed doors that saw the CBA paying out only a pitiful 5% of the losses incurred by myself, my wife and hundreds of other investors. ASIC was supposed to litigate wrongful acts according to their charter but instead they elected themselves as judge and jury to determine what was best for those investors whose lives have been ruined. ASIC has looked after the big end of town and the then politicians in power. For the CBA to be exposed for what they are, greedy and corrupt would have led to the downfall of a government. Thankfully the Australian people saw the Labor party for what it was now all we need to see is the corrupt bureaucrat watchdog, ASIC, and the bank hierarchy be brought to...
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  • doyla66
    doyla66 says #
    What does one expect knowing they in control of ASIC do not even have law degrees. ASIC have become a law unto themselves and Mr.
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At age 71, and no longer employed (retired on part Age Pension December 2006) CBA,  approved 4 Lines of Credit to us for a total $1,069,355, in January 2008 involving 4 properties.  One of these properties we had owned unencumbered for several years, but CBA took a first mortgage of $165,000 over same, to act as a buffer for us to use in the future.  2 other properties were producing rental income and the third was our home.-   Needless to say, we now find out (since becoming aware of and joining BFCSA) that our loan application through a Broker, showed lots of false information not the least of which was us having a joint “salary of $150,000 pa” and we are still employed as “General Managers”.    Blatant lies,  as we were last self- employed, up to December 2006, when we sold our General Store business and we certainly have...
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  • doyla66
    doyla66 says #
    Don't long delays usually mean work overtime to clear the backlog? Maybe we should offer to go in and work as temps to help them
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Hi I've tried on many occasions to get my LAF's to no avail.  My business is in bad shape due to my health. Back in 1999 my then banker changed my business loan from $70,000 + $20,000 overdraft interest and principal to $100,000 interest only.  I had a $10,000 residual on my truck loan that they would not finance so off to an interest only loan with a 20,000 CBA  business card. Well now we move forward to 2001 we get approval for a $250,000 mortgage which we took out and built a house. Since then I've had to get a visa credit card to help pay the bills and mortgage.  My business collapsed in 2002 and now CBA have got me snookered. I've tried since 2002 to have both loans amalgamated with the same response, until  today YOU DO NOT EARN ENOUGH MONEY.  But I'm earning twice what I earn't in 2001. Mine and my...
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  • doyla66
    doyla66 says #
    I suggest you ask your lender to kindly retrieve from archives if gone missing and bluff them for they are all now so clueless the
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I thought my broker and Westpac Bank had at least a basic ethical interest in my request for investment loans. I went into the process with a lot of misplaced trust about investing in property, not realising that many people in Australia have had their home taken by a bank.  On a single wage I was given loans that I was unable to pay for from day one without the additional draw-down loans provided by the bank. There was no advice nor warnings about taking on this position. At one point I was paying approximately $80,000 p/a in loans on a salary that was actually far less, all the while accruing more debt.    I have asked Westpac repeatedly for many months for all the paperwork associated with my loans. Papers are sent but I am never given the pages I most want to see, associated with particular details of my...
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  • doyla66
    doyla66 says #
    Smiling Assassin I reckon
  • doyla66
    doyla66 says #
    Ned Kelly in disguise if you ask me!
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"What's in a Name?"How can a product called "Simplicity Plus Home Loan" be only for the self employed in small business?(The name of the product should give you a clue to the identity of the bank. ) In this case the product name seems to be deliberately deceptive! TacticsI have a copy of an email I sent to the broker asking "Is the product you propose for me a Home Loan or a Business Loan".I did not receive a response then nor now. The new broker/owner at the helm asked me to read the name of the product at the top of my  monthly statement....like a school teacher...trying to teach a silly kid that "its ALL in the name"....... it is NOT!I have a page here from the original LAF docs I filled in (or just signed) and scanned through to the broker. The  small  print states 'do not sign here' (...
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  • doyla66
    doyla66 says #
    Wonder what the ANZ definition of Breakfree means? From my experience it means breakfree from all secure in your life and let us
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At the moment I am waiting to hear what FOS has to say about our complaint against CBA for maladministration in Lending. Awaiting with heavy heart for I know what the outcome would be, knowing how biased ASIC, FOS and these so called government regulators are proving to be.....In these difficult times, I tried to program myself, my mind, that CBA will "win",  that I can't do anything anymore or anyone else will be able to help me and my husband  in the Maladministration complaint against CBA that I lodged many months ago.. So be it !!     My spirit is broken but not completely defeated.  I will continously support BFCSA and continously hope one day a ROYAL COMMISSION steps in to STOP bank fraud and let justice prevail  to disadvantaged borrowers, families, aged pensioners, and misinformed, trusting  consumers.    I am so tired of of thinking back why I am in this mess with CBA and FOS...What I know is it all...
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  • doyla66
    doyla66 says #
    It's alas gotten to the stage where they have messed around with the English Language and Dictionary so much that the new definiti
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St George Bank and the Ghost again! FOS had made recommendations in November 2013:  St George Bank has broken the law, St George Bank has breached the Code of Banking Conduct, the bank must take my name off the fraudulent mortgage and they must pay me $2,000 for the stress they have caused me.  St George Bank have disputed the recommendations, and one of the points suggested is a previous case, quoted as Case No241597, where the findings had been different.  Having no expertise in this field, I made the decision to ask for expensive help from my lawyer, who dutifully researched the issue at hand. He couldn’t find the case anywhere!  Another St George Ghost! (The previous one took many of the important papers held by the bank on the fraudulent mortgage, SMH Lenders haunted by the Ghost of St George, Oct 19-20, Weekend Business, p.2) The moral of...
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  • doyla66
    doyla66 says #
    Probably haunted by their own fear of what is hidden in the en crypt ion.
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Our story is quite complex. In 2011 we were in arrears and received baliff papers from Gadens that we had a month to vacate property. We signed a contract with a solicitor who was the buyer, but because it was a development property he needed 6 months due diligence.  At the same time as signing this contract, we took out a short term loan of $63 000 to pay arrears to ANZ.  As we were under duress and panicked by Gadens. The contract was cancelled a week before the solicitor was due to settle and that meant the short term loan of $63 000 is now $420 000.   ANZ also wanted to the security over both properties our properties. One was our family home for 40 years which we built ourselves and had never had a mortgage before now. The last solicitor was no good, so we have a new one...
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  • Wayne
    Wayne says #
    Their tied together to ensure banks are protected. FOS DO NOTHING but waist your time.They have no power. FOS employees get their
  • doyla66
    doyla66 says #
    It's one huge worry when regulators do not even understand the legalities of their own rules.
  • doyla66
    doyla66 says #
    FOS are required to have a review panel by their terms of reference S2.4 ,they have invented a discretion which they don't have
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 FROM A FRIEND RE BANKS Submission to 4 Corners: Mortgage Loan Origination Fraud in Australia Notice: This submission will be shared widely today through email networks and social media. The follow up campaign will continue until the criminals involved have been prosecuted. Following the news article on ABC24 today regarding mortgage brokers being banned by ASIC for falsifying loan application forms, I write to ask whether 4 Corners may be interested in investigating what may be the largest fraud ever committed against the Australian people? Thousands of innocent Australians are losing, or have already lost, their beloved homes as a consequence of forgery and fraud committed during the origination of their loans, which was done without their knowledge. The circle is completed when the 'lender' abuses the court process to obtain civil judgment for possession of the borrowers homes allowing the criminal lender to then commit the final act of pre-planned...
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  • doyla66
    doyla66 says #
    Have been fighting ge past 10 years, not get home loan statements, wont pay now pepper still no statements found out manager of GE
  • doyla66
    doyla66 says #
    Good luck with a response Chris we will see what kind of backbone Senator Bishop has I would imagine they would be reasonably up t
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Dear members The Senate hearings into ASIC are fast approaching and its time we put our collective heads together to form a plan of attack. First and foremost the membership should be made aware of the fact that Denise will be getting no financial assistance from the government what so ever. Air fares, accommodation, meals and transport costs between venues and also lost wages, Denise works Tuesdays and Thursdays to support herself and pay her mortgage so as she intends to stay in Canberra for at least four days, that will be at least two days wages lost.  I suggest we set up a Canberra fighting fund to help cover Denise's costs and remember where she has to travel from. From a small rural town in W.A a few hours by road to Perth airport, then the long haul to either Melbourne or Sydney and then connect to Canberra and then...
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  • doyla66
    doyla66 says #
    Another reason i'll try my hardest to get there is so that I can see for myself what people look like in the flesh ( Medcraft and
  • doyla66
    doyla66 says #
    We will certainly try our hardest depending on dates. Good idea to take multiple copies of our lying laf's to show the media exact
  • doyla66
    doyla66 says #
    Thankyou to all who have donated or intend to. I know we are all doing it tuff financially but to cover the expenses side for Deni
  • doyla66
    doyla66 says #
    Neil, i just got a text from brother.... He wanuts to donate $200 for DB's trip. Wow..... And we will also donate $200
  • doyla66
    doyla66 says #
    I will try so hard to be there, but it is hard as my kids are still in school. I would love to do the road trip with my dad. I rea
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OUR STORY  -  Bendigo and Adelaide Bank Dear Mr. P. RE: FOS Dispute with Bendigo and Adelaide Bank Limited-  Thank you for the FOS Recommendation you sent to us dated December 30, 2013. We do not understand the recommendation on every point you raised.  Asking Bendigo and Adelaide Bank to refund legal fees and late fees is a great relief to us.  We are grateful for that. You stated somewhere that we did not provide income details for year 2006 – 2007.  We tried to send all the copies of tax returns all at once and this was rejected by your computer. File was too big.  So I sent off each page individually.  Some may have been lost. I am trying to reach the accountant to get copies of our returns for 2006 – 2007.  The timing is not right as it is still holiday time. Combined income for year 2007/08...
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  • doyla66
    doyla66 says #
    Bendigo were right into heavily advertising reverse mortgages I recall. Wonder how many poor ARIP's got conned by that line and w
  • doyla66
    doyla66 says #
    Looks like same scenario different bank in this case. Nab took the data and figures provided by a Broker we had never met. We co
  • doyla66
    doyla66 says #
    Forgot to mention - one of the most said comments by people in relation to FOS and their data - that it was very useful to have c
  • doyla66
    doyla66 says #
    Until people find they are having trouble with an FSP and unable to get the problem resolved - most people do not know who FOS is
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My story has common and uncommon themes to all who pursue justice from the chains cast by a corrupt banking system without boundary. My father was a Commonwealth bank manager who has been retired since the mid 80's. He shakes his head in disappointment at what the system has become in Australia since that time.   My father has wearied of the bank rhetoric, effective marketing tactics and the gloss of public relations pursuits to ensure banks create and sustain a grip on their bounty. Untenable real estate bubbles and bloated loan books keep banks growing richer while the middle class and poor become poorer, wages not keeping pace with inflation and the potential now for another bust, people having lost or at risk of the loss of the family home due to bank's ability to manipulate figures easily and get away with it.   Of course my loan application form...
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  • doyla66
    doyla66 says #
    Now I get it! Probably all of them running the country are ex-hippies meaning all potheads!
  • doyla66
    doyla66 says #
    Me too Nanna. Made me even feel guilty for even sending my story in for despite being well ripped off am not in as dire a situati
  • doyla66
    doyla66 says #
    I read with horror the stories that are coming out. At least we are not alone with BFCSA there for us. Reading these stories the
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Bankwest & ANZ knew what they were doing and the Broker too was in on the whole SHAM.  ….. Shame, shame, shame.  I believe the Broker has done this 1,000 times & I now realise that the BANKS do this on a daily basis.  Words can't describe what the last 12 months have been like for us, and for all the BFCSA members.   What a web of lies we have been told, set up by all, set up by the organisations we trusted and placed our future in the hands of. WHY?   EVERY DAY I DREAM THAT THIS NIGHTMARE WILL BE OVER SOON SO I CAN LIVE WITH MY HUSBAND & 2 YOUNG CHILDREN HAPPILY.   We are just the average family who have had our hearts ripped out by BANKWEST & ANZ………    I am about to turn 40 & this is not where I thought I would be...
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  • doyla66
    doyla66 says #
    Better also protect yourself and include the details of who wrote the article in the block or what site you copied it from in the
  • doyla66
    doyla66 says #
    Cutting and pasting from an article into an email works well but I always send the one email and under BCC rather than CC for that
  • doyla66
    doyla66 says #
    Hi GFs - no not yet emailed or called the media but every person I know has been sent emails with anything relevant with an order
  • doyla66
    doyla66 says #
    GFC246, when you buy your local newspaper, if there is a journo's story about business/economy that you like, check if they have a
  • doyla66
    doyla66 says #
    Hi organza Are you emailing the media. Once the kids are back at school, i plan on spending hours every day contacting media etc..
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I would like to tell a little of my story here. I was told at the time of gaining a massive mortgage, that this would ensure financial security in the future. What ING did not detail was that it would ensure their financial security, not mine! I was "invited, goaded, enticed" whatever term one wishes to place on a financial program which is sold under the guise of being in the borrowers absolute interest and financial safety, yet smacks of everything that is against the borrowers interest; is dangerous to his/her family and is in the complete interest of the bank. In 2008, employed part-time by Govt; and owning my own home unencumbered; I took on what was sold to me as a completely safe financial shares program using the equity in my home. Having never had a mortgage before I trusted what was told to me; I trusted that the...
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  • doyla66
    doyla66 says #
    Was so exhausted when I went to bed despite leaving the radio on have no idea if anything was mentioned last night BUT I did wake
  • doyla66
    doyla66 says #
    Just emailed it off to Brian Wilshire at 2GB so will wait with baited breath come midnight when his program starts
  • doyla66
    doyla66 says #
    Organza, Wednesday 7pm, just emailed Paul Murray outlining the story plus gave him your link to Australian Policy Online. Earlier
  • doyla66
    doyla66 says #
    Could also try Brian Wilshire at 2gb - he is right into this kind of stuff
  • doyla66
    doyla66 says #
    My attitude is if you don't try you will never know what might be possible so give it a shot.
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Following is our story  In 2009 my wife and I were seriously thinking of selling our two investment properties, which we now know (thanks to BFCSA) that these loans should never have been approved and given to us to start with.  We could not afford the loan from day one. After phone calls with bank agent/broker we were persuaded to refinance with RAMS as the current lender GE MONEY’s interest rates were very high and assured there would be no problems going with RAMS. Biggest mistake we have ever made but I do have a tendency to trust everyone, my major flaw! We arranged to meet with him in Melbourne and on arrival at his office he said that all his offices were being used, so he took us for a coffee around the corner. He filled out details such as our names, address, d.o.b., drivers licences etc. and we left him with our...
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  • doyla66
    doyla66 says #
    I now know what you mean Neil when you spoke of 'the letter" from the bank advising borrowers of changes to their general terms an
  • doyla66
    doyla66 says #
    The real problem Peter is ASIC do know and have known since 2001. Their attitude and disdain for consumers and protecting banks i
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Dear members Last Saturday I blogged about how our broker ensnared us by using a former work colleague as the bait to lure us into the banksters trap.  Once we had finished work and all our entitlements were paid out we had our mortgage almost completely paid out as I hadn't been approved yet for a full TPI pension and as such had no income for almost three months, luckily I was approved and my wife became my full time carer. Once income was established we redrew on the mortgage to finish things on the home that I could no longer do due to health. Like I stated in the blog a former work colleague steered a broker our way just for a chat, she and her husband got a juicy commission and we got heartache and destitution. I stated to the broker, we are on  DVA pensions and there is...
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  • doyla66
    doyla66 says #
    How many story's are out there? My god.... This is insane. What the hell is going on. A royal commission is beyond urgent....... T
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Extracts from "Book in a Volatile Market"  by By Nick Hubble • January 23rd, 2014 The Daily Reckoning " We'd like to make a community announcement. There is a scourge sweeping our society. One that must be dealt with. More on that below. But first, financial matters. Yesterday we asked whether Australia can remain an island of prosperity while Europe and the US stay in the doldrums. The short answer is no. That's because we've got our own problems...." ..." The wild card is banking. Our story on LAF manipulation is likely to get an award for the slowest viral story ever. If you don't remember, mortgage brokers and bankers have been manipulating people's Loan Application Forms. They put a '1' in front of your income when you apply for the loan, turning $50,000 in to $150,000. And that makes the $500,000 loan affordable. --Nobody knows how common this is for sure....
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  • doyla66
    doyla66 says #
    Amazing when you think that Nick Hubble being basically the only person in the media who has understood and reported for so long t
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My Story:   In October 2007 we went to a broker to ask him to arrange a simple P&I loan for an investment property.  Instead of going through CUA like we had asked, he put it through two different entities, NAB & Perpetual (it turned out to be Calibre) 2 loans through NAB and one through Perpetual.    We also gave him very specific instructions in the form of THOU SHALT NOTs.  Under no circumstances were we to have  Line of Credit Loan or our home to be touchable in any way.  Neither was my income to be in the mix, amongst other things.  He contravened everything we asked.  However we ended up with these bloody loans.    When we went to sign the NAB documents at the bank, after reading all the documents from front to back, etc. and not receiving half of what was supposed to have been...
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  • doyla66
    doyla66 says #
    Every time I read something about Nab and its devious and cunning ways I get really angry for they way they have treated us all.
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Graham & Anne 26/1/14                               MY STORY I left school in year 8, the end of 1954, I worked on our small family farm.  in 1958 I did part time commercial fishing to help make a reasonable income, which I did. Later we bought a rough block that had to be cleared. That was 3 months of the year picking lime stone by hand 7 days a week 15-18 hours a day.In 1975 I built a larger boat, got out of farming and went full time commercial fishing, similar hours still applied, the longest was 48 hours, no sleep, these hours still apply today.About 4-5 years ago I had no choice but to get out of commercial fishing, as I could not hold a knife and fork with either hand, because of Rheumatoid arthritis. I was unable to work at all for 6 months until I was able to see a specialist who cared...
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  From: J & D    Sent: Saturday, January 25, 2014 To: BFCSA MEMBERS Subject: My Story -    In 2006 we took out a loan with RHG, now RAMS through a broker for $360,000.00 using the equity in our home.  We did this to invest for our retirement as we had very little superannuation, in our sixties.   At the time we asked how we would repay this loan as we were struggling to pay a small part of our original mortgage.  We were told that we wouldn't have to make any repayments as they would come out of the loan.     We were never provided with our LAF and so until we met Denise in 2008 and she told us to demand it, even then we didn't realise that we were only receiving a few pages and not the whole thing.   We didn't know that our income had been grossly inflated...
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  • doyla66
    doyla66 says #
    Some important questions need to be answered; 1 If regulation now states FSP's no longer need the original wet ink copies of contr
  • doyla66
    doyla66 says #
    Like you Change in the end I was left with some money but even if it was enough (which it most definitely is not) to buy another h
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From: B.D   Sent: Saturday, January 25, 2014 To: This email address is being protected from spambots. You need JavaScript enabled to view it. Subject: FOS and ASIC    Good afternoon I am attaching my story. Kind regards BD #10557  " We were lured by a broker  into taking our two low doc loans with Adelaide and St George Bank  . In both cases we lodged complaints with FOS  FOS found Adelaide guilty of maladministration and declared  St George in the clear .   In both cases neither  Adelaide or St George followed their credit policy . Individual borrowers over the age of 60 years are not to be accepted unless approved by a senior credit officer having a specified level of delegated lending authority (“DLA”). We were in our seventies when loans were taken out and both unemployed with virtually no income.    Consumer credit code , National Consumer Credit Protection  Act  and the Code of Banking Practice were not observed .  One of us  had...
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  • doyla66
    doyla66 says #
    I too had dealings with the Bendigo and Adelaide Banks- grubs extraordinaire--- as for FOS it has become an employment refugee cam
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From: P & M Sent: Saturday, January 25, 2014 To: This email address is being protected from spambots. You need JavaScript enabled to view it. Subject: Our Story "Hi We lost our home through Catherine Thompson and Macquarie Bank under the low doc scheme. We had dealt with her (the Broker) before, so we were not too concerned when she said "just sign the application......." and it was all prefilled in.  We now know the service calculator was used to calculate income but we were only shown three pages - not the income pages.   Our income was filled in at treble what we earned and put down. I was working but I had retired the year previously. We paid $36,000 to a useless lawyer (as recommended by Malcolm Mc Cusker before his posting as GG).  Who said he wouldn't take it on unless he was sure of a good outcome HA HA.   We had $20,000 owing 6yrs ago on a house that was...
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  • doyla66
    doyla66 says #
    I was told that Macquarie even had to provide counselling for their staff after the GFC hit for they were all so very distraught m
  • doyla66
    doyla66 says #
    Another point of interest.. FOS encourages people to look at the comparative tables as a tool when deciding which product you may
  • doyla66
    doyla66 says #
    I believe from memory Macquarie was the worst offender in the housing loan department complaints at FOS on the FOS comparative tab
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 "Can You help us Please?  Something is very wrong here, and we are made to live with all these lies and we are a disadvantaged family.  We did default in 2008  But look at all the illegal things that they did between 2004 and 2005   and we got no justice at all for their wrong doing." Background history of our Case.  Extract of letter written to local MP.   Dear Sir,   My husband had two major accidents in 1989.  He fell off the roof at work about 6 meters high and dislocated his discs in his neck and lower back. He was out of work on medication. He had a neck collar on and a brace around his waist..Two weeks later he fell on a glass coffee table at home, and lacerated the inner fold of the left elbow. What we thought was a minor cut ended up having micro surgery, joining arteries, veins, muscles and tendons. If...
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  • doyla66
    doyla66 says #
    Maria B, I will be contacting Alex Douglas , Bendigo and Adelaide Bank are bent
  • doyla66
    doyla66 says #
    Tragic deplorable and criminal acts resulting in shattered dreams and for generations of Australians. The trouble is they have ev
  • doyla66
    doyla66 says #
    Just too sad. All these victims. Never do business with Bendigo Adelaide Bank ! Anyone who dealt with Adelaide Bank,now Bendigo A
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From:Robin Sent: Saturday, January 25, 2014   To: This email address is being protected from spambots. You need JavaScript enabled to view it.   Subject: Dodgy Brokers and Dodgy bank loans    My story is still short. In 2010 I went through a broker Online to obtain a refinance since the bank was making life tough for me after a "holiday from payments" period which was misrepresented to me and I ended owing a whole lot more than was originally stated.   At the time I was recovering from many years of pain and an eventual total hip replacement and...being one of those who are intelligence rich but financial acumen poor, all I could think of was refinancing. By sheer accident, and since I live alone and have no access to advice, I ended up using a Broker in NSW...when I live in QLD...OOPS different Consumer Credit Legislation...but turns out to be a good thing since QLD consumer legislation is still really backward.   So – I have a loan...
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  • doyla66
    doyla66 says #
    Sorry - lender ANZ - broker at the time independent but had been Aussie trained - told by broker to take acceptance forms for sign
  • doyla66
    doyla66 says #
    They also sent me 11 of 37 pages finally by snail mail which arrived the week following settlement and it was only then I knew I w
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Dear members It really disturbs me to see how many younger people with families are coming to the site. I know there was no age barrier as long as you had a mortgage and a bit of equity in the home for the banksters agents to target us. Our dodgy broker( A former bankster employee) went it alone once he realised how much money could be made by being the bankster front man. In hindsight the thing that annoys me is a large proportion of the borrowers worked menial jobs in a poultry processing plant on base wages and never entertained the thought of investing because they thought it was beyond their means. Our broker had an ace up his sleeve, he had an insider who knew everybody inside the plant and she did the initial spruiking to convince people they could invest. Of course she was getting commission on everyone...
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