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Advice Needed

Posted by on in Consumer Protection Disaster
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After we have received letters from our bank in regard to calling our loan, and since finding Denise and the BFCSA we have really started to look into what the bank has lent us.  We have not recieved the full copy of the LAF and supporting documentation (as our loan was a Full Doc Loan).  We have discovered that they have lent us too much money and that our repayments alone, were $90,000 above what our income was!!!!!  No wonder we have been struggling to make the payments!!!!  They have threatened to started legal proceedings to take our properties if we do not pay out the loans on the 16th August.  Does anyone know if it is illegal to lend more than the persons income? 

The say that there is no evidence of fraud as per the letter we recieved from the CEO's office:

" Based on the above it is their position that your application for finance was reveiwed in accordance with the Bank's lending policies and we decline the request outlined in correspondence from the Banking & Finance Consumers Support Association Inc.

Notwithstanding this, it is the Bank's intention to offer you mediation under the Queensland Farm Finance Strategy.  Should the offer to mediate be accepted, the Mediation may be used as a forum to discuss any proposal to resolved your current financial postion.  The Bank makes no warranties in this regard other than it will give consideration to your proposals.  "

We believe that fraud has taken place and that is why they will not give us the LAF.  The three pages that we recieved from the Bank showed gross exagerration of assets.  Can anyone advise us because we would like to respond to them but we are not sure were to go from here.  Thanks for your time. 



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  • doyla66
    doyla66 Monday, 13 August 2012

    does this help??

    This is a response I am about to sent off to my bank drafted by my chartered friend.. maybe some of it is useful for you too.

    "Your letter of 30 July requires the following attention from the RAMS side as the reply is totally unsatisfactory and does not address our request.

    1. Please provide the Uniform Credit Code guidelines so that we can investigate what you have not proved in relation to Due Diligence.
    2. In future correspondence we do not need to receive details about the current standing of our loan “indebtedness” which is also well known and disputed to the extent we are investigating the possibility that negligent assessing procedures were involved in our loan assessment process between RAMS and / or with the mortgage broker.

    In future when corresponding with us please do not treat us in a patronizing way. Stating RAMS processed the loan in accordance with UCCC guidelines is totally uninformative and does not prove in evidence RAMS acted correctly or lawfully.

    Yours Sincerely,

  • doyla66
    doyla66 Monday, 13 August 2012

    chartered accountant friend i meant to say.. oh and don't send it straight away he advises, wait til closer to the deadline.

    Have you lodged a complaint online with FOS? You will be issued with a case number right away. When you lodge on line attach the bank's letter and your docs.. if the file is too big to download onto FOS site, post to FOS as well, actually post to them anyway, at least you have a case number now. Include photocopies of what you have. You will be claiming maladministration, (thanks to another post here from Andy about the difference between hardship and maladministration complaint) i was told by FOS rep over the phone that they will match up the files when my letter arrives. It will take up to a month or more before i am assigned a case manager. have you written to the banks complaint department?. In our own case, collections can't do anything now while it is at Complaints. Even the banks lawyers have gone quiet.. plotting their next move no doubt!

  • doyla66
    doyla66 Monday, 13 August 2012

    Send Denise an email with the words "For STM" in the subject line

    Ed why?

  • doyla66
    doyla66 Monday, 13 August 2012

    It is important to get loan application form which you singed from bank. This is what's Denise adviced me to do 1st (no one else did not even my solicitor) When i reseived doc I discoverd my family income statesment was 5 times more that actual income !!! I have lodged dispute with FOS then regal action against my home has been on hold since May. I have received 4th letter from FOS today is advicing me that my case will be allocated to Dispute Analyst for review.

  • doyla66
    doyla66 Monday, 13 August 2012

    Hi Tania, My friend says.. The reply should be along the following lines...
    We refer to the statements made in the letter dated... from the bank’s CEO and record our preliminary response.
    The bank can state it finds no evidence of fraud because the application for finance was reviewed in accordance with the bank’s lending policies.
    As is well understood at law, the matter of whether the bank has acted correctly, honestly, negligently or there has been any evidence of fraud, or like concerns in assessment procedures, is a matter that can only be determined when all evidence has been examined and tested in a court of law.
    Mediation is not the option that can be taken up at present simply because the weighting of all evidence is being presently withheld on the bank’s side. Mediation is a process that applies where all facts are known and a concession usually then follows because there has been a finding of some error in judgment, process, consideration, fact and can take in some areas of negligence due to ignorance as an example but not exhaust,etc.
    Mediation is no substitute for a situation where fraud or serious negligence is being alleged unless all parties have agreed on the facts to be presented to a court of law for ruling and judgment thereon.

    Although the bank has provided the basic standard reply and covering itself by offering mediation the facts at present is that no Mediation can take place until exchange of documentation has taken place and each party has its points for submission to the Mediator. Until we reach this stage no mediation can be instituted.

    The bank is requested to review its position in light of our response and we conclude our reply by putting on record that when the requested information is supplied we would not hesitate to hold a Without Prejudice meeting with the bank to advance our claim to a satisfactory resolution, to advance to Mediation or to Court

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