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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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Awareness Is Growing

Posted by on in Consumers Fight Back
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As the world turns...

Today I spoke to the tenant of a property that Gaden's Lawyers and ING Direct are trying to steal from the owners, through LAF and securitisation fraud.  I told her about BFCSA and how more and more people are becoming aware of the crimes being committed by the banks through the blatant fraud that our watchdogs and "consumer protection" organisations are STILL allowing to go unchecked.

'Mary' said that she had a friend who was in a similar situation with their bank and how disgusting it was.  She also mentioned that what I was sharing with  her sounded familiar and, "was this the same group that was recently on Today Tonight?".  We chatted for about 20 minutes more and I shared with her a few other facts.  

For example, I told her that when I compared my original 'wet ink' loan application form to the docs the bank used to approve my loan, the income, asset and liability figures were significantly different to the figures the bank had entered into their Loan Serviceability Form.  I also told her that my bank has been deafening in their silence and refusal to send me copies of the FULL set of LAF docs that I ought to have been given at the time of signing!  

Even though 'Mary' doesn't have a mortgage, she understands the plight of the hundreds of thousands (and possibly millions) of Australians that are in this disgusting predicament through NO (DE)FAULT OF THEIR OWN!

Last week I wrote another letter to my bank (the 10th), asking for a copy of the LAF"S for my records.  I also wrote an official letter of complaint to the ASIC Chairman, FOC Chairman and APRA Chairman, outlining the problem I was having with my bank, and I attached a copy of each of those letters to the letter I sent to my bank's Chairman, so that he knows I am serious.  Today I got a reply from FOS giving me my case number, saying that they are now in contact with the bank to inform them of the dispute.  

Perhaps the most important paragraph in the letter from FOS is related to Debt Collection Activity:

"If the dispute is about a debt, (my bank) should suspend any collection or recovery action in relation to the debt now that the dispute has been registered with us.  If you receive any letters of demand or debt collection phone calls from (my bank), please report this to (my bank's) IDR area.  If you keep receiving them, you should contact us."  Do you understand what that means, BFCSA Members?  

The ASIC and ACCC Debt Collectors Guidelines Part 2, Sect 10 (h) (page 22) clearly states:  "Except for undisputed amounts, all collection activity should be suspended until the account information and/or documents requested have been provided to the debtor." 

Until the Royal Commission begins, you still have to act as your own protector and agent.  Turn your plight into a fight!  

So... Three things I suggest each member or person reading this needs to do in the next 48 hours:

1) If you have your LAF"S: Write down 3-4 points of obvious errors/fraud you can plainly see in your documentation.  If you don't have you LAF"s, call your bank tomorrow and ask for them, "for your files".

2) Send 4 letters: Templates letters that you can send to your BANK, ASIC, FOS and APRA should be available within a few days and when they are, insert your specific details (including errors from above) and send them via Registered Aust Post envelope ($3.00) with a 'Delivery Receipt' ($2.10) and send your 4 letters (Bank, ASIC, FOS, APRA)

3) Ask three people in your immediate group if they are aware of the mortgage fraud that is coming to light in Australia and how the banks have been tampering with peoples' loan application docs to make a grab for their properties and the Titles (have a look at the UN's Agenda 21 if you want to get an idea of just how evil the whole scenario is).  Suggest they visit this website to check it out further.

Margaret Mead said: "Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has."

Thank you again Denise, for your bravery, focus and dedication, on behalf of ALL Australians, whether they realise it or not yet.

If not us, who?

If not now, when?

If not this, what?

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  • doyla66
    doyla66 Monday, 30 July 2012

    Excellent post, Stop The Madness, and great information.
    During a dispute resolution process the interest and other fees on the credit debt keeps racking up. (Fleecing)
    Is there anything we can do about that when we've been cleaned out, which is why we can't pay anything at all?
    I stopped paying the bank and everyone because I paid until I completely ran out of money.

  • doyla66
    doyla66 Monday, 30 July 2012

    I am in New Zealand,just found out about and joined BFCSA and hoping/intending to set up BFCSA NZ. I am utterly amazed at what I have just read here, especially "The ASIC and ACCC Debt Collectors Guidelines Part 2, Sect 10 (h) (page 22) clearly states: "Except for undisputed amounts, all collection activity should be suspended until the account information and/or documents requested have been provided to the debtor." I doubt that we have any legislation like this here, but I will try to fond out. I am also amazed at "For example, I told her that when I compared my original 'wet ink' loan application form to the docs the bank used to approve my loan, the income, asset and liability figures were significantly different to the figures the bank had entered into their Loan Serviceability Form. " I honestly would never have thought that banks, those pillars of society and paragons of virtue, would resort to things like that. As far as "I also told her that my bank has been deafening in their silence and refusal to send me copies of the FULL set of LAF docs that I ought to have been given at the time of signing! My bank, Worstpack, have told me that they cannot FIND the LAF OR the mortgage note and that was that as far as they were concerned. I really am utterly amazed by what I have read here during the few days that I have been involved. I wrote again yesterday to Worstpack requesting a copy of my complete original file. I have an e mail from Worstpack saying that they retain obsolete mortgage files for 7 years. My original request was made within the 7 year time frame, but nothing was provided.

  • doyla66
    doyla66 Tuesday, 31 July 2012

    FMA and ASIC

    Hi Geoff
    My complaint to FMA about a NZ registered company was referred back to ASIC.
    I know there was talk of harmonisation between the two countries through ASIC and others.
    You may find that there are more similarities than before.
    What NZ might be lacking in laws related to scams and sophisticated fraudulent activities (e.g. CDRs, Forex scams, etc) they may be making up in regulations shared between ASIC and FMA.
    As you already have FOS over there they might be able to shed some light on the similarities and differences as well, allowing for the variables of different personnel interpreting and implementing the processes.
    Maybe NZ will be more open and responsive to the real measures needed to protect their vulnerable citizens from vulture financial activities. Maybe NZ is less entrenched in the old ways with different origins of white settlement.
    If you happen to find any information on the current law relating to NZ Private Trusts and getting access to their private information (for legal purposes) please let me know.
    Lisa

  • Denise
    Denise Monday, 30 July 2012

    Thank you "StopMad" for this wonderful explanation. Yes FOS have powers but were not using them to the fullest extent. I have been sending BFCSA letters out to the Banks demanding FREEZE ON PAYMENTS (and why) at the same time as letter to FOS on behalf of members - or if they can lodge a complaint online, quicker and easier, I join in later to ensure FOS investigators are fully conversant with this Grand Model of Deceit.

    Another point for readers is those who have had their cases closed by FOS - we can have those cases re-opened.

    [email protected]

  • doyla66
    doyla66 Tuesday, 31 July 2012

    Requests for documentation

    The ASIC and ACCC Debt Collectors Guidelines Part 2, Sect 10 (h) (page 22) clearly states: "Except for undisputed amounts, all collection activity should be suspended until the account information and/or documents requested have been provided to the debtor."

    I've been worried what the non-bank lending might be planning to do to me, due to our uncovering a suspect trick they seemed to have played on the EDR. I've been to tired to think clearly about what to do and how to handle it. You know what it's like: a gazillion different scenarios with a lack of facts, lots of guesswork and a fertile stressed imagination.

    Your post has given me the clue and another opportunity to ask for my LAFs. That makes 6 so far in various ways.

    Thanks!

  • doyla66
    doyla66 Tuesday, 31 July 2012

    I am very confused here...You write below;

    2) Send 4 letters: Templates letters that you can send to your BANK, ASIC, FOS and APRA should be available within a few days and when they are, insert your specific details (including errors from above) and send them via Registered Aust Post envelope ($3.00) with a 'Delivery Receipt' ($2.10) and send your 4 letters (Bank, ASIC, FOS, APRA)

    I thought Denise was doing this on our behalf using her letterheads? And i also thought that we were not meant to go on our own trying to fight our own cases? And what template letters are you talking about?

    I personally have not done anything more except following Denise's step format, as i believe that is what we were told to do.

    There seems to be an array of different instructions on what members should & shouldnt do. Which makes me feel i am not doing enough after reading this post.

  • doyla66
    doyla66 Tuesday, 31 July 2012

    Hi STM, a very good post. However I suggest any templates you design should be forwarded to Denise. This will stop confusion arising among Members, and more importantly, the banks without doubt would use the additional template documents to increase their web of manipulation and deception.
    You obviously have excellent skills and I'm sure you'll put them to great use in our war with the banks and with the Royal Commission movement. (I say war as the banks and BFCSA have had many battles, with the banks now loosing big time!). Again, a great post.

  • doyla66
    doyla66 Tuesday, 31 July 2012

    Thank you for your comments, gb and John. There is a wonderful saying: "Confusion comes just before a breakthrough", so be encouraged by that.

    So... As awareness of this atrocious situation grows, things will automatically quicken. Everything that Denise has advised us all to do is completely correct (she has over 20 years experience in this field, that she is making available as guidance to all of us), but as we can all feel, things are escalating and the urgency is becoming, well ... More Urgent! We have to remember that, as Denise has always said, this is a self-help site, designed to give us all support, encouragement and guidance.

    My impression is that Denise is endeavouring to pull all the relevant information and lawful processes together in an organised program that all of us can follow, step by step, with her fundamental support.

    There is a tree called a 'sequoia' that has an ancient history, but the interesting fact for us to learn from this is: This tree has very shallow roots so if they grew in isolation, they would be easily blown over with the lightest winds. But because sequoia trees grow in groves, their individual root systems become extremely intertwined and so, no matter how strong the winds are, they are linked together, support each other and simply cannot be blown over. They may sway but they stand strong because of that collective connection that is just below the surface.

    So, don't be afraid and it is OK to be confused. The most important thing, I feel for myself, is that I have to take control of my own situation, with the support and power of the lesson from the sequoia tree.

    And of course, Denise disseminates all documentation and templates as they are developed, for the benefit of all of us. I hope that helps.

  • Denise
    Denise Tuesday, 31 July 2012

    Behind the Banker scenes all this pressure is working
    Leave the templates and letterheads to me
    The instructions I suggest you follow do work, are working magnificently AND if you are a little lost send an email, but seriously no more than one email a day/night is the limit or I will become fatigued! Long winded emails do not attract my attention - you go to the back of the pack!
    I have an army of helpers busy behind the scenes and everything is running to plan. Do not try and reinvent the wheel.
    There is so much more planned.
    The best revelations are yet to come.
    All of you by now should have a copy of the LOAN APPLICATION FORM
    If not you are dilly dallying. Of course this does not refer to those members who have just joined us and are busy ringing their favourite bankers. I have found you all to be a wonderful bunch of decent and helpful people and your courage in the face of adversity is inspiring.

    Bless you all - each one of you is an inspiration to me
    [email protected]

  • doyla66
    doyla66 Tuesday, 31 July 2012

    PHEW!!!! and thank you for the clarification....i honestly was starting to think i needed to do more. I'm just glad im still on track with it all & that i didnt miss anything

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