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BFCSA
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What BFCSA Does...

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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BFCSA Successes in Saving Homes and compensation from banks. Our record is clear.

Posted by on in ROYAL COMMISSION URGENT
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Members and Readers have been asking us about successes.  BFCSA Has done more for victims of Low Doc and Full Doc victims than any other organisation and we are not supported by Government.  Quiet simply we have never applied for funds.  Yes Mr Terry, we may have time to produce some statistics depending upon our people responding to surveys.

36% of TOXIC LOANS were written up by Bank Managers/Officers and NO BROKER involved....yet all are toxic loans.  18% of all loans are FULL DOCS.

Many of the complainants are still with FOS as their staff are on overload and cases are now taking up to 18 months to process and conclude.  ASIC do nothing about consumer complaints.  COSL charge their own Lender members $5000 per investigation and throw all victims out into the street by closing files.  ASIC needs to ban COSL from handling consumer complaints.  In our experience Members say COSL is corrupt and biased.   COSL also have low job satisfaction and high turnover rates and do not meet consumers.  The COSL staff live in a post office box.  No-one sees them.

One statistic bears mentioning: From 1200 people only 89 so far have reported HOMES LOST according to our surveys.  Those that use our user pays services get good results.  Some have lost homes due to EDR's throwing out cases on technicality, and some because they missed deadlines set by callous EDR's...banks get 28 days to respond, the victims get 14 days and must ask for extensions.  People do not fully understand and we are constantly reminding Members of the dangers of sudden death deadlines.  What happens next?  You are thrown as Christians into the Lions Den...................the Courts with no equipment for you to fight back and for Banks to use their stolen loot to pay for expensive legal teams such as Gadens to argue contractual law and forget to mention the Bank Internal Fraud System.   Its a vicious set up.  No fair go in the courts when no money to fight back.  Victims have no chance in court unless we manage to get funding, as in the past for certain case precedents.  This proves that if equal playing field and free legals for the victims, they would win their cases.  

BFCSA (and predecessor RECA) has had resounding successes ion the court and within the confines of the EDR's if against the ADI Banks.  In fact we depend on those whom we have achieved good results, renewing memberships to enable us to help the next tranche of people seeking assistance and guidance.

There are varying degrees of success as compensation is not in cash (only loan reduction) and ASIC set the limits at $280,000, when average loan and loss is $600,000 to pensioners.   Those who purchased a home to live in are worse off because of ASIC.    First Home Buyers are in a dreadful place, yet were targeted by Bankers.  Low Doc Loans were only for business people, yet most did not have a business....hence the bankers engineered the brilliant ABN for a day scams.  

If you bought a home with zero deposit and zero security you lose the home, even if there is fraud.................you can be put back in a position as if you have never met the bank.  There is no real money compensation for damages......unless court, and people have no money for lawyers.  We do however have success in making sure the banks do not saddle these people with an ongoing debt or bankruptcy because of the existence of fraud.  

The Hardship plans being flocked by so called debt recovery businesses with Government sanctioned agreements is a crock!!!!  Three months later, you are back in the same position because of the fraud.  Yet ASIC licence these businesses to help the bank out - not you.

Yet the successes we have had for those who owned their own home to start with (or substantial equity) far outweigh any of the Government drip-fed agencies.  I will work on this point you raised as its a good one.  I have personally saved over 200 homes by direct negotiation.

Main stream media are in no doubt that BFCSA is the only organisation wielding a cricket bat and scoring runs on the board as we tackle these despicable bankers. Members will tell you that.  So yes I guess its time to tell others as to what we have achieved to date.  Mostly, new members find us via social media and word of mouth.   We have doubled out membership in 12 months and expect to do the same this year as the movement grows.  

The average Aussie battler does not see these "government controlled frauds by major bankers" as  a FAIR GO!  One of these days people will start jumping out of the trenches and start firing at bankers from all positions.   Anger at the INTENTION TO DECEIVE and intention to steal homes will build up.      Get you to work 20 years and save for your own home and then have the banks devise a plan to steal that asset within 4 years just for their own personal greed?  These Banksters care nothing for this nation, but were prepared to send us all into poverty....and the following generations...

Is there anything considered more UNAustralian than that?                                    This email address is being protected from spambots. You need JavaScript enabled to view it.

 

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  • doyla66
    doyla66 Thursday, 26 December 2013

    Julie

    Must say that BFCSA has done a great work.Keep it up and continue your great service.

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Guest Thursday, 28 May 2020