Time to write Merry Christmas letters to Australian Securities and Investment Commission ("ASIC") and send me a copy please.  ASIC lie to Parliament about the number of complaints they receive.  We have the evidence to prove it.  

COSL NEEDS TO BE CLOSED IMMEDIATELY:  The EDR is simply a fraud in the way it presents itself.

All Consumers who borrow from NON BANK LENDERS and are Members of Credit Ombudsman's Service Limited (it has a P O Box and no street address) are at risk of CRIMINAL ACTIVITY from NON BANK LENDERS.

Treasurer Joe Hockey said last year on Channel 7: "I would not be dealing with a non bank lender - ever."  Yes Mr Treasurer, you and I know the non bank sector is riddled with fraud and fraught with RISK....but no-one Joe is really hammering warnings to the public: DO NOT DEAL WITH NON BANKS IN AUSTRALIA.

First thing is:   your Loan Application Form WILL BE tampered with after you signed and without your knowledge or consent.  This is not a mere "risk" Its a given!  Proven in our massive volume of files.

Secondly:  The ASIC licensed "Gatekeeper" COSL knows the fraud, will tell you they are there to handle disputes and immediately look for the fraud for FOUR reasons:  

1) They know fraud is 100% likely and internal to the Lender, due to the Lender Business Model and,

2) COSL will throw your case out after ten months on the excuse "its a FRAUD and we cannot handle fraud."  

3) Naturally, COSL also collect the $5000 blood money from the Lender Member.  


We urge consumers to take our warnings very seriously.  BANKS AND NON BANK LENDERS have been engaging in wide spread INTERNAL CONTROLLED FRAUD......meaning manufactured fraud using SERVICE CALCULATORS TO fudge income figures and exaggerate a host of other criteria, to make mortgage deals "fit."  However, here is the rub:

In a three year road test of COSL, not one case has been resolved in the consumers' advantage.  COSL favours it members in a very specific way.  ASIC licences COSL and COSL must be closed immediately for misleading consumers as to what it actually does.  By taking on the "dispute" we believe it receives $5000 per customer from their own member lender, to specifically investigate the case.  ASIC try to bleat we have the best consumer protection in the world.  Had BFCSA not materialized based upon consumer needs, no-one would have been the wiser and the circus would have continued.  

100% of all LAFs we have uncovered (and double the numbers from August last year) ALL Loan Application Forms ARE FRAUDULENT

Both FOS and COSL know this.  FOS will investigate Fraud.  COSL refuse.....................but Parliament has to act and find out why and then decide to close it down.

Only people in NSW had consumer protective laws since 1980.  BUT COSL DOES NOT USE THAT LAW.   Laws do not protect Consumers if you borrowed from a NON BANK LENDER.  No non bank lender has ever been prosecuted...............................and all LAFS discovered and examined to date have fudged or altered income details: eg average $50k income white-out used and handwritten by third party (credit assessors) show $180,000.  

That's a criminal offence, but ASIC can neither see it, acknowledge the facts, nor does ASIC prosecute non bank lenders.  ASIC knew this in 1999, but continued to create the illusion that these were safe mortgage lending practices.  By setting up Greg Medcraft's beloved Gatekeepers which four Chairmen of ASIC have defended, Consumers of mortgage products have been at risk.

However, if you are unlucky enough to have a Broker chose a NON BANK LENDER you will be shunted off to COSL who will bury you under a ton of manure. As one Broker said this week: " a client was entrenched in Bankruptcy, we knocked back the deal, but the Major Banks lent him the money anyway."  

Yes its still happening today.  You are at risk with a Major Bank of imprudent approval of loans, but if a non bank lender.....well the bodies are piling up.

If this is not corruption of our banking system - please tell me why we should accept this debacle:

HERE IS WHY:  To a Member who had a mortgage with a COSL Member named ADVANTEDGE (sub of NAB) (ex Challenger ex Packer):


We confirm that our Decision did respond to your claim of fraud, and that it was considered under the heading “Claim 1- Fraud” (paragraphs 42 to 46 of our Decision).

For reasons set out in Decision, we informed you that COSL is generally unable to consider an aspect of a complaint which relates to an allegation of fraud.  This is because COSL does not have the forensic capacity to investigate and establish fraud, since we are unable to:  1.    summon witnesses or administer oaths; and/or    2.    cross-examine witnesses on the statements they have given or the documents they have provided.

 Consequently, paragraphs 55 and 56 of our Decision, informed you that since we are unable to make a finding of fraud, our review of unjustness (where reasonable) could only proceed on the basis that the information recorded and submitted in and/or along with your loan application was a true and correct representation of your circumstances at the time, which was not tainted by fraud.


 So Ladies and Gentleman: If you are the victim of NON BANK LENDER FRAUD, where Advantedge and its mates are involved, your consumer claim will be relegated to the regulatory DUSTBIN.  And Advantedge (SIC) appear to have the regulatory advantage, aided by NAB lawyers, whereby Advantedge sends COSL a nice little sum of $5000.  We wish!

Time to get really upset with this inequitable system and time to demolish ASIC as the Consumer Protector.  For fourteen years ASIC has deliberately and maliciously placed consumers of banking products in harms way.  We call for the immediate resignation of RAJ VENGA...................................

If you have been thrown out by COSL....we want to gather everyone together under one umbrella and warn Parliament this is happening to consumers of mortgage products across the nation.

Please comment about your treatment by COSL to warn others

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