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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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BFCSA Banks NO lending limits yet pay FOS to keep limit of COMPO to $280K. Story of losing one's home to RAMS and Westpac

Posted by on in Toxic Financial Products
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The public have deep sympathy for bush fire victims losing their home.  The public also arrive with buckets and mops to help strangers that are victims of floods.  Australia is a land that does suffer tremendously devastating weather curve balls and disasters at times.

Another one for the salvation Army to pick up.  Victims says: "So I'm moving too .... no home, no $155K refund who knows where now??? 

Another financially ruined, middle aged person who will soon be homeless.... How does that help our economy??

Yet when one loses one's home (as an older person) from a Bank driven Service Calculator Fraud on a deliberate TOXIC Mortgage, two porters at ASIC crack their knuckles.  Why is that?   Well failure for the public to understand this phenomenon of widespread bank looting of homes is all of the reasons Australians will be much worse off during the next 50 years.

This is no isolated story - rather the FACE OF AN EPIDEMIC in banking fraud.  Shocking bank approvals to people who were told they could afford the payments but only with the use of buffer monies from the banks.  Within 5 years INTEREST ONLY the bank enjoys the profits from one of the most horrible banking products ever devised.   The regulators were not asleep - they endorsed the fraudulent activity at the Chairman level.

The target market was initially $50 billion in toxic mortgages but quickly became $100 billion....dirty time bombs ticking away and then the KABOOM, but Bank Chiefs will be jumping ship right about NOW.

ASIC is trying to spin its a minor problem.......................................rubbish.  War Veterans, disabled, pensioners all targeted.  These loans are timed to implode on 4th - 5th year.


Yes its Maladministration in Lending, yes we "enjoyed" a $280K compensation claim, but loans was over $500k as most are................................equity norm is $500k and that's what bankers are targeting - ARIPs.  We are one of those.  FOS took two years to investigate and the compo we received included payments for last two years that we could not afford to pay.  Losses are much much higher than that.  What is wrong with our Justice system?

I'm reluctantly packing up my belongings too as my fight to keep my home is over.... Maladministration was found but the FOS max. compensation of $280K was eaten up by RAMS stalling tactics for 2 years. RAMS could have settled this matter back then.. instead of me enduring another 2 years living in limbo.. and another 2 years older!!

I was scammed by RAMS Westpac.... They overvalued my property and lent against the asset..... and approved a jumbo loan against this. I have copy of LAF showing RAMS credit assessor did this. I was spruiked by their agent to refinance with RAMS.

As well as stealing my home RAMS Westpac has $155K of my hard earned money paid to them after the "extra" they advanced to help with making repayments ran out.

So I'm moving too .... no home, no $155K who knows where now???

Another financially ruined, middle aged person who will soon be homeless.... How does that help our economy??

Yes I am sad, yes I will recover and yes anger will build and I will be fighting back as there are so many out there like me.........

Elite Bankers cannot go unpunished.


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  • doyla66
    doyla66 Friday, 07 March 2014


    Appalling how these banks string you along just to claim the maximum amount from borrowers who started off trusting these parasites. These judgements from FOS let the banksters off the hook, get out of jail free card and no punishment what so ever for committing brazen fraud. What government and regulator allows this to happen and continue against decent Australians. We were not the ones who falsified documents just to get a loan approved and without us knowing. Shame on the regulators and EDR's, I suppose you all get your jollies out of this.

  • doyla66
    doyla66 Friday, 07 March 2014

    Australian public injustice system - cold blooded robbery, no duty of care in sight

    That's dreadful. Ripped off by the lender then ripped off by the Australian injustice system.
    Perhaps the only way to deal with the so called justice system is to assume it's going to be rigged and fraudulent too and do our cases to fit that scenario.
    Like one of the Senators said, how about approaching the loans as if they're going to be flawed and see if there is any merit in them, rather than the way it has been: the EDRs assume the loan is fine and we have to prove it's not. We end up feeling like there's something wrong with us because we're up against a system that still lives in a pink bubble where Banks are right and borrowers are probably wrong.
    The cruelest trick of all is spending years on a case, having a case come out in the borrowers favour and then be told that they still have to pay back money they don't have or lose their home. Financial wreckage all over Australia: home owners and farmers alike.
    The whole thing stinks. When are we getting a proper justice process that actually works for defrauded consumers? Why must we wait so damn long for the rusted on wheels of government and justice to slowly grind into action? If it were their homes and farms at stake they'd be raising hell ... no actually they'd just phone their lawyers and say, "Deal with it!" All over and done with in a day or two, no mess, no wait.
    Angry? You betcha!

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