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BFCSA: Dear COSL, Are you saying there were NO regulations for prudent lending for NON bank lenders?

Posted by on in ROYAL COMMISSION URGENT
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From: COSL CASE MANAGER
Sent: Thursday, April 18, 2013 10:15 AM
To: WFThis email address is being protected from spambots. You need JavaScript enabled to view it." title="This email address is being protected from spambots. You need JavaScript enabled to view it.">
Subject: RE: Final Decision WF and La Trobe
 

Dear WF

Complaint regarding WF and La Trobe Financial Asset Management Limited

We note that La Trobe does not subscribe to the Code of Banking Practice and therefore it does not apply to La Trobe.  As such, we were unable to have regard to it when reviewing your complaint.

La Trobe requested that their product matrix (lending guidelines) be treated as confidential information.  Under our Rules, if we receive any information or documentation from a party with a request from that party that it be treated confidentially, we will not disclose that information to any other party without the consent of the person supplying the information, or as required by law (COSL Rule 33.2 – Eighth Edition). 

Whilst we were not able to provide you with a copy of La Trobe’s product matrix, our letter dated 15 April 2013 summarised the information that La Trobe required from a prospective borrower when applying for a Self Employed/Small Business Lite Doc loan.

 In relation to your question “how could COSL, as a consumer body, accept these statements from Lenders as being adequate and acceptable?...ie. only checking GST registration and VEDA?” we refer to our Decision’s dated 15 March 2013 and 15 April 2013.

Please do not hesitate to contact me" ......."  if you wish to discuss this matter further.

 Sincerely

 Case Manager - Complex Cases | Credit Ombudsman Service Limited | 

 

Dear COSL,

Are you telling me that there were NO regulations at all in 2007 – 2009 regarding prudent lending for NON bank lenders?

I want to take the matter further against LaTrobe Financial. This case should not be closed by COSL.

 

 

From: This email address is being protected from spambots. You need JavaScript enabled to view it." style="font-size: 12pt;">This email address is being protected from spambots. You need JavaScript enabled to view it.

To: WFThis email address is being protected from spambots. You need JavaScript enabled to view it.">
Subject: How did we handle your complaint?
Date: Wed, 26 Jun 2013 

 

 

Dear WF

Our records indicate that we recently closed a complaint from you about one of our Members. Your complaint reference number is: 12/666

We are committed to providing consumers with the best possible dispute resolution service at no cost to them.  As part of our commitment, we’d like to know if you were satisfied with our service and if there is anything further we can do to improve our complaint handling process. 

We would appreciate your feedback on our complaint handling process by completing a brief online survey.

This survey will only take some 5 minutes to complete.

Complete the online survey

If this link does not work, please copy and paste the following link into your internet browser: http://www.surveymonkey.com/s/consumercomplainthandling

Please Note:

We are not asking you if you are happy with the outcome of your complaint as this often depends on the facts of a particular case and the Rules under which we must operate.  Rather, we are asking you to comment on our processes and service without taking into account the outcome of your complaint (whether or not it was in your favour). 

Your identity and your response to the survey will be treated in confidence.  Your privacy will be protected at all times.

Please contact us on 1800 138 422 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.">This email address is being protected from spambots. You need JavaScript enabled to view it. if you have any questions in relation to the survey.

Thank you

Your feedback is valuable to us

You have received this email because you have made a complaint to the Credit Ombudsman Service Limited.

 

We value your feedback, to have your say, send an email to This email address is being protected from spambots. You need JavaScript enabled to view it.">This email address is being protected from spambots. You need JavaScript enabled to view it.

© 2010 Credit Ombudsman Service Limited, PO Box A252, Sydney South NSW 1235
T 1800 138 422 | E This email address is being protected from spambots. You need JavaScript enabled to view it.">This email address is being protected from spambots. You need JavaScript enabled to view it. | W www.cosl.com.au

 

 


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Comments

  • doyla66
    doyla66 Thursday, 27 June 2013

    Whether a lending institution subscribes to the code of banking practice or not, every fraudulent complaint must be investigated.
    No cases involving maladministration by the lenders should ever be closed.
    A major crime was committed when the document tampering took place and then the added crime if the EDR unfairly closing the case without any examination of the suspected fraud. This is total corruption in my view.
    If there were no corruption, why did the investigation not take place. Hiding the evidence Cosl, Fos and Asic??? of course you are, it stands out like a red beacon and you won't be getting away with it for much longer.
    The next few months are going to be very interesting with piles of fresh evidence on the way and the Senators involvement in the lies of Asic.

  • doyla66
    doyla66 Thursday, 27 June 2013

    Maybe that's why La Trobe do what they want with their obscenely high interest rates, 10% in our case

  • doyla66
    doyla66 Friday, 28 June 2013

    Are they serious!
    "We are committed to providing consumers with the best possible dispute resolution service at no cost to them. As part of our commitment, we’d like to know if you were satisfied with our service and if there is anything further we can do to improve our complaint handling process."
    How can one be happy with nothing. They do absolutely nothing for the consumer who are being ripped off. What on earth are these companies then doing to justify their existence.

  • doyla66
    doyla66 Friday, 28 June 2013

    How frustrating! Sorry to hear of this.

    Surely any fraud is fraud ... tampering is tampering ... it shouldn't need a special Code to make that a breach of established Law.

    What code of practice did La Trobe have of their own?
    Was there a code of practice for non-bank lenders at all?
    I think there were other lenders that had their own Code based on the Banking Code.
    It would be interesting to see a list of Bank and non-bank lenders and the date they subscribed to the Code or what Code they used.

  • doyla66
    doyla66 Friday, 28 June 2013

    Would Violet Homes/Perpetual vs Schmit-Anor apply to your case?

  • doyla66
    doyla66 Friday, 28 June 2013

    You should have asked COSL if they would be happy with a kick in the teeth like they gave you.

  • doyla66
    doyla66 Saturday, 06 July 2013

    1. Yes COSL you can improve your complaint handling process by actually doing something.
    2. You can start by providing a dispute resolution service that is real and not pretend.
    3. You can also start by being on the borrowers side and not the banks (we all know whose side you are on).
    4. You can stop closing cases before you read them. (that would be good).
    5. We would like to know whose rules you are operating under.(if it's ASIC start running for the hills).
    6. Also, you should be asking the victim of bank fraud if they are happy with the outcome, and if not what else you can do to improve the outcome. (After all if they are not happy it's only because you haven't done anything.)
    I HOPE YOU READ THIS FEED BACK AND DO SOMETHING POSITIVE FOR A CHANGE FOR THE VICTIMS.

  • doyla66
    doyla66 Thursday, 11 July 2013

    Peter Mac

    I too am a now homeless (prior to LaTrobe a millionaire) victim of LaTrobe financial. I read these pages with determination to find a way to get justice.

  • doyla66
    doyla66 Tuesday, 16 July 2013

    LaTrobe court challenges

    Does anyone know of people that have taken LaTrobe to court and won. Is there a group of victims working together against LaTrobe?

  • doyla66
    doyla66 Tuesday, 16 July 2013

    BEWARE if you are thinking of dealing with LaTrobe Financial

    Good idea Steven, Lets start a group working together with others against LaTrobe .

    Our case was closed by COSL, even though I had the original doc with our signature (for some reason we kept it) and the LAF copy supplied by LaTrobe to us had false info completed.. hmmm.. and yet COSL ignored this evidence. saying they don't consider fraud.
    What about maladministration on LaTrobe's part then COSL?. LaTrobe got a way with it because they did not subscribe to any Banking codes of Practice.. WHERE IS ASIC ??? Why have they not advised consumers that non bank lenders can basically do what they like..

  • doyla66
    doyla66 Tuesday, 13 August 2013

    Beware of LaTrobe

    Any suggestions of how we can communicate privately? I put an email address here and the post was deleted. It must be not allowed! We are so naughty too try and work together. For God sake, let us get on with it, it's so hard to find LaTrobe victims on the net and get something organized. This is where they would look.

    ED. Appreciate your feelings Steven but as mentioned before, Blogsite rules - no contact emails please to ensure protection of the integrity of our blog site.

    Why not join BFCSA as a member today?...there a quite a few members with complaints against LaTrobe whom we could contact to see if they are interested in working together with others.

    BFCSA is a non profit organisation and relies on membership fees to continue empowering it's members and alerting ALL consumers to the "real world" of banking in Australia.

  • doyla66
    doyla66 Wednesday, 14 August 2013

    Beware of LaTrobe

    Why not join BFCSA as a member today?...there a quite a few members with complaints against LaTrobe whom we could contact to see if they are interested in working together with others.
    Thankyou for that option, I really appreciate it and I'm sure some LaTrobe customers will appreciate it as well. It's very good of you to offer that service. I will try and register. Thanks to LaTrobes deceptive Loan Agreement, I am on now on Centrelink payments living in a caravan I got from the tip, in a friends backyard. Money is tight, registration is $60 (good value if you can help bring unhappy LaTrobe customers together) I will have to wait till next Centrelink payment. My first question to people would be : How do you think we can work together without jeopardizing our privacy?

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