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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: Mr Andrew Thorburn, Chief of NAB: Please allow Brody Halls ACA Nine to tell Spencer he can stay in his home forever and hand back the DEEDs

Posted by on in ROYAL COMMISSION URGENT
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Dear Mr Thorburn

Chief Executive Officer  National Australia Bank

SPENCERS STORY on ACA Weds 28th Aug     http://aca.ninemsn.com.au/article/8897074/evicted-at-their-lowest-point

Spencer needs some good news right now.  At 75 he still runs his business and earns around $75 a day.  Four years ago he owned his own home worth $500,000.  He asked for $105,000 to prop up vendor finance for his buyer then moved to slightly cheaper home.

In four short years his original position has changed to one of owing NAB $500,000.  Your bank is saying they will allow Spencer and his wife to stay an extra one month in his home and has a reprieve from EVICTION.

However you have inherited this problem from Cameron Clyne who recently sailed into the sunset with $42 million in bonuses.  Plus around $35 million for five years work stitching up elderly clients of NAB with INTEREST ONLY UNAFFORDABLE  LOANS.  Moody's tell us these IOU loans represent 43% of all mortgages......................in Australia and provide over $15 billion profit to the four major banks.

So this is what we suggest you do for your Bank's best interests and for Spencer.  Despite a court order, the court was not advised of the CRIMINAL aspects of this case.  It was your bank officer that lied and ticked a box to say he had met Spencer FACE TO FACE.  He has never ever met Spencer.  

The loans were doctored inside your beloved NAB BANK.  That is a criminal offence.

BFCSA and Spencer intend to report your employee to the STATE POLICE FRAUD SQUAD.  Your Bank execs told Brody Halls they would allow Spencer an extra month to move out.  That is not a solution where a crime has been committed.

What we suggest is this:  The file be left dormant, like so many others, pending a Police investigation.  We are more than happy to brief the Police and assist them with their inquiries on how this Low Doc loan came into being.  The crime scene is actually inside the NAB.  As newly appointed CEO, I would hope you will see fit to co-operate fully with any Police Investigation.

To suggest as happened this week, that the "employee" was no longer working for the bank, is no excuse.  You have records I presume, of his name and whereabouts and last known address.  It is my guess he will still be employed but moved to another branch - that's is the norm in such cases.

It is also my professional guess, the hapless employee that was "ticking boxes" was instructed from higher up bank officers in NAB to "tick boxes" on all loans.  Bank emails stated "PUMP up the volume...."  As such this employee could be extremely useful to any Police Investigation.  

This is not a witch hunt Mr Thorburn.  I can assure you, we simply want Police Fraud Detectives to help Spencer uncover the truth about his loans.  Truth between NAB and its customers whoa re now members by necessity, is a little scarce these days.

We want to know who doctored Spencer's documents and under whose orders?  Was it all the way to the top and Cameron Clyne - the chap with the $42 million in bonuses?  Police can look into that as well, if you like.

The appropriate action right now is for you as CEO, is to tell Spencer that NAB cannot profit from criminal activity, that you know the name of the criminal that NAB employed and you will pass his details onto the State Police Fraud Squad.

Remember it was NAB's decision NOT TO CONTACT THE CUSTOMER to ask what their income was to ensure affordability under the Bankers Code.  You all swore allegiance to the Code.  You are Members of the Code.  I refer you to s25.1 of the Code re Affordability.....prudent banker etc....

The National Bank of Australia cannot profit from a fraud.  It was Mr Clyne's executives and amigos who made sure no employee was permitted to ring the customer, nor verify INCOMES.

You see Spencer was using one loan to pay another etc and NAB simply gave him more loans as BUFFER MONIES to mask the UNAFFORDABILITY.  

I think that would classify as criminal - intention to deceive......................

Best solution would be to place Spencer and his wife back in position as if they had never met the NAB!  No debt and $500k home.

Now that would make everyone happy, would it not?   Spencer is not a well man............................but a courageous one nonetheless.  I will do everything I can to save Spencer's home.

At 75 years of age he should not be going through this stress.  You may wish to ask Mr Clyne to hand back that amount from his bonus cheque.

 

Denise L Brailey

 President of BFCSA (Inc)

Banking and Finance Consumers Support Association (Inc)

www.bfcsa.com.au

This email address is being protected from spambots. You need JavaScript enabled to view it.

Mob: 0401 642 344

Ph: 08 9631 1488

 

 

 

 

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Comments

  • Duped
    Duped Wednesday, 27 August 2014

    Duped

    Yes and loan appl. forms doctored from $20,000 to $120,000 p.a. with a slip of the pen (I presume?) Spencers life has been ruined. In our case we went from $7,500 to $100,000 p.a. Can anyone see a pattern here on how banks fraudulently forged and doctored loan appl. forms just to punch through another deal. In 3 laf's we had 78 errors of false information (fraud).and I wasn't employed ,but suddenly I became self employed.

    Reply Cancel
  • NABbed Nanna
    NABbed Nanna Thursday, 28 August 2014

    I'm so sorry Spencer to hear your story. You, me and thousands of others have been caught up in Nab's despicable web of deceit unfortunately. We were evicted from our home of 42 years in 2013. A business loan organised by a Broker full of misrepresentations and a dodgy business plan. Quickly passed through the ranks of the Nab and approved in a couple days. Nab unilaterally added guarantors without our knowledge or consent. We were never interviewed to scrutinise our capabilities to run a business, not even a phone call even though we were not known to the city based Nab branch. No tax returns were required. Our large credit card debts with Nab were not included in the assessment, our home had a drive by valuation done by Nab and paid for by us, which was inflated, the Broker received a 5% commission for his efforts of which we have a copy document, but Nab cannot find that document either, blah blah the list goes on. My daughters employments details were altered and her partners even indicated a fictitious company at which he was employed. Like you Nab's BDM who organised the loan disappeared. Trying to get the Brokers LAF proved unsuccessful. Not a trace according to Nab. Same thing with a declined loan with the Nab local branch, same scenario. "Disappeared into thin air." both associated.
    Now some 15 months on, the torment still goes on. After we left our home we returned to land we lease which adjoins our ex home property. We found the Nab's Mortgagee agent and the Real Estate agent walking around the leased property and rifling through our items, even had the caravan door open looking inside. I believe this is called trespassing Nab. Further Nab agents also wandered around our leased property some weeks later making documented comments. Throughout the sales process it was sad to see our old home being left to go to rack and ruin with grass 3 foot high. Nab did not secure the property or house and in July we took back possession. We secured the home and the front gates to the property which were chained and padlocked. We erected and place Do Not Enter and Private signs on the property fences and house doors. This is a country property with no street lighting and like foxes in the night the Real estate agent came sneaking up the driveway some 60 metres to the house ripping our do not enter signs off and made an attempt to enter the house. These so called pillars of society climbing either through fences or over the gates in the pitch black of night is contemptible really, but funny as well. Again Nab set the Lawyers onto us and by the middle of September we were again evicted under a fresh order of possession. Nab has possession again and again did not secure the property, the gates were unchained and left open with the grass growing like a crop. During this period of neglect our small fishing boat was stolen just before the new occupants purchased and moved in. After they moved into the property we returned to find their calves fenced in on our leased property in a yard of ours, the caravan had been jimmied open and a heap of goods removed. An attempt to get into the second caravan had failed. Items of ours could be seen on their property.A pretty fair indication of who the thieves were. Dealing with them was impossible, drug crazed and ex jail birds who knew all the angles. I finally had to take out an intervention order and I can remember in court I could not think of the appropriate words to describe them and I stated they were ferals which bought a smile to the Magistrate mouth and a chuckle, so for want of a better word I kept calling them ferals. The property sold in Mid November for under 40% of the original valuation on which the loan was provided. It was Nab's final knife in the back for us. When all the costings which included Lawyers fees of $90K were taken from the Sale price Nab were over $40K in the red. What a futile exercise by Nab and how foolish Nab were. We are now further indebted to Nab for that amount as well. We have no closure from Nab, we still have the neighbours from hell helping themselves, trespassing on our leased land, destroying our property, dumping rubbish, throwing dead pigs on there, etc. total disregard for the law in apparent. I would not wish these ferals on even my worst enemy, but then again maybe Mr. Thorburn might like to let me know his address and I could send them on a looting exercise better still Mr. Clyne could entertain them, but he would need to lock up the silverware. Although I joke about this, it is not funny and it has taken its toll on my husband and myself. We are in our late 60's. To be homeless after 42 years of living in the same home surely is sad an devastating. Nab you are corrupt to put it mildly.

    Reply Cancel
  • kddeed
    kddeed Thursday, 28 August 2014

    One heartbreaking story after the next. Unfortunately we look like we will fall victim too, us to Westpac bank. So many hard working people losing everything they have worked for. Greedy , greedy banks with no conscience and no soul. How many more lives and marriages will crumble before the banks are held accountable and victims get justice.

  • NABbed Nanna
    NABbed Nanna Friday, 29 August 2014

    Sorry to hear that may lose your home kddeed. It is not an easy time for all concerned. I have been through it and know exactly how you will be feeling. It is the uncertainty that stresses you out the most. No knowing what is to happen never having been in a situation like this before. Just hang in there and keep protesting about the maladministration, fraud whatever it was that has put you in this position. You are not alone remember.

    Reply Cancel
  • kddeed
    kddeed Friday, 29 August 2014

    Thanks for your support NABbed Nanna. You are right, it is the uncertainty of what will happen or where we turn to next, or what can we do, do we sell our investment property, do we hang in there for awhile and see if property prices go up in QLD, do we run the risk of losing our own home in the process ... the list goes on! It certainly keeps us awake at night and our marriage is suffering under the strain!! I can certainly relate to Spencer when he said they had a good marriage but it's certainly very tense in the household now.

  • kddeed
    kddeed Friday, 29 August 2014

    The following is what I lodged online at Today Tonight today. > We are members of the Banking & Finance Consumer Support Association run by Denise Brailey. We are the victims of the Low Doc loans being featured in many media outlets around Australia at the moment (ABC, ACA, The Australian, Alan Jones and many other radio stations). BFCSA is calling for a Royal Commission into bank fraud. These loans are typically targeted at older people like ourselves who have taken out these 30-year INTEREST ONLY loans for investment properties after being lured by companies with the promise of setting us up for a comfortable retirement. These loans are imploding after a couple of years and people all over the country are losing their homes. I was listening to 94.5 this morning and was horrified to hear an advert still sprucing companies selling these loans (YES LOANS). While hard working Australians have lost their homes or are at risk of losing their home like us, some media outlets are still condoning this practice? This bank fraud will end up being Australia's biggest shame and no one will be left unscathed if we follow on from what happened to America's economy. > I also lodged a complaint with radio station 94.5 for airing the company still advertising the low doc loans!!!

    Reply Cancel
  • stryker
    stryker Saturday, 30 August 2014

    NAB Ripp Off's

    Im sorry for Mr Spencer I know what he is going through. I have a similar situation with NAB. FOS told NAB to put us in the position we where in before we met the bank. Yer they did that alright with a loan for more than we started with we lost all the interest we paid over 5 years it looks like time stood still for 5 years. By the way This is after FOS has found NAB Liable for Maladministration work it out. We have lost 2 property's. The Recommendation was to get everything back. the bank rejected this and then when the determination came it was a complete turn around. Their is one question who does pay FOS ?

  • Denise
    Denise Saturday, 30 August 2014

    Dear Stryker: Banks pay $5000 per "investigation" to FOS. Better for banks to pay BFCSA....we will act fairly for consumers and at least follow the lead of the courts! And have regard for the Bankers Code! Tregillis needs to start re-opening cases whereby ex banker Justi Tonti Fillipini (new Ombudsman at FOS) favours the banks with ridiculous decisions. I doubt she has ever read the Code. We are swamped with these horror decisions that favour her bank buddies. Time for me to start writing to FOS!!

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