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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: Greedy banksters and TOXIC Low Docs, Greedy Insurance Companies fleecing consumers - same CARTEL mix.

Posted by on in Consumer Protection Disaster
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Dear members

Because we were all personally exposed to bankster greed and corrupt exploitation we are now well versed on the subject thanks to Denise and BFCSA.

In recent blogs Lisa Martin and Organza have made reference to insurance companies and rightly so for they are just as bad as the banksters in their greed and quest to drain us of every last cent. Just as the banksters colluded with each other to perpetrate the low doc, no doc, full doc fiasco I think the insurance lobby put their collective heads together to see how they could raise profits at the expense of the consumer.

I will give you two examples of what has just happened to us.  AND Here is how they fleece the battered consumers!!!!

For forty three years we had multiple policies with NRMA in NSW, when in 2012 we were notified our building  premium was due and up for renewal. I expected an increase but was shocked to see that our annual premium had gone from just over $700 to well over $1000, when I rang to query I was told it was because of the floods in Queensland and as a sub sequence all premiums had to rise to cover the outlays. I stated while sympathetic to the cause that we lived over thirty metres above sea level and if we flooded the whole East Coast of Australia would be under water, we were definitely not a flood risk and should not be penalised.

We then immediately began getting six quotes and all were around our old premium of $700, which I found odd.  I could not understand this because with NRMA we had multi policy discounts, loyalty and maximum no claim discount yet with all these applied, NRMA was still the dearest. We  transferred our policy to YOUI for a premium of $696.01 for the year 2013, now here comes the kicker we have just received our renewal notice and guess what?   The new premium is $1,018 for 2014, ITS ALL A CON.

Its a trap, you get a honeymoon period of twelve months then WHAM they hit you up and just beware.  You might say I'll shop around and get another insurer, the insurer has the right to refuse your policy so if they are colluding to keep prices down for the first twelve months they sure as hell know your insurance history and other insurers can refuse you. I just couldn't understand how six other insurance companies could come in under our long term one.... its because like the banksters its all a big con game relying on peoples predictable actions.

The second insurance scam is, although legally we cannot be discriminated against because of age the insurance companies have an easy solution, after decades of loyalty and meeting payments on time they price you out whereby you can no longer afford personal insurance policies.

In the early seventies I was a submariner serving in the navy, because it was classified as a dangerous occupation, personal insurance was not an option. I don't know whether it was an act of patriotism or desperation for customers but some insurers relaxed the rule. As a consequence we have had terminating life policies which pay out on death. After the navy we kept these policies going for as we both now worked raising a young family and had a mortgage this was a good safety net if the worst ever happened. The insurer went through many owners the last being Tower, AXA and now AMP. I am no fan of AMP because even back in the early seventies they had a bad reputation, especially regarding commissions.

We never got around to cancelling the policies once the kids left and the house was paid off but once the banksters did their number on us it was wise to try and keep the policies going because we now have virtually no assets if the banksters sell us up. Well now the insurance companies have had all these years of trouble free income they are thinking we are now a liability not an asset and accordingly are trying to price us out.

The point is folks while your young and healthy the odds are in the insurers favour, once we start to age that's it:  they have made their money now its time to off load us before we have a chance to claim. I don't know whether the banksters have big shares in the insurers or vice versa but their tactics towards the consumer are similar.

The banking, insurance, brokers, liquidators, legal profession, regulators and politicians have to come to the realization that the bubble is about to burst. All of the above have fed off the gravy train which is the Australian consumer. Its a false economy built on credit, we all want our first home and we think we can't afford it but now the nice salesman at the home display village or real estate office will soon steer you in the direction of people who can make your dreams come true.  All along the way everyone gets their cut even state and federal governments. Its a good reason why our parents called credit or hire purchase in their days" the never, never" because you never, never pay it off.

Its like the old Berlin Wall with our politicians and regulators, for years we have been screaming out for help and assistance but to no avail no one would listen although I strongly contend they knew what was going on, but with perseverance the cracks have started to appear , especially with the Senators' probe into ASIC. The wall and barriers will come tumbling down and prepare to watch all the B/S fly as everyone involved denies culpability.

Until the government is seen to be doing the right thing the public and consumer will have no faith in all the financial services and industries, especially while ASIC is still operating in its current form.  Thanks Neil T.

ED:  Yes indeed Neil.  So we should all complain to Commissioner of ACCC.......that an Insurance CARTEL is in full swing. Its ACCC's job to go after these big companies like Allan Fels used to and later when they went after VISY - another barrel of rotten apples.

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  • doyla66
    doyla66 Tuesday, 21 January 2014

    WE had the same thing happen to us with our house insurance with RACV. Been loyal customers with multi insurances (Cars etc).
    When our renewal arrived in 2012 our policy have jumped from around $800 to over $3000 dollars. I rang and got the same as you the floods. I shopped around and finally settled on Youi for around $700 yearly. RACV kept ringing and asking why I had given them away and they offered me a discount to stay but it only came down to just under $3K. I have been with Youi since then and my policy although it has risen it was no more than I would have expected with inflation. We have been dudded by Mutual Mercantile re: Superannuation. It was a small policy and showed in excess of $4K as balance. When we eventually got the money from them it had shrunk to $1600 after we were told we would receive the full amount. Enquired why? Admin, cost etc. What a rip off these insurance companies. Probably expected though as I think Merc and Nab hold hands somewhere.

  • doyla66
    doyla66 Tuesday, 21 January 2014

    Insurance Companies are as evil as their cousins Banks and well I know for I had to spend more than 2 years fighting one after my husband died although nothing to do with house insurance. His superannuation insurance claim was declined on wrong medical advice provided by ??? which I had to disprove and trying to get a copy of his medical records from the hospital (first and only time he had ever been in one) was almost the definition of impossible but I managed with what I can only say was divine intervention. Contained within were many truths re another evil industry cover-up and lies to protect themselves and the wrong cause of death is still on his death certificate. I still have nightmares over that for to change is not possible for that is how another evil industry justify their statistics - most of them also a load of codswallop!

  • doyla66
    doyla66 Tuesday, 21 January 2014

    What a wicked land we live in. How has it come to this.? All the big boys king hitting us all squarely where it hurts. Cowardly and greedy!!!! Why to we all have to fight for everything that is rightly ours?. Why is it that the Banksters can get away with their devious and unscrupulous practices.? These monsters cripple you, take your homes and still keep bullying even after your home and life is gone. Nab are still at it 9 months after the axe came down. I am tired of carrying knives in my back. Perhaps they hope you will drop dead from the terroristic acts. !!!!!

  • doyla66
    doyla66 Wednesday, 22 January 2014

    GOVERNMENT SET THE RULES OF TRADE - ITS ABOUT TIME THEY APPLIED THEM

    The biggest problem we have is that Government in Australia sets its rules of trade but does not administer them. While we continue to have a licencing and regulative authority (I use that term loosely) such as ASIC at the helm things will never change. Most of our largest Banks either have an Insurance arm attached or Major Bank, Major Insurance Company alignment. This was most prevalent when you think back to all the mess you are in now, during the low doc no doc hay day your Banksters made you take Mortgage Insurance did they not. Well the mortgage insurance would have come from their aligned Insurance arm, athough hard to believe I know but they affectively yet again double dipped us all. We wonder why the Insurance and Banking industries work so similarly its because they are affectively one and the same creature, they have never worked a hard day in their lives, never had to get their hands dirty and make their living off inflating prices of products that we all need. Do any of you remember probably ten or so years ago Toyota Australia was taken to task over PRICE FIXING it was proved that all Dealers of new Toyota's had got together in a back room and set a minimum new price they would move to on new sales. That little exercise cost Toyota millions of dollars in fines that was when Government had integrity and made the rules of this country stick. Clock forward ten to fifteen years the Reserve Bank drops interest rates and our BANKSTERS fail to pass on the cuts in full saying that its unaffordable for them to do so, then within months release their half yearly or yearly profit statements to reveal another massive profit increase. Our Insurance Companies play the same game many many years of trading without disaster in this country (maybe a drought claim or two every year we do live in the driest continent on earth so that should be expected) and when a disaster does eventually come about they scream poor and instantly increase premiums. Small increases everybody accepts in line with CPI but this habit of instant massive increase to cover all costs is not a practice I believe should be tolerated. How about while our present Government set about reviewing around 8000 antiquated laws (which is commendable) why not extend that review to unacceptable trade practices and the laws associated with administering them. Overall this country is in dire need of new regulations or at least the REAL application of the ones that already do exist, many are adequate but have been sadly watered down with time to the point where they give no real solid protection to the common man.

  • doyla66
    doyla66 Wednesday, 22 January 2014

    Reduced

    Nana,

    No doubt the would have reduced the rate if there had been no natural disasters for 5 years ;)

  • doyla66
    doyla66 Wednesday, 22 January 2014

    That is very funny Tom, You have a wicked sense of humour. But I am cackling!!!!!!

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