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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 Members are "informed credit consumers" within the debt environment.

Posted by on in Bankers A Law Unto Themselves
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BFCSA Members are informed Lisa, and thanks for that comment.  We hope int he future to save people from entering the RED DEBT ZONE.

The formation of BFCSA as a Voice to Bankerland became an urgent necessity, due to predatory lending habits, lack of enforcement of law by regulators and the love of "free markets" whereby a few earned obscene pay-packets and cared little about their fellow neighbour.

Bankers have become the: "I'm alright Jack" brigade.

To demonstrate a 30 year banker point: 

Nearly 30 years ago, one of my children had reached the wonderful age of finishing school and entering the new world of working for a living.  She went shopping and purchased a few mod clothes with her own money.  Innocently, she entered the world of debt by simply walking into a major boutique chain of stores, during her lunch-hour.  Staff were friendly and had been trained as sales personnel to maximize sales by offering debt.  30 years ago this was not easily recognizable and we were not used to predatory selling of debt.  Generally, people were used to a couple of decades of the  "lay-buy" system, where you had to pay off the goods before you could collect the parcels and take them home.

We were taught: "do not buy unless you can afford."  Enter the store bandits: "own it now and pay later.  Waltons had been door to door predatory lending for the same two decades and people were still paying off the "Waltons Man" fridge 12 years later......The State Governments recognized the "predatory lending" aspect of this type of easy-sell and brought in consumer protection laws.  Laws were enforced and bye-bye to Waltons....they collapsed under the weight of their own greed and ultimate punishment.  They were deemed predatory outlaws.

I digress, a new "store card" was offered to my child, and the first purchase made.  Weeks later, she was told: "as long as you keep total purchase for the day to below $100, no-one checks your card or the limit ($250) on the card."  Staff encouraged young people to buy, buy, buy and she did.  Her wages would have been around $80 per week.  Predictably, the debt collectors came calling.........you owe the bank $2000!

My thoughts: if the card had not been offered, the debt would not be there.  My solution: the bank can take the responsibility for its own predatory lending and I will take my responsibility seriously in protecting my child from the dangers of the "modern world of banking and finance."  As a single Mum, the possibility of paying the debt was not an option.

I read an article about the Head of the offending bank.  My letter went something like this:

Dear Mr Banker,  My child has recently left school.  Your bank took the opportunity to spruik my child, via your customer's chain of boutique stores.  I have reared my children to respect the society in which they live and to trust the banking system.  I have met all my commitments in life to the best of my ability to ensure my children and I will not be a  burden on the state.  Through expected and understandable naivety, my child has yet to understand "the devil named debt."  You know that to be true as your bank went after this "target market" in a predatory fashion.  You opened the doors and taught her how to "exceed the limits" set down by Government regulations.

You did not consider or care that such a debt may not be in her personal best interests.  Banks are there to "manage money" and not spruik young people.  I notice that you have two children of the same ages as mine.  With all due respect, had I introduced your children to drugs, you would be a little peeved at me as a responsible parent.  If in a predatory manner, I had targeted your children to satisfy my own lust for money, you would have been angry I am sure.  I did not raise my child to be preyed upon by anyone with a dark mind, as I am sure you are protective of yours.

May I politely suggest that, since my child is under attack by your bank through its own bad manners and behaviour, that the offending card be torn up and the debt be extinguished.  I consider this to be the best solution for both of us.

Kind Regards, Less than impressed Mum.

The debt collectors went elsewhere, the debt was extinguished and my child received a lecture on responsibilities.  The banker? He retired in splendour.   The Bank?  Well the bank just invented more and more debt and preyed on the young, the middle earners and then the ultimate prize: the elderly!!!!

Me?  I am still writing letters:  Dear Mr Bank Manager......

Remember chaps: A happy customer is an informed customer and BFCSA is dedicated to informing the world as to the tricks you all get up to.....

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Comments

  • doyla66
    doyla66 Thursday, 06 September 2012

    Great blog! You're totally right about that Denise. I hope Australian consumers read this and understand the clear and very present danger of dealing within the under regulated overly competitive Australian financial sector. Those responsible are getting a wake up call from concerned and responsible adults from all over Australia. Game's up! Protect our kids from predatory lending practices NOW!

  • doyla66
    doyla66 Friday, 07 September 2012

    That old 'lay-by' system was a good one - you made the payments regularly & the reward was when you got to pick up & take the item home. Nowadays, the reward is instant & the debt is ongoing. Definitely, a role reversal - not a good one either.

  • doyla66
    doyla66 Friday, 07 September 2012

    regulations = to protect consumers from 'themselves' as much as bank not placing the consumer in harms way!

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