GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

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.

Visitors

Articles View Hits
656036

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

Denise Brailey

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

BFCSA: Mr Albanese, money we invested into Sterling to cover our rent for 40 years.

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
  • Font size: Larger Smaller
  • Hits: 566
  • 0 Comments
  • Print

Leader of the Federal Opposition

Hon. Mr Anthony Albanese

PO Box 6022

House of Representatives, Parliament House, Canberra, ACT 2600

 

 

Dear Mr Albanese

Sterling New Life Scandal – WA, QLD, Victoria

We would like to let you know of how we were involved with this scandal. After having investigated the company fully and seeking legal advice and financial advice, we were told that this was on the low side of risk.

We entered into a “rent for Life” scheme in September, 2018 with the Sterling Group. In May, 2019 we were informed that the company had gone into voluntary administration. In June, 2019 we received a letter saying that the company had gone into liquidation. In 7 short months we had lost $280,00.00 to white collar crime in Australia.

We understand that as far back as 2015 WA Consumer Affairs investigated Sterling and found breaches of the Corporations Law. As this is a Federal issue they referred this matter to ASIC.

The money which we invested into Sterling was supposed to cover our rent for 40 years. This has obviously not happened as we are now paying $1,400.00 per month on our rent needless to say this has had a severe impact on our finances and our future plans leading into retirement.

We have lost all our savings in this scandal which means that:

1.      We will have to work for longer

2.       We will have to use our superannuation to buy a place of residence as we cannot afford to pay rent for the rest of our lives

3.      We will have to rely on the Aged Pension as we go into retirement, where we had planned to be self-funded retirees.

Sterling had been investigated by ASIC long before we had our funds stolen. When we invested with Sterling, we were informed that our rent would be covered for the rest of our lives. We were also told that we would not have to pay stamp duty, rates and taxes, and water rates ever again. The maintenance for the property would also be covered. All the above were lies.

We were under the impression that we would not have to worry about any finances for the rest of our lives. Instead we are struggling to make ends meet.

Would it be possible to consider raising this matter in the House of Representatives as a matter of public importance?

We would also like to let you know that we have already written to ASIC, The Treasurer and the Prime Minister. ASIC and the Treasurer sent us a letter which referred to general information only and not to our specific situation. We have also to date not heard from the Prime Minister.

ASIC has failed to protect us and we are both hard working Australians. The purpose  raising this issue with you as the Opposition Leader is that we believe that compensation from the Government is the best means of obtaining justice for all victims of the Sterling scandal and ASICs failure to protect consumers from white collar crime.

 

We also believe that an urgent Royal Commission into ASIC is needed in order to prevent these sorts of White collar crimes in Australia.

We look forward to your response regarding our situation and all the Sterling victims.

Yours Sincerely

 R & G

Last modified on
Rate this blog entry:

Comments

  • No comments made yet. Be the first to submit a comment

Leave your comment

Guest Monday, 09 December 2019