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BFCSA: Our story - RAMS RHG; These TOXIC LOANS which are devastating victims lives. must be stopped" RAMS RHG

Posted by on in Toxic Mortgage Loans
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From: J & D 


Sent: Saturday, January 25, 2014

To: This 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.">BFCSA MEMBERS

Subject: My Story - 


In 2006 we took out a loan with RHG, now RAMS through a broker for $360,000.00 using the equity in our home.  We did this to invest for our retirement as we had very little superannuation, in our sixties.


At the time we asked how we would repay this loan as we were struggling to pay a small part of our original mortgage.  We were told that we wouldn't have to make any repayments as they would come out of the loan.  


We were never provided with our LAF and so until we met Denise in 2008 and she told us to demand it, even then we didn't realise that we were only receiving a few pages and not the whole thing.


We didn't know that our income had been grossly inflated to $120,000 after we had signed the LAF.  Had we have known this had happened, we would have never accepted the loan.

One phone call from RAMS would have cleared up that matter prior to funds changing hands. 


RAMS relied on a before tax income of $120,000 to "test serviceability.”   RAMS did assess this loan at $120,000 which was a false income. Therefore I am asking, why would we think we could “afford” a loan repayment of $2,247 per month when struggling to pay an existing one at half the income  that was falsely stated?


FOS agreed with Ms K Reid of RHG when she suggested that if we hadn't have used the loan of $360,000 we wouldn't be in this position as as soon as we started to use the money the repayments would start.


Why would anyone in there 60's take out a loan for $360,000 and just leave it there to gather dust? The whole idea of the loan was to help our cause.  We had a struggle to pay the loan that we had already, so why would we take out a much bigger one and put our home in jeopardy at the same time, other than to be led to believe it was going to help our situation?  


So if the Bank and FOS think that at the time of borrowing we could afford the loan maybe they were right.  If we borrowed it and didn't use it, then there would then be no repayments! 


Before the bank granted the loan we believe that they should have looked at our affordability to pay the repayments after all funds had been drawn, as they were aware that the whole idea of the loan was to be used for investment purposes after taking advice from a RAMS paid introducer.


We have sold our lovely home as we could not keep up the large mortgage payments that we were left with.   We are now in the unenviable position of house sitting, moving from place to place as we can't afford to rent, whilst we build up our lives again.


Our small amount of superannuation will now be even smaller as we are having to use part of it for construction costs, so that we still can have our own home and at last no mortgage, and my husband can hopefully think of retiring.


We do realise that we are in a better position than a lot of the victims who have lost everything, but it's not the way we would have dreamed our later years would be.


 RAMS and all Banks have a lot to answer for and FOS are weak and useless and don't seem to work for the victims at all. 


ASIC need to stop lying to Parliament saying " No systemic issues "


These TOXIC LOANS which are devastating victims lives HAVE TO STOP."



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  • doyla66
    doyla66 Sunday, 26 January 2014

    Like you Change in the end I was left with some money but even if it was enough (which it most definitely is not) to buy another home outright I would be too fearful now to buy knowing all I do now know for "who could guarantee that what I purchased was really owned by the seller"?

  • doyla66
    doyla66 Sunday, 26 January 2014

    Some important questions need to be answered;
    1 If regulation now states FSP's no longer need the original wet ink copies of contracts, who put forward the bill and when.What is the bills number so it can be seen by all.
    2 Lenders should notify clients if wet ink copies are to be destroyed and offer to send them back as they belong to us! Secondly if mortgage income streams are to be sold on as securities the clients should also be notified.

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