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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: "The low doc loan that brought down a family" by Su-Lin Tan and Michael West

Posted by on in Consumer Warnings
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  • October 29, 2013

 

Maha Al Nasser got a little bit more than she bargained for on her shopping trip to the local mall.

She may have had groceries on her mind when she set out that day, perhaps a few Christmas gifts too. By the time she got home however Ms Al Nasser had bought a $207,000 time-bomb – a home loan she could not afford.  It was to break up her marriage and bleed her dry financially. 

Maha Al Nassar was signed up at the mall by scouts for the now defunct Adelaide mortgage broker, Power Loan. 

 

On top of the $207,000 loan, she was also inveigled into making a $120,000 ‘property investment’ in the doomed Westpoint Financial group. 

The idea was that the income from the Westpoint investment would meet the repayments on the loan. Little did she know that financial planners were being paid hefty upfront commissions to plonk their unwary customers into Westpoint products. Little did she know Westpoint would soon go belly up.

 

The South Australia magistrate's court sentenced founder of Power Loan, Stephen McArdle, to 12 months in prison. There has been no justice for Maha Al Nassar though, or her family.

Read more: http://www.smh.com.au/business/banking-and-finance/the-low-doc-loan-that-brought-down-a-family-20131029-2wcrx.html#ixzz2jC0CgCTz

 

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  • doyla66
    doyla66 Wednesday, 30 October 2013

    From: Maha
    Sent: Wednesday, 30 October 2013 3:59 PM
    To: Denise Bailey
    Subject: RE: Su Lin at the AGE and the SMH

    Thanks Denise I just sent Su-Lin a thank you letter for all their time. I really appreciate all your work and I hope these stories make a difference so my children and future generations can feel safe when it comes to loans and money.
    Maha

  • doyla66
    doyla66 Wednesday, 30 October 2013

    If only? ...those were the days gone-by:

    It would be nice to envisage a term, such as, "as safe as houses" to be actually applicable to homes-owned thru mortgages, hoping to secure peace & prosperity in the pursuit of happiness for one's family-- But for the last 14yrs, sadly, [furiously], it lacks any real meaning, thanks to a home-mortgage-industry running amok, overseen by a hysterical (ASIC) Australian Securities Investment Commission, walking around it's fiefdom with apparent impunity to malfeasance-in-office, seemingly proud to display it's collective trouser's untidily wrapped around it's fat ankles...

  • Denise
    Denise Thursday, 31 October 2013

    Yes Andy, and Taxpayers stump up for ASIC fat pay paypackets for doing nothing: $450k to $800k for top paid jerks

  • doyla66
    doyla66 Tuesday, 05 November 2013

    Jerks is right, Denise.
    What an incredible example of the total failure of both consumer protection and consumer justice!
    Not a member of FOS - so how were they licenced to operate? Oh, under the old consumer Law. Tough luck?
    Is this poor little family now expected to rake up the money somehow to sue Stephen McArdle for their losses and damages?
    Or do they find the broker or the finance company that actually did the lending?
    Has ASIC discovered yet what unconscionable behaviour really is? It's when more than 50% of Australians say "WTF?" when they read a story like this! Stuff the legal definition, which ASIC apparently has already stuffed up anyway.
    Let commonsense prevail over the games of Law - and the games of overpaid ASIC seat polishers!
    Thankyou to Su-Lin Tan and Michael West for this story, one of the many thousands that could be told, which show the deficit of basic humanity and commonsense amongst the irresponsible and selfish bureaucratic Bankophiles at ASIC.

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