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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: UK Repossessions much worse now than 2008

Posted by on in Consumers Fight Back
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Here is a UK article with some horrifying stats.......

Politicians and regulators all need to be punished

AFTER the stolen loot is handed back......

 

 

100 families a day lose their homes as repossession soar 50% to 12 year high

 

8 August 2008

 

http://www.dailymail.co.uk/news/article-1042841/100-families-day-lose-homes-repossessions-soar-50-12-year-high.html

 

Britain is in the grip of an escalating repossession crisis with the numbers evicted from their home soaring nearly 50 per cent over the last year.

 

Between January and June, 18,900 families – equal to more than 100 families every day – lost their homes after failing to pay their mortgage.

 

The number who will be repossessed is set to keep on rising as the lethal combination of poor pay-rises and soaring household bills takes its toll.

 

In a sign of the impending crisis, a shocking 155,600 people have not pad a penny of their mortgage for more than three months.

 

The Council of Mortgage Lenders predicts 45,000 people will have had their homes repossessed by the end of the year.

 

Unless they find money quickly, they will also face the ghastly experience of losing their home, a disruption to family life similar to divorce.

 

The figures, published today by the Council of Mortgage Lenders, graphically illustrate  the human toll of Britain’s economic problems.

 

With gas bills soaring up to 35 per cent and massive hikes in food and fuel prices, it has never been so difficult to find the money to pay the mortgage.

 

To make matters worse, anybody whose mortgage deal has run out and needs to find a new deal will be hit with a sharp price in the monthly cost.

 

Adam Sampson, chief executive of the charity Shelter, said the figures are ‘shocking’ but official forecasts predict they will get even worse.

 

By the end of the year, the CML expects a total of 45,000 people will have been repossessed, the highest number for 13 years.

 

He said ‘with current fears that unemployment is set to grow, there is no doubt we are inching ever closer to the dark days of the repossession crisis’.

 

We know that behind these figures are thousands of families facing sleepless nights worrying about how to make their next mortgage payment, and many thousands more will be waking up to the frightening reality of repossession.

 The worry for many families who are struggling is the options that used to be open to them to find more money have been closed by the credit crunch.

 In the past they could take out an unsecured personal loan, re-mortgage or borrow more money on their credit cards to pay their mortgage.

 But banks are so cautious about lending that many people are now being refused.

 Michael Coogan, CML’s director general, said ‘It is inevitable that more borrowers coping strategies will come under pressure in current conditions than in the unusually benign years of the last decade.’

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Comments

  • Duped
    Duped Tuesday, 22 March 2016

    Duped

    Someone should tell these poor souls to check their loan application forms, I bet anything you like their application forms have been falsified in some form. Then comes the major problem in getting their FOS to understand that their loans are toxic.

    Reply Cancel
  • organza
    organza Tuesday, 22 March 2016

    If one reverses FOS to SOF and adds a T then there's the big clue we all unfortunately missed. To even bother embarking on the long arduous journey on the FOS train to nowhere with so many stop/starts and false/positives along the way is a guarantee you will miss deadlines and end up on the sausage sizzle. Thank goodness it's finally being exposed they are nothing more than a big front to cover-up for all the toxicity nobody wants to admit to. Let's now hope the LAF is soon on them and they get a taste of their own medicine. After all we know what happens if you throw salt on snails.

    Reply Cancel
  • Magie
    Magie Thursday, 24 March 2016

    Magie

    FOS said no need to decide if ANZ changed LAF as the penalty was the same for giving a loan to some one that could not afford it.
    What chance do we have to get any justice.

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