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BFCSA WARNING: ARIP's targeted again by Productivity Commission and Retirement Living Council

Posted by on in Political Blindness
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Do not become a victim of these "controlled frauds,"  dressed up as legitimate business.  A quiet AFR story on the weekend, made me sit bolt upright, thinking "here we go again!"  "ARIPs" are Asset Rich and Income Poor are a constant prime target for predatory tactics in the real estate and banking sectors.  Many retirees are only living on a modicum of income (eg $30k) which is a whopping $6,000 above the pension for a couple.  Yet predator sharks in the banking sector are circling your group!  You are classiified by money moguls who want more money - yours - as ARIP's.  You own your own home and unethical people will try and convince you, that you are better off in a wonderful retirement village.  

If unsure, STAY WHERE YOU ARE.  Throw the well dressed promoter out into the street, along with his briefcase and laptop (full of unsavoury figures), dust your hands off and run back in side to safety and slam the door.

Play it Safe!  You worked hard for your home for 25 years and deserve some peace.  Remember Prime Life????  So many lost their homes following that fiasco.  Then it was rescued by Babcock and Brown Phil Green and later Ron Williams and Robert DeCrespigny jumped on board to save the political hides of mates.  Later they were rewarded for their assistance but that's another story................... and Green helped anotehr round of retirees lose their funds in the process.

The offending article suggested "Home Equity can fund aged care: Productivity Commission says......................"  This must be a report sought by retirement village developers and their banker mates.  YOU WILL LOSE if you follow this chaps down the same road of others who have fallen into ruin.

It starts of:  "Unlocking the wealth in the family home will be the key issues for Governments in funding the ageing population........retirees then to use the wealth in their family home.   Policy measures that overcome barriers......."

This word BARRIERS is a key word for a scam. A scam is where you are sold an idea or strategy by licensed so called legitimate people who say they know whats best for YOUR finances and they just met you yesterday........and even accountants turned commissioned salespeople for the predators whom you have known for years. Ughhh!  Its a scam when you are told "this is right for you.......we can rearrange your financnes to suit..."  Not wrong there, your financial stability will be crushed within 2 years or less.  Trust me.

Banks tell BFCSA: "we do not want to discriminate against older people and put up barriers...................they flog that to Governments and it all sounds reasonable....its a fraud.....a lie..................they are after your home.  Banksters can then sell you an EQUITY LOAN guaranteed to help you lose your home with a built in 4 years timer for implosion.  Of course the nice Banker tells you the loan is for 30 years and you are only 76 years old!"  They bleat: "we do not wish to put up barriers or have a right to UNLOCK YOUR EQUITY."   Then the obscene bonuses flow to the promoters its agencies and also the CEO of the Bank.  Winners and Losers.  They win you lose.

These Bankers can sell ice to Eskimos - well yes they did and look at what happened in Iceland!  Could have been an Igloo Equity Release Plan.

YES, I can see LOST HOMES by the truckload if warnings are not given out as to risks associated with these claims, by a reputable Consumer Protector such as BFCSA.  Government is not your protector - they are the mates of the predators who donate generously to political campaigns.

The article then went on to have endorsement from Mary Wood of the Retirement Living Council - run by developers..............Mary said: "many older people were asset rich and cash poor.  Much of their wealth (that word wealth again!) is locked up in the family home.  But under age pension rules, their pension takes a hit if they wish to downsize to safe villas or units."  She goes on to give advice as to what to do with pensions.................

BEWARE of those with vested interests in spruiking you to believe they know whats best for your financial security.  Shame on you Mary!  My files are full of people who were sold the same "strategy".  Yes their finances were re-arranged and you all made money, including the Bankers.  The ARIP's lost their financial security, their financial well-being, their entire lives are in ruins all because your mob lobbied Government to change laws to allow you to spruik these people so you all could gather some of their lovely w"wealth" tied up in their own homes.

What part of the word FINANCIAL SECURITY do these people not understand?  One more many people took this advice, sold up their family home, moved into a unit or villa and regretted the move months later and by then its too late to move back.........................OR those who sold the family home and gave it to a retirement company - widely advertised on TV (ask Dawn Fraser) only to find it was never built.  OR those who borrowed the money from the nice Bank Manager, to pay for the retirement home and then rent out the family home and find within 5 years the fees and charges on this ugly product called Low Doc..............................means you lose both homes.  OR those who did not realise they are actually paying huge dollars to lease the retirement villa - its in the "innocent" fine print.

Five Scams in One..............................

STAY WHERE YOU least safe from ASIC licensed predators.    This email address is being protected from spambots. You need JavaScript enabled to view it.



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  • doyla66
    doyla66 Tuesday, 26 November 2013

    Wise words, STAY WHERE YOU ARE. Do not get caught as we did. Do not let the fraudster Banksters take you down and they will if given the opportunity. They will look you straight in the eye and LIE. Do not believe the hype that they come up with. Remember it is your home and your money. These parasites are only looking after themselves not you. They are only in it for the pay packet at the end. Harsh Words you may think but true. I have been bitten by the Nab remember., I know what it feels like to lose your treasured home and LIFE.

  • doyla66
    doyla66 Tuesday, 26 November 2013

    What a disgrace and ASIC allow it

    This is the lowest form of making a living. If you are reading this and make a living out of this, taking the lives away from hardworking decent people in their golden years you are a scumbag. It is bad enough that people peddle these disgusting products targeting the elderly but REALLY Banksters just how filthy, grotty and low can you lot go. Anybody's money is bait to you blokes as we know but you still have to sleep at night and you cant tell me you can sleep after you have just ripped off someone who is your nanna's age. That resembles your pop who can hardly move his hands from all the hard work he has done throughout the years to earn the money to pay for his worldly possessions. You stinking vultures will get what comes around karma has a funny way of catching up. I will bet your parents are proud of you, GO KARMA

  • doyla66
    doyla66 Tuesday, 26 November 2013

    Hi Trenton, Your convictions about the gangster/banksters are correct. As you commented the lowest. I have always thought that these shysters need locking away from the elderly. Like you my opinion of them in much the same. I just cannot imagine having to stoop the these low levels and rip off oldies just for greed. Makes me feel sick.!!!!! FOOLISH. FOOLISH NAB !!!!!

  • doyla66
    doyla66 Tuesday, 26 November 2013

    Preventative Financial Medicine needed for ARIPs at Risk

    I think it's time we had some way of counter targeting ARIPs and future ARIPs.
    Perhaps we should be engaging with senior citizen publications and groups.
    This preying on and exploiting the trust of our older citizens must be challenged.
    Surely there are some lawyers out there with social consciences who could put aside some of their time to take on this irresponsible conduct, head on.
    The peak bodies for advertising and media can also be called on to clean up misrepresentation of a product or service.
    If we put our heads together we could come up with a target list to issue preventative financial medicine for our Aussie mates.

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