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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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Fit for Purpose

Posted by on in Consumer Protection Disaster
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My question is if the loan asked for is for the LOWEST INTEREST compared to others or BEST OVERALL which everyone would want right? Does this mean   that the Mortgage is “Not reasonably fit” for use or “desires the services to achieve” than it is an incorrect “warranty” or faulty product and or service supplied under the ASIC act below?

Any input?????? And if so what can be remedy.  

All this is wrong Lee:

it simply means, if you ask for a loan for whatever reason, and the person you are paying accepts the funds, the loan is fit for the purpose,

Re:   Under section 12ED(2),

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  • doyla66
    doyla66 Tuesday, 27 November 2012

    Lee .... good find this is the Kryptonite.......the services will be rendered with due care and skill.......enter Code of Banking Practice.....

    25 Provision of credit
    25.1 Before we offer or give you a credit facility (or increase an existing credit facility), we will exercise the care and skill of a diligent and prudent banker in selecting and applying our credit assessment methods and in forming our opinion about your ability to repay it.
    25.2 With your agreement, we will try to help you overcome your financial difficulties with any credit facility you have with us. We could, for example, work with you to develop a repayment plan. If, at the time, the hardship variation provisions of the Uniform Consumer Credit Code could apply to your circumstances, we will inform you about them.

    ......so in a nut shell ..
    A)....not checking your income etc or accuracy of your LAF Bankster IS in breach of .......
    B)....when you offered to borrow an amount of credit the Bankster lent you money/credit
    of such a nature and quality for a particular out come if the finance did not meet your expressively implied needs Bankster IS also breach of .....


    AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION ACT 2001 - SECT 12ED
    Warranties in relation to the supply of financial services
    (1) In every contract for the supply of financial services by a person to a consumer in the course of a business, there is an implied warranty that:
    (a) the services will be rendered with due care and skill; and
    (b) any materials supplied in connection with those services will be reasonably fit for the purpose for which they are supplied.
    (2) If:
    (a) a person supplies financial services to a consumer in the course of a business; and
    (b) the consumer, expressly or by implication, makes known to the person:
    (i) any particular purpose for which the services are required; or
    (ii) the result that he or she desires the services to achieve;

    there is an implied warranty that:
    (c) the services supplied under the contract for the supply of the services; and
    (d) any materials supplied in connection with those services;
    will be reasonably fit for that purpose or are of such a nature and quality that they might reasonably be expected to achieve that result, except if the circumstances show that the consumer does not rely, or that it is unreasonable for him or her to rely, on the person's skill or judgment.
    (2A) If:
    (a) there is a breach of an implied warranty that exists because of this section in a contract made after the commencement of this subsection; and

    (b) the law of a State or Territory is the proper law of the contract;

    the law of the State or Territory applies to limit or preclude liability for the breach, and recovery of that liability (if any), in the same way as it applies to limit or preclude liability, and recovery of a liability, for breach of another term of the contract.

    ....in regards to your points......
    .....is the lowest rate..... or best options ....or T&C .....
    which is best/paramount depends on your circumstances......

    ....if you cant repay your loan.... it is not the result you required ...... go back to top of my post & read carfully....

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