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FOS Client manager hands down recommendation on CBA complaint

Posted by on in From My Window
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So today is a bitter sweet day as FOS has today told me that they have found maladministration in my Line of credit that was issued to me as part of an property investment gone wrong. This was supposed to be a loan variation on my exciting CBA home loan that I only had for nine months previous to this. Even to this day the CBA has refused to hand over any LAFs in relation to the LOC or the home loan itself. You see, unbeknownst to me the sneaky broker had not only got me a LOC he even got me a whole new home loan! yes without me knowing he had arranged an entire new home loan that had the LOC attached to it. I did not ask for this as I had only just signed up with the CBA 9 months earlier and I didnt want to have more loan fees to be added on to this investment. I made it quite clear to the broker that I didn't want a new home loan. I found out two months later when going through bank statements, I noticed that the loan account number was different. 


So I had a win! wait on not so fast, FOS tells me even though There was maladministration I would still have to pay back the principle and CBA will reimburse the interest that would have been accrued over the life of the loan, so a loan I would not have agreed to if it was known that it was a new loan, I have to pay the LOC anyway some $75000, there reasoning behind that is even though there was maladministration I still used the money! I tried telling them if I would have known how I got the LOC I wouldn't have accepted the loan, this apparently does not matter.


So I have a choice! they said I can accept this decision or drop the case which will put me back to the start. 


PART TWO of this mess:


The other half of this fiasco is the Adelaide Bendigo Bank, I had a complaint to FOS with these people also, FOS after all of one day looking at it said that this would be better handled though COSL. Again no recourse of this decision just have to accept it. in the mean time I get a Bankruptcy Judgement served on me, I had notified BFCSA and was told to contact COSL regarding this and that they will have to contact Adelaide Bank to hold court proceedings whilst this in before FOS and COSL, This was Monday just gone. Tuesday I received a call from FOS saying they will Call the bank and set them straight, later that day another call From FOS saying yes all taken care of do not worry. Thursday I receive another call from FOS say that I need to seek urgent legal advice regarding the bankruptcy proceedings because apparently the judgement notice predated the FOS complaint about the Bank, and if FOS would have known about this they would not have even looked at the complaint, and from now on all cases relating to Adelaide Bendigo Bank will be closed. As  a result, FOS is (and was at all times) unable to consider the dispute as it falls outside our Terms of Reference, under paragraph 5.1(l). This is because any liability under the loan has been decided by the Court and we do not have the power to overturn a court decision.

Pretty much straight after that COSL called to say that they could not deal with my Adelaide Bank compliant as it will be better dealt with FOS. FOS how passed it over to COSL two weeks prior. Then they said to also seek legal council as well. I have just now received an e mail from COSL with a legal aid phone number and a phone number for life line! Must be worried about my welfare.


Anyone feel like there on a merry go round??


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  • setup
    setup Saturday, 06 September 2014

    We're all on that pass the buck merry go round. No matter where we turn for help the door is always closed. These people are not human. They have no morals or values. Why do these edr's even exist when they refuse to help people in need??

    Reply Cancel
  • kddeed
    kddeed Sunday, 07 September 2014

    Can't wait for the day when we can all get off the merry-go-round and get on with a normal stress free life

    Reply Cancel
  • setup
    setup Monday, 08 September 2014

    Lets hope the RC will bring that day to us soon kddeed.

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