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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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FOS finally has made contact

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Hi Rob Hunter hear, just had a phone call from "NIcole" from FOS, she said that she was going to be in charge of my case against the CBA and the Adelaide Banks, conversation was to discuss my compliants with both banks and how I thought they have (the Banks) responded so far. Not sure but I think she was letting me know that if this a broker issue that this was going to have to take this up COSL . She is sending out via email some forms for further information. We could be loosing how home very soon I dont know what to do anymore , I have had enough 

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  • doyla66
    doyla66 Thursday, 15 May 2014

    You'll stay with FOS, doesn't matter if a broker was used. I used a broker, the loans were provided
    by Adelaide Bank, Westpac and Firstmac.

  • doyla66
    doyla66 Thursday, 15 May 2014

    Hi Maria ,
    How did you end up Maria? I was told that if it looked like non bank brokers were involved, which is in my case that it would be a case for COSL . She was very straight forward in telling me that once a decision was reached that I would have no right of appeal and that COSL was an other avenue. But where will this leave me with the Banks? Think I need a crash course in Law, they didnt teach this in the school of hard knocks.

  • doyla66
    doyla66 Thursday, 15 May 2014

    Very informative in the breach, I will do that first I will read up on the code of banking practice, because I am sure they have breached there code of practice. Adelaide Bank is now passing the buck back to Barnes Home Loans and distancing it self from responsibility of assessing this loan appropriately. Barnes Home Loans are the ones that wrote the loan up being that 3 pages were signed only, The LAF was formally assessed and approved by Janelle Packman on the 23/09/09. I find it hard to believe that the assessor, done any assessing of this loan application at all. For her to receive it and assess it in one day means that she did not look into it in depth. I had no contact with this assessor to verify income or financial status.
    FOS circular: Issue 5 March 2011 Responsible Lending Conduct Obligations & Maladministration is this the document you mean to be highlighting with FOS??

  • doyla66
    doyla66 Thursday, 15 May 2014

    Are you a member of BFCSA, if not join. I believe all banks/lender are members of FOS or COSL.
    If CBA and Adelaide bank are members of FOS, then FOS deals with the dispute.

  • doyla66
    doyla66 Thursday, 15 May 2014

    Yes Maria I am a member 10578 but about to renew my membership. Suggest we all do that to help out.

  • doyla66
    doyla66 Thursday, 15 May 2014

    That's great, you're a member. Denise knows what to do with FOS.
    Sometimes it's hard to tell whether it's FOS who is trying to palm you off or shut down your complaint .... or the Banks. You probably have to ask FOS straight. It could be coming from the Banks involved, trying to get out of paying for another case at FOS! They should be members of FOS as Banks.
    I agree with In-the-breach. FOS can be tricky ... and COSL or the FBAA or MBAA should be able to deal with the broker. That's an additional case load for you. ASIC would tell you to go to the police about the broker.
    Get your loan application forms from the Banks or whoever has them, if you haven't already.
    Then work out as much as you can about who did what in your loan - that can be complicated with different people and companies involved. You may be able to get that sort of information from Nicole - FOS should know what to look for. Generally, if the broker collected the information for the Bank and the Bank paid the Broker then the Broker was the agent of the Bank. (High Court Decision June 2012 and related Supreme Court case/appeal involving Firstmac/Tonto/Perpetual - on BFCSA site, use search engine - Austlii has the cases too.)
    Rob, you'll probably feel like chucking it all in at times, like it's all too much, as your situation sounds really stressful. You're not alone. Can you empower yourself as much as possible with knowledge from BFCSA site, from Denise and helpers, from other members on this site. Keep positive people around you who understand what you're going through and are supportive and caring - stay away from the negative people if you can. FOS/COSL/ASIC are just part of the solution (Civil Law) and the Senators know how hard it has been for all of us. They do care and they listen - find one in your state, or your local member of parliament may be helpful too.

  • Denise
    Denise Thursday, 15 May 2014

    HI Rob, Never ever agree to switch to COSL.....its an EDR, ASIC invented trick. COSL have never issued a finding in favour of the customer. The issue you face is one of Maladministration in Lending and is against the Banks and FOS is the Ombudsman's service where the matter has to be dealt with. Your membership has expired so feel free to renew once again so that you can send short email questions to me any time and also receive our email news and latest info. Yes FOS process takes about two years with 30,000 complaints flooding in per year. We also have a lawyer draft letter service. [email protected]

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