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FOS going straight to determination - my parents house will likely be sold

Posted by on in Consumers Fight Back
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Hello fellow members,

I've raised a dispute with FOS on behalf of my parents against multiple loans advanced by ANZ. ANZ's business banking manager preyed on my cashflow/asset high parents and extended multiple business lines of credit. The loan applications were done via a business which never got off the ground. ANZ kept increasing the credit facility when the company defaulted on its loans and set up new loans to repay themselves - thereby increasing the debt amount. A time came where I became aware of what was happening and put a stop to the predatory lending and asked for the last loan in 2008 to be reviewed and all interest and charges be reimbursed. ANZ were generally agreeable and assured me that they would look into the matter promptly. In 2012 after many attempts at resolving the dispute I finally lodged a complaint with FOS.

We have just had correspondence from FOS advising that they are going straight to determination, with no right of appeal. They have advised that whether maladminstration was at play or not, there will be a residual amount that will need to be paid as some monies were drawn down from the account. This means that either way my parents will need to sell their home and will never be able to afford a new one.

I sent a few questions to FOS via email to keep things in writing however today received a phone call where I was very clearly told that 'FOS is not obligated to answer any questions" "We are not an inquisitory service and do not allow fishing expeditions" "you cannot ask us questions, FOS asks the questions to obtain the information it requires to make a determination, everything else does not matter"

I think they forget that we are just ordinary people, not everyone is out to get information, etc. we just want a fair go and a fair understanding of what the process is. ANZ is providing a lot of false and misleading information to FOS to cover up their own fraudulent activities...and unfortunately it seems FOS is leaning the Banks way. We have been fighting for over 4 years now and are loosing our conviction. 

I am confident that Maladministration will be concluded as there is very obvious signs that my parents could not service loans (they were defaulting on their previous loans and were in a situation where debt kept rising). Is anyone aware if we can make an argument to FOS to reduce the amount repayable - ie. make a case that my parents should not have to pay back monies that should not have been lent to them in the first place?

Does anyone have any tips on how to respond to FOS's letter which is clearly leaning towards the banks? How do we get them to see things from our perspective?

Good luck with your own pursuits as well.

 ED: BFCSA solicitor can write on your behalf if you are a member.


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  • doyla66
    doyla66 Saturday, 12 April 2014

    FOS & the lenders work in conjunction with each other. FOS are as evil & dirty as the banks they dont care about bankers code, consumer law or any law for that matter. The whole process is way too hard & too stressfull after 18 months with FOS i lost 2 of the cases & won 1. But the one i won i was only awarded a very small amount not worth mentioning. Now i am trying to refinance the other 2 loans & get away from these dirty lenders but i am finding im hitting a brick wall no body is interested in helping us as they are looking at us as bad risk now just coz of the arrears that has occured in the past 12 months as a result of the dispute with FOS. The lenders & ourselves agreed to a lesser repayment amount until the dispute was resolved however that is now causing us not able to refinance into another lender. Our big mistake was not making proper loan payments during the dispute.

  • doyla66
    doyla66 Monday, 14 April 2014


    Sorry to hear that your parents are going to lose there home we lost our home in October 2012 kick out of our home after 13 years by the Sheriff , locksmith , removelist, because a bank officer forge my signature and increase my small business income our loan was with the B NY TRUST & PEPPER HOME LOANS (FOS COSL A S I C JUST GAVE US THE THE RUN A ROUND AND LET THE INTEREST ON MORTGAGE THE GET HIGHER AND HIGHER we need a royal commission into the banking sector URGENTLY

  • doyla66
    doyla66 Tuesday, 15 April 2014

    What a horrible experience! I have been looking through the ASIC Act and FOS bulletins and will try to make a case for apportionment of loss. It's a hard sell but at least I can say we tried.

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