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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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Imprudent Lending

Posted by on in Bankers A Law Unto Themselves
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I was 64 and my husband 74, both on the aged pension, when the CBA insisted we take a $524,000 loan for 30 years. Is this responsible lending?
We cannot keep up the repayments and worry about the future.  It was originally a refinance for $360,000 but they lured and encouraged us to take a larger amount.

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  • doyla66
    doyla66 Friday, 30 November 2012

    Absolutely

    So at 94 & 104 years of age (30 years time), you are expected to be still working, still drawing a wage & still paying off a mortgage?
    Oh, and which bank was it? As Andy has paraphrased them; the CONbank.
    I hope you have joined BFCSA. I know for me personally, it has been the best $50 bucks I ever spent. I wasted $10k on Slugs & Bugs & that dispute is going to bite them back.

  • doyla66
    doyla66 Friday, 30 November 2012

    Robyn yours is a sad but common story. My husband and I are lucky we will be a spritely 88 and 92 when we pay off our our 30 year mortgage. Have you joined BFCSA, written to FOS and got your information together for your benefit/no benefit schedule? If not then that's what you need to do - and stay away from lawyers.

  • doyla66
    doyla66 Friday, 30 November 2012

    CONNBANK strikes again with predatory, imprudent lending. They have proved that they will do anything to get their big bonuses.

  • doyla66
    doyla66 Friday, 30 November 2012

    agree, joining bfcsa the best $50 ever spent!

  • doyla66
    doyla66 Friday, 30 November 2012

    Sounds like me to Robyn. Westpac loaned me over $606,600.00 on an income
    of $6,101.00 for the year 2009 to be paid off in 10 years and already in debt with Adelaide Bank.
    It's nice to know the Broker was able to refinance this for me after Adelaide Bank stopped lending buffer loans.
    I must ring her and thank her very much for her help..I was 57 at the time.
    I think i have more buffer loans than loans with Adelaide Bank.. Imprudent lending at its best.....
    and they have the nerve to tell me I was making payments without a problem and only when I couldn't make any more payments I started complaining..
    That's because I was making payments with your money ..you bunch of wankers!!!!
    WHAT A MESS........

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