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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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Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Monopoly - A game where the bank always wins. Media take note!

Posted by on in From My Window
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I loved the game Monopoly as a child.  All that money when someone landed on my hotel site. What a buzz.  Still I would never have thought to become a hotel owner or banker who collects money or interest for a living. I did use the same game principles to choose to work hard, pay my taxes and provide for my family. I write this blog today in the hope that someone out there in politics, the media or legal fraternity may get an inkling of what has happened and is still happening to hard working Australians.  Not everyone, but the few that dreamed of investing or getting ahead to secure their financial future. The media is riddled with so many reports of victims of financial misconduct. If there's one sure thing I've learned about life is that one day you are born and one day you'll die.  It's what you do in between that sets the scene for the life you choose to live.  We are all different with different wants and needs, love, money, success.. Ultimately peace among people would just make life easier.

Business and investing in properties has given me a good life. I bought and sold my own home 7 times. I am not arrogant, I do not judge people for what they have or don't have although old friends judge me.  We all choose our life path and are ultimately responsible for ourselves. For 20 years my dream was to buy a great family home. I worked hard, I bought and sold properties to accumulate wealth so that one day I could buy my dream home. As materialistic as it seems, the game of Monopoly never taught me to be frugal or that the most valuable thing in life is your health, your children and your family.

I did buy that home.  It's perfect.  And it feels like home finally. You see, I'm about to have my home taken from me. Not because, I missed a payment or lost my job have done anything wrong.  I simply could not afford to make the repayments from day one.  It's been 4 years mind you.. You see the bank, through a broker provided me with a Low Doc Loan.  The asked for my BAS statements, bank statements and gave me declaration form with my name on it and said please sign here and we will be happy to help you complete the paperwork on your behalf.  I'm in shock!  Do you mean that you are really going to lend me the money for my dream home? I remember the feeling of nervousness on settlement.  It was a sick feeling. I had a bank account full of cash and a dream home for my family.  I thought, I'll definitely now do the right thing and repay the interest to the bank every month by whatever means.  I drained money from my business to make payments.  That money wasn't mine to take for my home it was to keep my business going. That year my personal income was $37,000. The next year it was $50,000. Yes it's on my tax returns.

Bank interest first month was approx $12,000.  This might give you an idea of the size of my dream home loan! Every month there was an interest payment taken from our account.  By the 3rd year it was about $16,000 per month. BTW I'm still on a low income, trying to save my business.  How did I make payments? Easy..The bank provided me with a valuation and lent me up to 65% of the value of the property. Sounds standard so far...  But what about serviceablilty? Why would the bank approve such a loan consciously knowing that our income was fairly low? This is where the bank in their wisdom provided a banking product called low doc loan.  "We trust you to pay it back but we want to see that you are able to afford it so show us your BAS, ITR, P&L's, Balance sheet, bank statements." Great.  No doubt they put all my data into their Service Calculator to ensure that I could afford to repay the loan.  I mean, why would any bank give you money that you couldn't repay.  If anyone can get free money, why aren't we all lining up? Pass go and receive $2M! I have no doubt that these trusted Banking pillars of our society who are always on hand to assist, to lend and manage my savings in their bank are honest enough to protect my interests. That's what I believed anyway.

I haven't paid my $16K for about 6 months now.  I have no money.  The surplus cash from "the banks valuation" was deposited into my account only to be taken back out as interest payments. Approx $180K per year until there was none left.

Why did the bank lend me the money? Because my broker completed my low doc declaration and my loan application form reporting to the bank that my personal income was $1.1M and also $2.4M (yes $million). Simply fraudulently completed applications with grossly exaggerated income.

Complaints to ASIC, APRA, COSL, FOS and the banks are falling on deaf ears. No one cares.  Is there no justice in Australia for this type of fraud.

Does the bank accept their responsibility under the consumer credit code or banking code of conduct?

Should the bank's unconscionable conduct in this matter be left unheard?  Who will be the one Australian person that pulls the plug on the secret dungeon of Bank corruption? 

If the matter is to be heard will someone please approve a Royal Commission into Australian Banking fraud so that Australians can be at peace.

To all those who have lost their savings or their homes to bankers. Yes it's the most debilitating feeling. Try and be strong, look after your health and don't let the misery effect your family and friends. Remember that this is a moment in time and with a lot of hope, good people like Denise Brailey is working tirelessly without pay while bashing down big doors to change the lives of those affected by fraud in this country and protect the future of our families.

I was a little apprehensive about sharing my story. Now I feel lighter!  Take the time to blog your story in the hope that the awareness makes it to someone who has the power to make a difference.

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  • Denise
    Denise Sunday, 10 March 2013

    Well done Bob. It takes courage to tell your story and we need strong people to start explai9ni8ng how they became entangled in these fraudlent loans....how the banks intended low doc loans to produce huge profits....and yet by creating the broker channel, avoid liability for whatever happened. Yet banks manufactured an intended faulty product and glean the obscene profit. They actually never intended clients to get together under the umbrella of a support group and the entire network exposed. With no phone calls for verifictaion and no copies handed out to the client, the custoemrs were never supposed to find out about the fraud. The loans were destined and engineered to collapse in seven - ten years and the banks own your home where no loans existed. By targeting "older persons," wording used in Band Manager emails from bank to brokers, banks expected you to then die off and the fraud hidden for ever. The children are left with deceased estates where the bankster take whatever is left. Yes everyone involved who has discoevred the truth for themselves, ought to SPEAK OUT. [email protected]

  • doyla66
    doyla66 Sunday, 10 March 2013

    Welcome Bob. "... Complaints to ASIC, APRA, COSL, FOS and the banks are falling on deaf ears" They're all in each others pocket. But one day justice will be served.

  • doyla66
    doyla66 Sunday, 10 March 2013

    Thankyou Bob for your story and i hope it will encourage more people to write about their experiences.
    If someone told me years ago that one day i would become entangled in such a huge banking scandal, i would not have believed them but here i am trapped in a situation where i have no control or help from anyone except of course Denise.
    I would never have believed that such corruption in the banking world existed and it is such a disgrace that our Political leaders are so laid back and not moved in the slightest at hearing our complaints of the ugly reality that exists within our banking arena.

    I can't help but wonder if they were already aware of such corruption prior to BFCSA alerting them.

  • doyla66
    doyla66 Monday, 18 March 2013

    Hi Bob, Sorry about the lateness -- I'm playing catchup at the moment. Family court started for me late Nov 2012 & I don't know what is more disheartening to have to deal with -- those corrupt banksters & their hangers on or a flawed family court system with a bored, uninterested judge on the bench! Somehow, we rock & roll on with each wave, sometimes getting dumped & other times, just dog-paddling like mad. :D
    Reading your story resonates on so many levels to what I've already experienced. Who to complain to? Then what to complain about because each area has to be narrowed down to what they can only cope with? Where to lodge it? And, ultimately to be summarily dismissed with many a different excuse. Then back to the drawing board & researching it all over again, and again, and again.
    All those waste of space Codes of Practices that are designed to CYA [cover their arses] & protect their industry only, I've read most of them too. Ultimately, as you so correctly state, it falls on deaf ears.
    BFCSA is a blessing. I told my story firstly to the Senate last year & then again to all of the Senators with a copy up on this website during the inquiry. It does make you feel lighter for awhile. That is, until the anger returns the fire to the belly.
    It disgusts me no end, that the result of that Senate Inquiry ended with essentially a voter blackmail. Vote us back in & we'll attend to the next step [whatever/whenever that may be]. If they could look that far ahead to the next election when handing down that report, then they surely could look at a Royal Commission into Banking & White Collar crime too. But no, all we received were the usual empty politician speak of a promise that may or may not get fulfilled! We watched certain parties commit perjury during that same inquiry & they've gotten away with that too. Does perjury have shades or degrees of effect? I wonder -- must be the exact same logic that gets applied to fraud. When does a crime not become a crime? I wonder about that too.
    And, guess what? Monopoly no longer gets played in this house. Yet, once upon a time not so long ago we did use to enjoy playing it a lot.
    On the Labor Day long weekend here in WA, we spent it up at Moore River with a longtime family friend. Jane pulled out the Monopoly game to play on the Saturday night & not one of us could bring ourselves to play it. A game of cards got the gurnsey instead. :D

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