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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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BFCSA: Supreme Court Judgement $1.2 million set aside

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Freelance Investigator Takes on Aussie Banks  Wednesday, 13 March 2013 Melbourne, Australia By Kris Sayce

"Bendigo and Adelaide Bank was "incompetent" in its dealings with an elderly couple with little English and in poor health, and had failed to investigate whether they could meet their financial obligations, the NSW Supreme Court has found."

'In a damning judgment, judge Michael Pembroke set aside a $1.2 million, 25-year loan to Greek couple Steve and Aristea Karamihos, ruling it was "unjust" under the National Credit Code.' - The Australian (13/3/2013) "

Until recently, the relationship between customers and banks has been a one-way street. It's been about the customers handing over their hard-earned cash in the form of mortgage payments. Even if you don't have a mortgage, you've got to find somewhere to keep your savings...most of the time that involves maintaining a bank account. And there aren't many jobs these days where they'll pay you cash-in-hand.  Oh no, if you deal in cash, that marks you out as some kind of terrorist...even if you're using the government's legal tender.

In return for maintaining a bank account, if you're lucky, the bank will pay you a few dollars a month in interest. Not that I'm knocking interest. It's a great way to earn a passive income. What I'm saying is the banking sector has consumers by the throat. Fail to pay your mortgage, pay a credit card bill a day late, or accidentally go overdrawn and the bank will whack you with a bunch of fees, hand your details to a debt collector, or even repossess your home.

As I say, it's a one-way street. Or it has been. Perhaps that's all about to change...

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  • doyla66
    doyla66 Wednesday, 13 March 2013

    UNJUST LENDING. The Bank "FAILED TO INVESTIGATE WHETHER THEY COULD MEET THEIR FINANCIAL OBLIGATIONS.
    EVERY LENDER has done exactly this:FAILED TO INVESTIGATE WHETHER THE BORROWER COULD MEET THEIR FINANCIAL OBLIGATIONS.
    UNJUST LENDING = LOANS VOID.

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Guest Saturday, 14 December 2019