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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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The Evil Service Calculator

Posted by on in Consumer Warnings
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The new NCCP LAWS are a disgrace, engineered by banker lobbyists and without consultation of consumers.  Consumers are feeling the brunt of non-protection.  Predictably, these new laws have placed the ONUS of "incorrect information" be landed on the shoulders of the Brokers.  The Banks invented the Broker Channel and are the source of the skulduggery which ASIC and APRA knew years ago, with evil intent contained in the SERVICE CALCULATOR FORM.

The service calculator is a dastardly piece of handiwork specifically designed and engineered by banks to intentionally blame brokers when the Bubble Burst.  Now last I read: "intention to deceive" is one of the prime principles of identification of FRAUD.

So by shifting the ONUS of the information on the LAF onto the shoulders of the Brokers, ASIC is dooming consumers to more of the same losses.  The Federal Government must take note as these are serious allegations and the Parliamentarians have passed a law which is utterly flawed.

LOSSES were predicted by the THE BANKS at the time of the invention of the product:  the Banks taught brokers to use the service calculator and asked brokers to CALCULATE the futuristic (false) incomes and fill the forms in after the signature was obtained and without the knowledge or consent of the vcitims.  ASIC and APRA know this to be true.  

Brokers just followed "procedures" and the Service Calculator Form was considered to be "an internal document, used by the banks to calculate incomes to increase income in order to hike up the amount borrowed and in the banker words: "maximize the clients borrowing capabilities."

The Calculator online then shows big red letters to say "congratulations" pre-approval is granted or WTE.  The form is then printed out and attached to the signed and executed LAF and given to the bank's credit assessors to check the income and other details.

The process included "no need to check."  Now the banks are saying: "WE cannot supply you with a copy of the SERVICE CALCULATOR as that is an internal document."  Some bank lawyers are suggesting the victims take its client to court for discovery!

NEWS FLASH to BANKS:  You cannot use "Privacy Act" to cover up a fraud.  So hand over these documents please!!!

NEWS FLASH TO ASIC AND APRA:  We are on to your stated inability to see "systemic issues."  Please recommend as a matter of urgency to the Federal Government they rename the new NCCP Laws.  Nice try chaps but consumers are on to the Game!  They all watch footie and understand strategies, tactics and dummy passes......


Denise Brailey

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  • doyla66
    doyla66 Friday, 13 July 2012

    If parliament has passed flawed legislation it could be because of their blind spot over the illegal and immoral actions of cruel exploitative banks and lawyers. Look at the number of law graduates in parliament.

    Are any of the lenders taking the Banking Code seriously at all? Or is it a matter of "it's not what you do it's whether you get away with it"?

    I'm looking forward to hearing how many borrowers switched from the banks to other lenders this month.
    It will also be interesting to learn how many borrowers couldn't switch their existing loan and what explanation they were given for this. I recommend getting the rejection (and every other piece of loan documentation) in writing and send it to the BFCSA :)

    I'm still pondering the ASIC Act & Regs: as I read it, if a contract is found to be unsatisfactory e.g. faulty then all associated documentation should be provided.

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