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.
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.
I saw this title in my inbox this morning so went to have a read of the story, "Watchdog dodges real issue of complex products".
Firstly, there is no surprises about the toothless "watchdog" missing real issues, especially the complex ones. We've all seen how they miss even the most simplest of issues like those foundational documents, the LAF's or the supporting documents like the service calculators. Simple, basic documents that someone without bookkeeping or accounting knowledge understands are required. Yet the likes of ASIC, FOS & COSL are afraid to request or demand these. We all know why. It upsets their merry-go-round of free bankster lunches! After all, they do have to keep their pals on-side.
This report has me wondering what the heck they really do? Is it an educational report to teach you how to understand these particular complex products? Is it a warning document? What is ASIC...
Often when you tell people your story and plight with the banks or to the media- they comment - but you signed the papers. My next question to them is - so you think it is okay that fraud has been committed and that the Banks are profiting from it? Are you saying that the banks are above the law and should not be accountable to the rules set by the law of this country. No matter which way you look at it - a crime has been commited and it needs to be investigated. Isn't that why we have laws for? Crime is crime. No sugar coating of it or exceptions.
When put that way to most people - they understand better and agree - if fraud has been committed - it needs to be investigated. So if you speak to the media - make sure you ask that question. Remain focused...