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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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Subscribe to this list via RSS Blog posts tagged in COSL FAILURE
Dear Vic,  This system of fraud by FOS and COSL will be exposed I can assure you. The Financial Ombudsman's decisions and that of COSL favour the banks.    We have been collectively road testing their decisions.  For 12 months FOS has been systematically bi-passing the recommendation stage and there is no longer a panel of review.  The investigators are seconded by the banks (as in the IFSA scandal."   There are two arrogant ex banker men making decisions and saying:- "My decision is binding, take it or leave it, yes it favours the banks, but you now have the chance to go to court with no money.  Yes there is Maladministration in Lending, no we will not name the banks because most complaints involve the Major Banks who pay us (FOS) $5000 per complaint.  ASIC condone what we are doing, the banks will grab your home when we close our...
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  • doyla66
    doyla66 says #
    Yep we have just been betrayed by COSL. We have lost our home, life savings and retirement nest egg and COSL doesn't find any faul
  • doyla66
    doyla66 says #
    OMG i cant wait for that day. My 3 cases completey by pased all stages of the FOS dispute process & went straight into determinat
  • doyla66
    doyla66 says #
    The bias does not only come into play with the banks and lenders, the same applies when the matter involves insurance companies.
  • doyla66
    doyla66 says #
    Our case is at determination, the report will be going to the senators also.
  • doyla66
    doyla66 says #
    Along with ASIC, the FOS and COSL are going to be exposed for what they are and will be their own worse enemy with their biased de
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Is it any wonder COSL does not want to investigate cases if there is FRAUD?  The Big "F" Word that no regulator wants to deal with.  ASIC knew it was the Lender Serviceability Calculator that created the FRAUD internal to the Banking Cartel.  We have the evidence in spades.  ASIC know it's a giant bank fraud and say: "what do you want us to do?"  "We could have acted under the old laws and didn't?"  So a decade of lost homes but who cares? Have a look at their BOARD and understand why: http://www.cosl.com.au/about/cosl-board/  Supposed to be preserving the INDEPENDENCE when he himself is conflicted?   No wonder there has been NO COSL decisions favouring consumers re Mortgage LENDER Fraud.  COSL is looking after its member lenders very well indeed.  Scanlon would be looking after Perpets - huge volume of victims there.................................................. The Treasurer Mr Hockey said in 2010, "I would not...
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  • doyla66
    doyla66 says #
    Intelligence the thing that apparently separates the human race from every other species on this planet, we can build things desig
  • doyla66
    doyla66 says #
    Has anyone challenged COSL or FOS under the Trade Practices Act? Does it apply to them? They both enjoy monopoly within their juri
  • doyla66
    doyla66 says #
    It's been said many times but this is truly a "fox in charge of the hen house" situation. What totally appalls everyone is that t
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We need Bankers behind Bars.  As expected, the Banksters and ASIC Mates of Tregillis have finally and completely captured the Financial Ombudsman's Service............................COSL was captured by non bank lenders from the very beginning. STAFF at FOS are in danger of concealing major criminal conduct in the Banking Sector:  Staff could be charged as being an accessory after the fact. Everyday, FOS staffers see files littered with the crime of fraud and forgery by Bank Staff and are not reporting instances to Police.  Yes there is a Construction Cartel but there is also a Banker Cartel and has been since de-regulation of banks.  Money breeds corruption.  Big Money creates an even bigger Cartel. FOS is consistently buckling under pressure from Banks and ASIC Mates.  COSL was always under the non lender's thumb but, for two years FOS seemed to lift its game regarding investigations into Bank Fraud and Maladministration in Lending, meaning imprudent banking decisions, exaggerated...
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  • doyla66
    doyla66 says #
    Banksters & FOS & COSL in Damage Control. Banksters pay from $5,000 up to $18,000 for a Determination, now compulsory with acco
  • doyla66
    doyla66 says #
    Mr. Tregillis and Mr ( use my discretion ) Fields should remember the old adage Power corrupts and Absolute power corrupts absolu
  • doyla66
    doyla66 says #
    Denise, Once again you are on the money - the appalling use of self invented discretion is the method FOS uses to circumvent its
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Dear Mr Treasurer, Hon. Joe Hockey We know by experience COSL (Credit Ombudsman's Service to its own Members: Non Bank Lenders), needs to urgently have their EDR licence revoked.  They are incapable of handling consumer complaints and we both know the reason.  FOS will start to deal with a case regarding a Major Bank and then miraculously, the dirty toxic loan time-bomb is hand-balled over to a non bank lender whereby COSL will bury the bodies and even dig the graves. I recall a Hogans Heroes joke where Sgt Schultz announced new underwear, explaining Barracks A would change with Barracks B................And so the Major Banks in Australia are developing the same trail of deceit:  Hand-balling TOXIC LOANS TO EACH OTHER TO AVOID SCRUTINY,  as a ploy to be paid for stealing people's homes via TOXIC LOW DOC PRODUCTS which the Major Banks engineered in the first place. People are being tossed...
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  • doyla66
    doyla66 says #
    notice lately that non bank lenders are being promoted on current affairs shows as "competition" to the big 4?? WAKE UP.. Who do y
  • doyla66
    doyla66 says #
    Well just as I thought I was beginning to understand I find this. Perhaps someone with a brain more wired to understand this kind
  • doyla66
    doyla66 says #
    Wake up Joe the people are speaking, no more cover ups and stamp out this fraud and corruption the banks are committing. The gover
  • Denise
    Denise says #
    I think you should all be writing to Mr Hockey first and ask him to please reconsider the consequences of his actions and appointm
  • doyla66
    doyla66 says #
    Why do we waste our time in this country having elections they are a farcical sham. Both sides of politics are tainted by a whats
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We copied this from COSL Case History File on PREDATORY LENDING.  The case highlights why asking for a mortgage from a NON BANK LENDER is deadly high risk territory........................ This is the problem with COSL:  Facts of the case The complainants responded to an advertisement by the financial services provider, a broker, who professed to specialise in bad credit loans. They were looking to refinance their existing home loan and borrow a little extra to convert their garage into another bedroom. Their existing loan was in arrears and they were about to lose their home. The complainants were both unemployed and on Centrelink payments, with four children and another on the way. The Broker was aware of this.   Nonetheless, the Broker arranged two new loans for them one for $110,000 at 8.95% (plus 3% on default) and the other for $72,317 at 23.60%. The loan was repayable in twelve months...
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  • doyla66
    doyla66 says #
    Lender not a member of COSL or FOS? Wonder if they had a credit provision licence? Or an AFSL? It should be commonsense - if bor
  • doyla66
    doyla66 says #
    Consumers are seen as white shark bait-- and where is the lender, conveniently unseen, never properly pursued as usual......
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