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BFCSA
MORTGAGE
DISTRESS SOS

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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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FOS now recognise "mental illness" as a category on their application form. Does this entitle complainants to additional assistance or other concessions during the dispute resolution process? Should being a mental health client entitle complainant borrowers to demand better or more appropriate conduct from Bank staff - either during the dispute negotiation or even as a component of their complaint? Should Banks and other lenders be disciplined by FOS for the impact of their conduct on the health and well being of disabled borrowers? FOS Accessibility Guideline - fos.org.au/public/download.jsp?id=17940 (download) FOS Helpful Links - http://fos.org.au/centric/home_page/resolving_disputes/helpful_links.jsp Mental Illness - search results - http://fos.org.au/centric/home_page/search_results.jsp?orderby=rank&rpp=10&rst=all&str=mental+illness&type=and&xcid=181 It would be very interesting to know whether complainants are ticking the box for Mental Illness and if so how many ie what percentage.  Also what does FOS define as Mental Illness - do complainants require proof from a medical practitioner?      The following ABC Radio Program is...
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Comment: BFCSA members can see a potential conflict of interest in the COSL board. Those experienced in going through COSL for external dispute resolution agree. Is there a reluctance by COSL staff to deal effectively with "disputes" involving breaches of actual law by lenders? Frankly COSL needs more "teeth" ie the capacity to take disciplinary action against lenders if they are to successfully manage disputes involving lenders and fraud. Lenders can and do use unfair tactics, especially with vulnerable borrowers inexperienced in the dispute resolution process.  It would be fairer to everybody if all home mortgage disputes under the NCCP (Consumer Law and Codes) were overseen by the one EDR: FOS In reality Fraud is crime and EDRs only handle disputes. This COSL issue does affect a lot of consumers, as COSL and FOS are the only ASIC approved EDR services in Australia. http://www.cosl.com.au/board-of-directors The COSL Board Under COSL’s Constitution,...
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  • doyla66
    doyla66 says #
    FOS are unlikely to "see" systemic fraud. 1. They don't have "fraud" - courts have fraud. 2. They deal predominantly at the le
  • doyla66
    doyla66 says #
    Of course FOS is 'obligated' to refer systemic issues(incl.fraud) to ASIC, but elects to look the other way conveniently (for bank
  • doyla66
    doyla66 says #
    Apart from the board composition, another potential threat to the level playing field concept is that we know the regulators and o
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