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 was 54, looking through the real estate for sale on the internet when I came across the most beautiful home, right on my favourite stretch of river. Of course it was expensive but I had a good income and thought I would at least give it a go.
My way of thinking was that "If the bank doesn't think I can afford it then they won't give me the money."
WHAT WAS I THINKING??!!
I made an application through a broker who was upbeat about loans and approval was easy. I left the broker's office thinking it was all an interesting exercise but I would never gain approval.
How wrong was I!
They had to break the loan into four smaller loans, mortgaging the home and two rural properties I owned and I had to borrow another $130,000 privately (through someone the broker recommended) to use as a deposit...
FAIRNESS IN LENDING as a revered regulation and policy of Government that could have stopped the greed of Major Banks, had it been properly applied.
Government could have stopped the fraudulent Loan Application Scams that has been taking place inside the Banking Machine of Australia.
TO FOS, COSL, APRA and ASIC - why did you not think of this?
To adhere to regulations relating to FAIRNESS in FINANCIAL PRODUCTS AND SERVICES:
1. It is most unfair to have a banker seconded TO FOS from a Major Lender to adjudicate and view a client file who is a complainant of any of the Lenders..........................and please tell us who dreamed that one up??????
2. The statue of limitations is six years from when the awareness is evident, so please cease using that as an excuse to close files and treat consumers of banking products with contempt.
3. The statue of limitations is UNLIMITED in cases...