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Greg

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 #1 
Any family business or farm that borrows without a loan consultant is begging for trouble. The new Australian Financial Complaints Authority is, like APRA and FOS was, owned by the finance industry. It is not a government authority at all, though it was created by an act of parliament with members of the finance industry noted as the authority's members. Banks will continue to bleed borrowers unless the borrowers take a more pro-active stand. FairGO's associated loan consultant GBAC Advisory P/l is very inexpensive for loan management. That can save a fortune when a default requires a lot of work to prevent foreclosure. Most major loan problems start out as a simple failure by a borrow to strictly observe loan terms for a readily explainable reason. But the loan often needs to be re-negotiate to deal with that problem. Mostly nobody does that and the loan goes out of control. Early action prevents disaster!
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Greg

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 #2 
Bank directors who forced decent staff to rob customers are now paying for their sins through their share price and competition. Wise customers will divide their business between a number of banks so that they can play the banks off one against the other. Never bank again with a bank that robbed you. Don't give it a second chance!
The really smart customers will contact FairGO for advice on how to negotiate the best deal and prevent unnecessary recovery action and foreclosure by over zealous banks reacting to a temporary fall in some property prices. That will in most cases have no adverse impact on the bank because payments will continue and prices will rise again as they always have, even though they may fall further first.
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Greg

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 #3 
Do you see any indication that the Feds are giving regulators enough money to prosecute offenders?
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Greg

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 #4 
What bank customers need is negotiating muscle like I provided with Moneygrams from 1987. We will inroduce a new tool soon so that customers will be in the box seat by  being able to negotiate better rates and terms. That is quite different to the "comparison rates" listed on line. In additioin we will create a Better Banking network within voters network so that we can quickly dedal with dishonest banks and collaborative regulators as well as assessing which banks are working best for customers.
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Greg

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 #5 
What would members think of including insurance, superannuation and wealth management under this heading? That would embrace much of the "Financial Services industry".
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Roger2

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 #6 
No, No. Yes!
The government should have retained the Commonwealth Bank so it had an inside to the industry. They see themselves as an industry like no other with special considerations. Just another business really making profit out of lending money. I note now that when you get to speak to someone in a bank on the 'phone, they are referred to as a 'Banker'. Talk about arrogance and ego!
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Greg

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 #7 
Is it a good idea that governments use taxpayers funds to underwrite or rescue the major banks if they take too many risks and go belly up? Is that fair when they make billions of dollars profit, pay executives millions of dollars a year, or month and pay healthy dividends? Would it be better to require them to keep enough assets available to pay their own debts? That is what they expect of customers and the government does not resuce the bank customer whose home, business or farm is sold up by the bank. What are your thoughts ?
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Greg

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 #8 
Having just secured better interest rates for a credit card holder on one hand  and a term deposit investor on the other, we are going to offer this service, whichh I first started in 1987, to Voters Network Contributors at a 50% discount. Normal price is $180 plus gst. Voters Network contributors will pay $90 + gst. We have yet to work out how to offer it via the web. People usually pay when giving us the details personally. In our two recent cases where the benefit in each was over $1,000 a year gain, the voter would have gained 10 times what we charged and that is a ratio we like to achieve. It is time for voters to claim back some of the earnings they have been forced to pay to the banks. It also means that the bank covers our costs 10 times over.
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Greg

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 #9 
We are working on some ways to help network members in their dealings with banks, insurance companies and superannuation companies. Hope to report soon.
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Robyn2

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 #10 
Yes, good, I think.
If you have a chance, have a listen to Jeremy Lee in this little video. I don’t know if Jeremy is still alive, but this talk made a lot of sense to me, some history we don’t know about. He talks about the first national bank, and about creating money . https://m.youtube.com/watch?v=OanA_4JbLAA
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Greg

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 #11 
Politicians sold off the government owned banks and insurance companies to remove honest competition from the market, clearing the way for private enterprise banks and insurers to rip off their customers on a grand scale.

What would network members think of:
1.governments nationalising one or more of the major  banks to provide us with at least one honest big bank?
2. governments forming new banks and insurance companies and a superannuation fund manager to provide honest competition to the private profiteers?
3. removing government term deposit  guarantees from all banks who have breached the law or code of banking conduct or acted dishonestly to customers and then government increasing guarantees for deposits with other banks?
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Greg

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 #12 
Have not heard from the family member in loan trouble Darija1. They could not be much interested in solving the problem so you can only leave them to it. Most people suffer at the hands of banks because they borrow  badly and then do nothing about it. They just keep making payments then one day the bank takes the car or house and the person loses all the money they have put in. Good of you to try to help them.
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Greg

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 #13 
Darija1,  I do not believe that many banks  offer car loans at 0% or 5%, though a car sales yard may do so. Banks do this to people all the time.I don't understand why people do not check the impact of a loan first with someone like us to find out how to get the best loan for their puposes.

If you ask the person who borrowed the money to send to gbac@internode.on.net full details, I will try to help them sort out what they may be able to do.

They need to send the type of car, name of the car yard where they bought it and how much it cost plus a scanned copy of the loan contract with St. George. The earlier they send those details the easier it may be to help them.
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Darija1

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 #14 
This is really out of control my family member had a car trouble and needed to buy one because have two babies and because at that time didn’t have job was on Centrelink payment of course to help my other family member offered to buy car because first kids safety and mother piece of mind while driving kids. Yes they both went and bought car but bank took 15% interest rate in the time when other have 0 % or up to 5% interest rate but because it was emergency they both overlooked interest rate later my family member finds out how high are interest rates is there anyone who can help with this matter me as main helper with kids sometimes can’t sleep how they are deceived buy people from bank it is StGeorge bank. I was shocked when learned that someone we trusted can deceive people like this. This is only one of millions people in Australia why government is not regulating this like in other countries around globe. I simply can’t understand and can’t believe that one bank can do such thing to a human being.
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Greg

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 #15 
We have formed a Better Banking Group within Voters Network in conjunction with GBAC Advisory Pty Ltd, which was formed by the network founders. Advanced Access members of Voters Network will be helped free with simple banking matters and enjoy a 10% discount on more complex issues, like loan aplications, loan management programs, refinance, default and foreclosure issues. The Royal Commission does not look like the rogues earning billions by cheating bank borrowers will be penalised in any way comparable to the losses incurred by their customers. Bank borrowers can have perect loan experiences when they enjoy the support of non-bank experts all through the process. Banks fleece people who know next to nothing about borrowing, which is a most complex exercise if it is to deliver the expected benefits to the borrowers.
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