BankWest Senate hearing - Unhappy Banking

I had a legal dispute with BankWest 2008 (long story short - They called in my loan even though I wasnt in default) just prior to them being bought by CBA, and lost alot of money. I am now finding out there are others having similar problems. If you have then call these people. The more people that speak up about them, the more chance of something happenning. The aim is to start a class action similar to the current "unlawful fees" class action.

http://www.unhappybanking.net.au

 

Sorry to hear it.

Ive been looking into a bank calling in its loans. The reasons for it etc.
Can you please explain why they called in your loan? What was the reason they gave you?
Was your loan for a business or residential?

Thanks

 

They didnt give a reason they just said they wanted theyre money back in full in two weeks. Thats what made me so angry. I assume they could see the problems coming and decided to cut off their commercial exposure (it was a commercial block of land) and take a small loss early rather than a big loss later. I havent got a problem with that but what angers me is that we give banks the right to create money and in return we expect that banks give us a fiduciary duty of care and dont act like loan sharks. BankWest have nice pretty ads with pictures of daffodills to let us know how they are here to help but thats not the real behind the scenes behaviour. They acted like a faceless loan shark. They eventually wore me down but Id be interested to tack onto any class actions. I thought I was the only one until I heard about the senate inquiry.

 

Banks calling in loans is a scary thought of what may be to come considering our current economic climate.
I just dont understand how they can expect you to come up with the money in 2 weeks!! Its crazy!! Whre is the customers protection? Rights? Its not like you have the ability to print it like they do.
Im losing confidence in banks more and more.
Good luck with the fight.

 

agreed, I wasnt aware they could do that as well. I now know that the only thing stopping them is that by doing this they create panic selling and prices drop so they usually would not. But when they know a 2008 style drop is coming then they have nothing to lose. They only have a "code of conduct" which isnt legally binding. Thats when I started learning about the fiat currency con and started saving in gold. Life has been great for me since I took 100% of my wealth out of the banking system. I wont let them use my wealth to perputuate the fiat/fractional banking scam. Banks create asset bubbles by increasing loans and then prick them by calling them in. They make money either way and we lose. I believe in "when life gives you lemons, you make lemonade", the only good thing to come out of it for me is I am no longer a slave to the banks. My wealth has doubled since 2008 and no banker can inflate/tax/levy it away, unless they contract the money supply and/or have positive real interest rates, which I cant see happenning.

 

What would have happened if you had simply said " No, you are not getting it, see you in court"? That process would have taken them years and they would have folded surely?

 

agreed. like I said, I can understand their commercial interest, but would it have killed them to give me more than 2 weeks notice. I actually found a buyer in 1.5 weeks but ran out of time to effect the sale. BankWest couldnt care less whether I effected the sale or not.

re:Lovey80: banks never "FOLD"!

 

No it was significantly less. When I found out about the sale I called the BankWest repo manager and told him I had a better sale and could have sold it if I had more time he responded in a polite and professional voice "well its good for them (the buyer) that they didnt pay the higher price". Take a stab at how angry I was when he said that in a "happy banking" tone of voice. For this reason amoungst others mentioned on the www.unhappybanking.net.au website I suspect the senate enquiry will focus on the duty of care aspect. If people like Prof Steve Keen are right and nominal house prices come down and all banks are allowed to behave like BankWest did, then every one is in danger of going through what I did, and no self regulated "banking code of conduct" is going to be of any use.

 

Thanks for this thread because it is answering the very questions i had a couple of days ago. Brilliant!!

 

AustralianAustrian, that is indeed infuriatingly disgusting, I can imagine how that must have felt.
Follow through with it .
Good to hear that at least you picked up financially since that time with pm's.

 

The banks are a business with a kicker, they own the government.

They do what they do because they can and they know you are virtually powerless to stop them. I get the distinct impression if push comes to shove, a government of the day would back down against the cartel.

Banks are not your friends, they ARE 'loan sharks' in nice suits with glossy adverts. They simply don't bust your fingers when you're late for a payment, but otherwise act pretty much in the same manner.

I hope you had no problems refinancing your loan, but it's a timely reminder that even down under, the banking system actually isn't 'different here' as they are anywhere else in the world.

 

FYI. smh article on potential BankWest class action

http://www.smh.com.au/business/rba-kept-bankwest-alive-20120212-1szsz.html

daily telegraph article

http://www.dailytelegraph.com.au/news/banks-dastardly-act/story-e6freuy9-1226268653429

 

For those caught in that type of situation consider registering Lis Pendens via the State courts. For further info see a legal practitioner.

 

Dis you read that the RBA punmped billions into Bankwest from August to December in '08 so it wouldn't collapse? That's the first I've heard of the RBA bailing out Australian banks with direct liquidity injections.

 

Commonwealth Bank-owned Bankwest branded heartless
http://www.dailytelegraph.com.au/news/banks-dastardly-act/story-e6freuy9-1226268653429

I was given one day to find $22 million says publican Victor Seeto
http://www.dailytelegraph.com.au/ne...can-victor-seeto/story-e6freuy9-1226268442532

 

forewarned is forearmed.

Today tonight report on BankWest. watch the article and then read BankWests response. Note the careful choice of "bankspeak" wording in their response. The bank says they never "force" you into receivership, that would be "absurd". What they do is terminate your funding (with minimal notice), they know that under the corporations act if you have no future funding you MUST IMMEDIATELY put your company into "voluntary liquidation" or you may face criminal prosecution by ASIC for insolvent trading. They do not "work closely" to assist you. You are a loan on their loan shark books nothing more nothing less.

When they say "defaults occurred" they are not referring to missed mortgage payments. Most of these people like myself never missed a payment. They are referring to other default clauses. Their MO so far is to trigger a default clause by devaluing the properties below the mortgage level.

http://au.news.yahoo.com/today-tonight/latest/article/-/12917249/unhappy-bankers/

 

I hope more people take on my anti-debt stance

 

Possible senate inquiry?

http://www.smh.com.au/business/bank...-within-days-senator-says-20120312-1utud.html

 

Senate hearing on Bankwest is confirmed. I have till May 31st to put my submission in.

 

Just a quick update from the BankWest class action group. Following last months expose on Today Tonight, there will be a more detailed report by ABC's Four Corners on Monday 9th Apr 2012 on what BankWest/CBA did in 2008. Unfortunately its taken 4 years and senate hearing to come to light but at least it can show you guys what I and others went through and show you how aggressive BankWest was in defaulting people who had never missed a mortgage payment. At the very least the public should know that Australia is definitely NOT "different". If anything, the only thing that is different is that it was all done pretty quitely (eg. RBA bailout of BankWest, terminating customer loans, forcing businesses into administration etc).

here is the promo

http://www.abc.net.au/4corners/stories/2012/04/05/3471045.htm