Dishonest predatory banks made to pay back $4.7 billion

Who is robbing who? 

Don’t be misled into cash-draining debt by someone working for the bank or government. Good debt is debt to buy an appreciating asset . Bad debt is debt to cover operating costs or  succession. There’s more than one way to finance a farm or business.

On the Australian Bankers Association website is a bank-friendly warning from ASIC, “AFCA and consumer groups continue to raise concerns with ASIC about the conduct of debt-management firms” –Trying to frighten borrowers out of getting good advice before borrowing or when robbed by a bank.

Yet it is the banks who have to repay the money
In March 2023 banks were ordered to or offered to refund $4.7 billion dollars they had wrongly taken from customers. One  debt consultant says that could be the tip of the iceberg. “ASIC protects dishonest banks instead of gaoling their directors who have ruined borrowers’ lives. How can banks steal $4.7 billion from customers and yet the directors who direct bank operations have not even been prosecuted for theft or fraud, let alone gaoled?”

A good farm or business debt consultant will do more good for the customer than the bank will, that’s for sure. Of course it pays to use the best consultant rather than the shonks.

Watch the bank for the “Thimble and pea” trick
“Borrowing’s the easy bit! It’s the paying it back that’s hard.” Remember that when checking out the loan documents. Get legal, accounting and bank consultant advice because banks are past masters at setting debt-traps for customers.

Whoever pays the piper, calls the tune.
Banks have the opposite priority to  borrowers. What makes the banks rich, makes the borrowers poor – interest and charges. When the borrower cannot pay interest the bank increases the interest rate. When the borrower can’t make a loan repayment the bank gives an overdraft at a higher rate to cover the payment. The loan grows and grows like a cut-and-come-again rubbish heap, until the borrower is sold up when it reaches 80% or 90% of the security’s market value.

Government too has the opposite priority to borrowers. It seeks an ever-expanding economy where money moves around and around to end up in the government coffers through taxes each time it moves. The bank and government-funded people advising you recognise that there is a line they do not cross, because the person doing the paying determines what advice is given.

Call in some serious support.
Decent debt consultants work exclusively for the borrower  more than anyone funded by the banks or government are ever likely to do. If they are any good they produce a huge return on the investment in their fees because they are serious, persistent and have a few secret weapons up their sleeves.

As debt consultants for many decades, with their own farming, accounting and business experience, the GBAC consultants don’t apologies for making billionaire banks write off dishonestly obtained debt to help businesses and farmers. Everyone deserves a fair go!!