Banks and good times

[gbw]

The Weekend Australian was full of stories about banks increasing loan repayments and foreclosing on farms."PROPERTY developer Rory O’Brien has settled his case against the Commonwealth Bank over the collapse of his luxury Airlie Beach resort in the Whitsundays.The case, which has been settled on confidential terms, was due to start in the NSW Supreme Court on Monday.The settlement means that the circumstances surrounding the collapse of the $282 million, 104-villa Whisper Bay project will not be examined by the court.Funded by Bankwest, the almost-complete project was on budget with deposits lodged for $106m in pre-sales, including by former prime minister Bob Hawke.However, Bankwest, which had been rescued in a $2.1 billion bailout by CBA in December 2008, effectively demanded immediate repayment of $178m in April 2009. The move triggered a sequence of events that Mr O’Brien described as “total financial annihilation”.The Whisper Bay receivers sold the property to Melbourne property developer David Marriner for $56m, with Mr O’Brien having provided personal guarantees to Bankwest.With CBA chasing him for $160m, Mr O’Brien launched a $512m cross-claim, alleging unconscionable conduct by Bankwest in terminating his loans. In a breakout hearing to the main case, Mr O’Brien won a $43,000 costs order against Bankwest."Laurence Hoins was in this position and fought the banks. They would not meet him in court, and wrote off his loan. He wrote "How to Screw Your Bank" to help others. http://loveforlife.com.au/content/09...oins-april-199

[Brian]

I hear all too well what you say but theres a bit of fine print in most bank loan contracts that the bank reserves the right to ........do whatever they like basically.

[MadMuz]

Rule Number 1:

[gbw]

Rule Number 1:

[Brian]

I know its possible to win but you do have to be very determined when you take on a bank & also understand that it can go pear shaped. If you havent anything to loose, then go for it !!Funny story, we refinanced a few years ago & about 18 months after the loan being set up & operating, we got a phone call asking if it would be okay if the bank person could call in for a chat ...& coffee.......very quietly I was asked if I would be so kind to sign this document they had in regard to the loan. Said okay, give us a look........it was a morgage over the property document, apparently in the change over, somehow the bank hadnt got the morgage done had they.Thought about it for a moment whether I should sign or not & then signed it.

[chook]

we got a phone call asking if it would be okay if the bank person could call in for a chat ...& coffee.......And don"t tell me - you paid for the coffee?REgards...Chook.

[gbw]

"Thought about it for a moment whether I should sign or not & then signed it.

[Brian]

You are a good guy Brian. I wonder if the same courtesy would have been given in reverse? In fact, it was an opportunity to go through the document carefully. Somewhere in there I have heard you are agreeing to the banks right to foreclose. If you strike that out and initial it, the bank will not object.You are correct Graham...not about the good guy bit but about not having a good look at the terms & conditions. Would have been reasonably easy to do some negotiating.

[Brian]

we got a phone call asking if it would be okay if the bank person could call in for a chat ...& coffee.......And don"t tell me - you paid for the coffee?REgards...Chook.Yep, Rosie made a lovely fresh brew for them plus some seriously good cake . We grind the beans [ organic] & brew it in bodium vacumm coffee maker. Makes an excellent coffee

[tonydenton]

this is not about banks but still money recovery, the premises we are

[RossM]

What"s your address Tony?[so I know where to get my bills addressed ;D]

[blakemorem]

I"ve been reading these posts with interest and from my own experience could offer some advice. Firstly Graham you have entered a dispute with a government department that administrates toll collection and you were initially sent a toll bill with excessive administration costs and then in your absence sent another bill which is once again excessive. The second may have a administrative cost or a penalty incurred. This department is only a government administration of toll collection and are not an law authoritative body by constitutional law. So they should have lodged a claimant of debt to the clerk of the courts and you would have had the opportunity of oral examination on a given time and date to express your concern before a magistrate and entered an agreement with the magistrate on repayment which you must keep or you would be in contempt, which you could be given another chance pending on the mood of the magistrate else could incur court costs and a penalty...simple. I understand your position with this and i have had similar misdealing and I"m guessing thousands of others. There is a watchdog and it"s Queensland law society and most illegal eagles s**t their pants if they have not been practicing law lawfully they can be in deep S**t. If any corporate or government body is demanding money by harassment,threatening and intimidating it is extortion and may not be acting lawfully. The department of prosecutions and penalties have no statute of limitations but you should be given an opportunity to act in defense in a legal process before penalized. I"ve taken on a big player and won with the help of Queensland law society as they are the board. Law of the jungle hasn"t changed no matter how civilized we think we are though. Steady steady catch the monkey...Mike.