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Insurance Scam Cartel: All together with the Banksters

Denise Brailey   BFCSA Home   12 October 2012 in Consumers Fight Back   

Any loan over 60% (that's very one of them) had to have LM Insurance.  You pay the over bloated premium - in case you need "hardship later on."  The Insurers used their own SERVICEABILITY CALCULATORS to ensure affordability of the loan as a risk assessment for the insurers.

Insurers soon realised there IS NO RISK - just accept the deal......and the LAF as being thoroughly checked.  Banksters then said "we thought the Insurers were checking the LAFs via their Service Calculators????"

Bollocks:  Insurers intended to take the premium payments from you as there would most unlikely be a claim as the figures had been fudged by internal bank staff....

Members suggests: Oh and by the way,all credit providers and AFS licence holders have to have Professional Indemnity Insurance up to 20 million.

Not for a fraud and the Insurers know that.  You pay the premium but have no money to go to court and demand ins policy documentation...Neat as...

Remember you are all dealing with a CARTEL - Borrowers and brokers lose, everyone else wins......

Last modified onTuesday, 28 May 2013 07:24

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