A EUROBODALLA doctor has taken the extraordinary step of offering his luxury Long Beach home as a prize for people to join his campaign against “fraudulent and predatory lending practices” by Australian banks.
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The Bay Post/Moruya Examiner reported in September that Batehaven doctor Peter Brandson was leading a people-powered campaign to force change on the government and onto banks.
It stems from his own personal story where NAB approved a member of his family a sizeable loan in 2004, which could not be repaid by the borrower.
Three years later the bank began legal proceedings to take possession of Dr Brandson’s family home, despite him not being a signatory or guarantor on the loan, nor it being in his name.
While Dr Brandson eventually stopped the repossession by refinancing the loan in his name with another financial institution – a burden he still has to bear – he wants retribution for “predatory lending practices” and “negligent conduct”.
Dr Brandson is now seeking donations from the community for his campaign Bank Reform Now of $2.60. In return he will give one of the campaign supporters his Long Beach home which the NAB failed to repossess in 2007.
Dr Brandson said the campaign aimed to set a precedent of banks compensating clients where they had used fraud – such as fudging figures on loan application forms to grant an inappropriate loan.
“This precedent, once set, will force banks to operate legally and ethically,” Dr Brandson said.
“Bank directors and CEOs would not allow illegal and corrupt banking practices if the bank faced real penalties for real crimes.
“Contributions and action from supporters would be used to force NAB to contribute to a fund which will be used to set and apply the precedent in as many cases as funding allows.”
Dr Brandson said he hoped to collect $20 million within the first year of the campaign.
“It is up to collective strong action from the people to force change,” he said.
“If the campaign is successful the government and the banks will be forced to change the way they do things.
“The resulting changes will bring significant long-term benefits to people, families and communities.”
Dr Brandson said he had been contacted by “hundreds of people” since the Bay Post/Moruya Examiner broke the story of his campaign last year, many with “horror stories of banks setting them up and stripping them of their assets”.
“Settling my dispute was not enough,” he said.
“I want to make sure that any person harmed by predatory banking is fully compensated by the bank.”
He hopes to launch the campaign within the next few months.
Keep an eye on the www.bankreformnow.com.au for details.
