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Copyright©2009 R Deren All Rights Reserved
IAG (NRMA)
General Insurance and cash settlements
WHAT DOES THIS MEAN
FINALLY EXPOSED FOR WHO THEY ARE!
General Insurance and cash settlements
WHAT DOES THIS MEAN
FINALLY EXPOSED FOR WHO THEY ARE!
| • | Are you insured with NRMA or any of their brands Under (IAG) Insurance Australia Group |
| • | Do you know general insurance is a private contract |
| • | Do you know the true meaning of CASH SETTLEMENTS |
| • | Do you know how (IAG) NRMA are befitting from cash settlements |
| • | Do you know how much (IAG) NRMA stand to make from cash settlements |
| • | Do you really want to risk the lives of your children in a car repaired by the (IAG) NRMA "I DON'T" |
| • | Do you know how the Ombudsman is financed |
| • | What is the role of the insurance council |
Lets start by addressing who is (IAG) Insurance Australia Group.
(IAG) Insurance Australia Group is: NRMA, CGU, SGIO, SGIC and Swan Insurance. IAG have even launched their latest Insurance called thebuzz, just to name the ones in NSW. This is how IAG respond failing Insurance brands due to the way they rip off the consumer, they launch a new brand hoping to get another cut in the ever growing market place. One thing they all have in common is the policy disclosure statement.
QBE Insurance saw this as a concern in their takeover bid for IAG. ABC NEWS ARTICLE
QBE and IAG came to a stalemate on the takeover bid for IAG. QBE chief executive Frank O'Halloran said the new offer is very fair and reasonable given IAG's declining profitability in the past three years.
IAG answer to this declining profitability was to launch thebuzz. Its not bad enough they have a range of failing brands under IAG. It goes to show you can't change a leopards strips. Rather than correct the corruption within IAG in their claims handling process, they launch a new brand and continue in the same manner, ripping off the public.
WHY IS General Insurance is a private contract, its still the sale of a product.
Today Tonight approached a number of organisations for comment. The Insurance Ombudsman, ASIC and the ACCC. They all claimed it was out of their jurisdiction or said they were unable to comment. WHY?
These are the organisations put into play to protect the consumer from these very wrong doings.
ASIC and ACCC are taxpayer funded organisations, their job is to monitor these companies and ensure adequate protection for the consumer. Unfortunately this is not the case, the very laws that are put in place to protect the consumer offer very little protection if any. IAG can breach these laws many times and ASIC and the ACCC sit back and do nothing. Recent stories confirm this is very wide spread.
WHO IS THE OMBUDSMAN
The Ombudsman is not taxpayer funded, in fact they are funded by our insurance companies, IAG and the many brands beneath it appear to be one of the Ombudsman largest contributors. The Ombudsman has also reoffered to IAG (NRMA) as their client. It appears that both these organisations can and will continue to prostitute the market place with corruption at the cost of the consumer. The ACCC and ASIC need to do their job and step in to clean up this corruption by IAG and the Ombudsman.
With the hours of research and those that have contacted me, it appears that IAG (NRMA) target those on low incomes. They will take you to breaking point until you buckle and except their terms. Corporate bullies.
How does IAG (NRMA) benefit from cash settlements.
As recently seen on Today Tonight, Adam Thomas put his job and career on the line to blow the whistle on (IAG) NRMA. Adam goes to explain how the consumers have been ripped off and even how unsafe repairs are carried out by the NRMA (IAG).
Adam goes further to say how the NRMA (IAG) are pocketing millions of dollars every year with forced cash settlements.
Click here to see his story
Today Tonight were overwhelmed by the response from the public, only to learn that this was just the tip of the ice berg. Today Tonight learnt that these practices of cash settlements were not just with car insurance but a raft of insurances including home insurance.
With Adams calculation, an average of 55 claims per day with around $250 shaved off per quote adds up to $13,750 per day or $3.24 million per year. You can see from the video below that some were short changed by thousands. So $3.24 million is very conservative.
Do the same exercise with home insurance. Say an average of 20,000 claims are made as was the case in 2007 in the Hunter region. Lets say that only 10% are forced cash settlements, Courtney how appeared on Today Tonight, lost $63,000 on their cash settlement. 10% is 2000 claims at $63,000, this equates to $126,000,000 million in only one natural disaster. Every year we see 3 or more natural disasters.
(IAG) NRMA and their many brands in NSW and all over Australia as well as Asia Pacific stand to save hundreds of millions at the expense of the policy holder.
True meanings of cash settlements
(IAG) NRMA and their many brands have a raft of builders on their books that never do physical repairs. Their job is to slice as much of the genuine repair cost as possible. Following this (IAG) NRMA make you a offer know as a cash settlement, knowing this offer is far from genuine.
To except this offer as many do believing it is genuine, you are required to sign a deed of release, this deed of release forfeits your rights for any additional claim for loss. Its not until you engage a builder to do the repairs that you realise that you don't have enough money to do the repairs. You could be $10k, $20k or even up to a $100k short and nothing you can do.
Risks with cash settlements
The risks involved with excepting a cash settlement are as follows. If you have a mortgage your mortgagee needs to give you permission to accept these funds. The mortgagee may foreclose on your home if you are unable to repair the home due to lack of funds. In my case my mortgagee knew that there was insufficient funds to repair my home. (IAG) NRAM structured the cash settlement in such a way that neither the mortgagee or myself could claim the funds as in meant the mortgagee would foreclose on the mortgage.
(IAG) NRMA and the falsification of documents.
In my case (IAG) NRMA and their builder Ralph Peters altered there quotes for the Ombudsman after large errors were reveled by me. The validity of this quote was questioned well before it took place. After receiving the quote I questioned the integrity of the builder and the quote as an $18,000 error existed. (IAG) NRMA responded by saying irrespective of this this is their offer as a cash settlement.
However come time to submit to the Ombudsman I submitted my documents and (IAG) NRMA submitted the exact same number of documents. Only In the case of (IAG) NRMA a large number of those documents were just internal rubbish, but now a new document existed. This document contained the same original cover page same date as the original given to me. The difference now was the values were altered, to correct the $18,000 error raise months before hand, only thing was they deducted instead of adding the $18,000 error.
(IAG) NRMA also withheld several key documents and quotes for faulty workmanship carried out by their own builder. They went further to deny ever doing any repairs to the pool. Of which I now have a copy of the invoice.
I ask (IAG) MRMA if this is not a clear case of corruption and fraud to deceive the consumer then what is.
On the 9th of February 2009 I received a letter from (IAG) NRMA legal tem requesting I remove this web site or they will. This webs site still stands because it is back up by proof and documents.
(IAG) Insurance Australia Group is: NRMA, CGU, SGIO, SGIC and Swan Insurance. IAG have even launched their latest Insurance called thebuzz, just to name the ones in NSW. This is how IAG respond failing Insurance brands due to the way they rip off the consumer, they launch a new brand hoping to get another cut in the ever growing market place. One thing they all have in common is the policy disclosure statement.
QBE Insurance saw this as a concern in their takeover bid for IAG. ABC NEWS ARTICLE
QBE and IAG came to a stalemate on the takeover bid for IAG. QBE chief executive Frank O'Halloran said the new offer is very fair and reasonable given IAG's declining profitability in the past three years.
IAG answer to this declining profitability was to launch thebuzz. Its not bad enough they have a range of failing brands under IAG. It goes to show you can't change a leopards strips. Rather than correct the corruption within IAG in their claims handling process, they launch a new brand and continue in the same manner, ripping off the public.
WHY IS General Insurance is a private contract, its still the sale of a product.
Today Tonight approached a number of organisations for comment. The Insurance Ombudsman, ASIC and the ACCC. They all claimed it was out of their jurisdiction or said they were unable to comment. WHY?
These are the organisations put into play to protect the consumer from these very wrong doings.
ASIC and ACCC are taxpayer funded organisations, their job is to monitor these companies and ensure adequate protection for the consumer. Unfortunately this is not the case, the very laws that are put in place to protect the consumer offer very little protection if any. IAG can breach these laws many times and ASIC and the ACCC sit back and do nothing. Recent stories confirm this is very wide spread.
WHO IS THE OMBUDSMAN
The Ombudsman is not taxpayer funded, in fact they are funded by our insurance companies, IAG and the many brands beneath it appear to be one of the Ombudsman largest contributors. The Ombudsman has also reoffered to IAG (NRMA) as their client. It appears that both these organisations can and will continue to prostitute the market place with corruption at the cost of the consumer. The ACCC and ASIC need to do their job and step in to clean up this corruption by IAG and the Ombudsman.
With the hours of research and those that have contacted me, it appears that IAG (NRMA) target those on low incomes. They will take you to breaking point until you buckle and except their terms. Corporate bullies.
How does IAG (NRMA) benefit from cash settlements.
As recently seen on Today Tonight, Adam Thomas put his job and career on the line to blow the whistle on (IAG) NRMA. Adam goes to explain how the consumers have been ripped off and even how unsafe repairs are carried out by the NRMA (IAG).
Adam goes further to say how the NRMA (IAG) are pocketing millions of dollars every year with forced cash settlements.
Click here to see his story
Today Tonight were overwhelmed by the response from the public, only to learn that this was just the tip of the ice berg. Today Tonight learnt that these practices of cash settlements were not just with car insurance but a raft of insurances including home insurance.
With Adams calculation, an average of 55 claims per day with around $250 shaved off per quote adds up to $13,750 per day or $3.24 million per year. You can see from the video below that some were short changed by thousands. So $3.24 million is very conservative.
Do the same exercise with home insurance. Say an average of 20,000 claims are made as was the case in 2007 in the Hunter region. Lets say that only 10% are forced cash settlements, Courtney how appeared on Today Tonight, lost $63,000 on their cash settlement. 10% is 2000 claims at $63,000, this equates to $126,000,000 million in only one natural disaster. Every year we see 3 or more natural disasters.
(IAG) NRMA and their many brands in NSW and all over Australia as well as Asia Pacific stand to save hundreds of millions at the expense of the policy holder.
True meanings of cash settlements
(IAG) NRMA and their many brands have a raft of builders on their books that never do physical repairs. Their job is to slice as much of the genuine repair cost as possible. Following this (IAG) NRMA make you a offer know as a cash settlement, knowing this offer is far from genuine.
To except this offer as many do believing it is genuine, you are required to sign a deed of release, this deed of release forfeits your rights for any additional claim for loss. Its not until you engage a builder to do the repairs that you realise that you don't have enough money to do the repairs. You could be $10k, $20k or even up to a $100k short and nothing you can do.
Risks with cash settlements
The risks involved with excepting a cash settlement are as follows. If you have a mortgage your mortgagee needs to give you permission to accept these funds. The mortgagee may foreclose on your home if you are unable to repair the home due to lack of funds. In my case my mortgagee knew that there was insufficient funds to repair my home. (IAG) NRAM structured the cash settlement in such a way that neither the mortgagee or myself could claim the funds as in meant the mortgagee would foreclose on the mortgage.
(IAG) NRMA and the falsification of documents.
In my case (IAG) NRMA and their builder Ralph Peters altered there quotes for the Ombudsman after large errors were reveled by me. The validity of this quote was questioned well before it took place. After receiving the quote I questioned the integrity of the builder and the quote as an $18,000 error existed. (IAG) NRMA responded by saying irrespective of this this is their offer as a cash settlement.
However come time to submit to the Ombudsman I submitted my documents and (IAG) NRMA submitted the exact same number of documents. Only In the case of (IAG) NRMA a large number of those documents were just internal rubbish, but now a new document existed. This document contained the same original cover page same date as the original given to me. The difference now was the values were altered, to correct the $18,000 error raise months before hand, only thing was they deducted instead of adding the $18,000 error.
(IAG) NRMA also withheld several key documents and quotes for faulty workmanship carried out by their own builder. They went further to deny ever doing any repairs to the pool. Of which I now have a copy of the invoice.
I ask (IAG) MRMA if this is not a clear case of corruption and fraud to deceive the consumer then what is.
On the 9th of February 2009 I received a letter from (IAG) NRMA legal tem requesting I remove this web site or they will. This webs site still stands because it is back up by proof and documents.
As seen on Today Tonight
Finally the truth comes out how (IAG) NRMA and their many brands have been ripping of the consumer.
IAG (NRMA) have said live on air they will attempt to resolve all issues with the consumer.
Today Tonight spoke with (IAG) NRMA in regards to my claim. (IAG) NRMA refused to address the documents falsified by them, this time they have stated that I am trying to place myself in a better position.
Truth is I have been trying to save the family home as well as my financial stability. I made several offers to (IAG) NRMA through their solicitor, just to repair the home and place me back were I was prior to the 2007 storm. They continued with the cash settlement knowing I can not claim it and the mortgagee can not claim it.
IAG (NRMA) have said live on air they will attempt to resolve all issues with the consumer.
Today Tonight spoke with (IAG) NRMA in regards to my claim. (IAG) NRMA refused to address the documents falsified by them, this time they have stated that I am trying to place myself in a better position.
Truth is I have been trying to save the family home as well as my financial stability. I made several offers to (IAG) NRMA through their solicitor, just to repair the home and place me back were I was prior to the 2007 storm. They continued with the cash settlement knowing I can not claim it and the mortgagee can not claim it.
I say to those of you who have any insurance with any of the brands under (IAG) NRMA. Do your research and change insurers before its to late.
During my bus trip with Adam Thomas to IAG (NRMA) I had a good talk. I was to learn that IAG (NRMA) will stop at nothing to twist and manipulate their interpretation of their Insurance policy disclosure booklet, to the point they threaten their employees with their jobs if they don't find a way out of the claim. I can not say all that was said. But one only needs to look at the results, Adam Thomas lost his job for telling the truth, it meant instant dismissal for his honesty. I say Adam you can stand proud.
IAG (NRMA) are risking the lives of our families and families that are not insured by IAG (NRMA) by placing unsafe cars and repairs on our roads.
During my bus trip with Adam Thomas to IAG (NRMA) I had a good talk. I was to learn that IAG (NRMA) will stop at nothing to twist and manipulate their interpretation of their Insurance policy disclosure booklet, to the point they threaten their employees with their jobs if they don't find a way out of the claim. I can not say all that was said. But one only needs to look at the results, Adam Thomas lost his job for telling the truth, it meant instant dismissal for his honesty. I say Adam you can stand proud.
IAG (NRMA) are risking the lives of our families and families that are not insured by IAG (NRMA) by placing unsafe cars and repairs on our roads.
Insurance council who are they
As for the insurance council one only needs to read the comments made after ash Wednesday
(fanning the flames)
It is clear from this story that even the Insurance council have got it wrong and condone the actions of (IAG) NRMA with cash settlements, blaming the insured for under valuing their homes. This was not the case for Les and Linda Thorbon. Its bad enough to loose their home, for (IAG) NRMA to rip them off with a cash settlement in times like these. It is the lowest form of corruption by the insurance giant (IAG) NRMA.
The Home Mortgage and Home Insurance and the traps within
We have heard of bad faith Insurance, but there is also such a thing as bad faith Mortgages.
Liberty Financial Pty. Ltd. trading as (Secure Funding Pty. Ltd.) IAG (NRMA) VS the mortgagee
I 2007 some two months before the storm that devastated the Hunter Region after which it was declared a natural disaster zone, I entered into a loan agreement with Liberty Financial Pty Ltd. This loan was a high interest default loan at 8.75% due to the fact I had some $35,000 in debt form my ex as a result of her gambling addiction.
In the early days of my insurance claim, I had approached Liberty Financial Pty Ltd trading as (Secure Funding Pty Ltd) requesting their assistance in regards to the insurance claim with IAG (NRMA), I forwarded a complete file of my claim, I was refused any assistance, I was informed that it was my problem.
Prior to my claim being submitted to the Ombudsman, I had approached Liberty Financial on a number of occasions to get their authority to claim the settlement offer by IAG (NRMA). Each time Liberty Financial refused unless IAG (NRMA) made the payment in the name of Liberty Financial, following by their intentions to foreclose on the loan. Being the fact that I was the policy holder IAG (NRMA) refused to pat Liberty Financial direct. I was caught between two parties.
I was more than happy for Liberty Financial Pty Ltd trading as (Secure Funding Pty Ltd) to have these funds placed against the mortgage, which would have left me with a balance of around $51,200.00 and would have given me the opportunity with help from family and friends to reinstate the home to a liveable state, while allowing me to continue with the repayments on my mortgage. However Liberty Financial had no intentions of allowing me to retain the home unless IAG (NRMA) reinstated my home under the insurance policy to its condition prior to the storm.
I made several requests for Liberty Financial Pty Ltd to place this in writing so I could forward it onto IAG (NRMA) and the Ombudsman, so as to request they repair the home rather than cash settle the claim, that was far short of the funds required to do the repairs, or to even force IAG (NRMA) to pay Liberty Financial Pty Ltd direct.. Liberty Financial Pty Ltd refused, they also refused to exercise their rights within the contract, to either take over the claim as I requested they do, they also denied me my rights under the contract to make claim to this settlement and have it placed against the mortgage in order to save my investment.
I gave Liberty Financial written authorities to communicate direct to IAG (NRMA) and their solicitors, and still they have not exercised their rights, they have been anything but forthcoming as to the results of their discussion with IAG (NRMA). Meanwhile I continued to made every payment towards my mortgage without default even with all the interest rate increases taking me well above 12% and leaving me with very little to pay bills or feed my family. Eventually I had no choice but to default on other commitments.
In December 2008 I had not choice but to default on the mortgage as IAG (NRMA) left me to pay rent and a mortgage at the same time. IAG (NRMA) continued to refuse to make payment direct to Liberty Financial as per their policy conditions, Liberty Financial refused to exercise their rights as per contract, on top of the Ombudsman refusing me my right of appeal based on the fact that IAG (NRMA) altered documents and denied repairs ever being done by them. All of which I had evidence to prove my claims.
In May of 2009 I began to exercise my rights and began to record conversations between Liberty Financial and their team that was engaged to foreclose on the home. Many believe that recording a conversation is illegal and it is, but not in certain circumstances when you are the party to the conversations, you legally do not have to inform the other party.
Not only have Liberty Financial Pty Ltd trading as (Secure Funding Pty Ltd) refused to exercise their rights under the contractual agreement, they have continued to apply interest and administration fees for defaults to my loan, which now stands over $300,000.00. Recently Liberty Financial refused to allow the sale of the property. I had an offer of $270,000 for which I offered Secure Funding $250,000 which left $20,000 to cover legal costs and any outstanding rates.
Secure Funding informed me of their preferred outcome, that was to foreclose, make claim to the insurance settlement, demolish the home fill the pool in and place the property on the market. Following this I wrote to the head of Secure Funding, who stood by this. It wasn't until I contacted the Credit Ombudsman Services that Secure Funding finally responded in writing as to weather they would except this sale.
Over 4 weeks passed by, before Secure Funding Pty Ltd responded, on top of which they sent their response direct to the property in question well knowing I have not resided their for more than two years. I sent Liberty Financial an email asking how soon before I could expect their answer and would it be via email or mail. I never received any response, I even called and never received a call back.
Eventually I got in contact and this was when I was told the reply was sent to my old residence, I requested if the response could be faxed or emailed. Again I was refused, not 5 minutes later Secure Funding Pty Ltd called back and suggested I call the Credit Ombudsman Services and asked that they email me a copy and they did. This is how Liberty Financial Pty Ltd trading as Secure Funding Pty Ltd treat their customers. Unfortunately the concerned invested has now fallen through.
It made no difference if my mortgage was reduced by this settlement, it made no difference if I had sufficient security to cover that amount, it made no difference if I was capable of making the repayments, it made no difference that I kept up with all payments and never defaulted once. Their number one priority was to make claim to the insurance settlement followed by foreclosure and leaving me bankrupted.
Almost 3 years on, IAG (NRMA) have finally agreed to pay Secure Funding direct, unfortunately it is a little to late for that, I have no choice now but to continue the fight to save my home, not just for myself, but as a statement from all consumers that we have had enough of this bullshit. My claim is now in the hands of the Credit Ombudsman Services to see if a resolve can be reached that secures my ownership and allow me to repair damages to my credit rating and will allow me to rebuild sometime in the future.
It is time the government stepped in and put laws in place to protect the consumer from these large corporations that continue to bully us around. They are eager to take our business and money and only have their own interests in mind. To many of us continue to suffer at their hands, to many of us do not understand the fine print within our contracts. This is what these parasites play on, the lack of our knowledge. It is time they show the same good faith that we show them when we give them our business.
This has been my greatest difficulty IAG (NRMA) refuse to pay the claim without the written consent by Secure Funding Pty Ltd and Secure Funding Pty Ltd have refused to this day to give that written consent to claim the insurance. Two big giants squeezing the little man.
I will keep all informed of the outcome if it is not resolved, after which legal action will commence for total losses and damages. However if a resolve is accomplished as per my agreement I will keep total confidentiality as to the out come. For this I do apologise, but I am a man of my word.
Visit my other site for more information www.insurancevictims.com.au Tell all your friends and send in any comments or stories you have.
As for the insurance council one only needs to read the comments made after ash Wednesday
(fanning the flames)
It is clear from this story that even the Insurance council have got it wrong and condone the actions of (IAG) NRMA with cash settlements, blaming the insured for under valuing their homes. This was not the case for Les and Linda Thorbon. Its bad enough to loose their home, for (IAG) NRMA to rip them off with a cash settlement in times like these. It is the lowest form of corruption by the insurance giant (IAG) NRMA.
The Home Mortgage and Home Insurance and the traps within
We have heard of bad faith Insurance, but there is also such a thing as bad faith Mortgages.
Liberty Financial Pty. Ltd. trading as (Secure Funding Pty. Ltd.) IAG (NRMA) VS the mortgagee
I 2007 some two months before the storm that devastated the Hunter Region after which it was declared a natural disaster zone, I entered into a loan agreement with Liberty Financial Pty Ltd. This loan was a high interest default loan at 8.75% due to the fact I had some $35,000 in debt form my ex as a result of her gambling addiction.
In the early days of my insurance claim, I had approached Liberty Financial Pty Ltd trading as (Secure Funding Pty Ltd) requesting their assistance in regards to the insurance claim with IAG (NRMA), I forwarded a complete file of my claim, I was refused any assistance, I was informed that it was my problem.
Prior to my claim being submitted to the Ombudsman, I had approached Liberty Financial on a number of occasions to get their authority to claim the settlement offer by IAG (NRMA). Each time Liberty Financial refused unless IAG (NRMA) made the payment in the name of Liberty Financial, following by their intentions to foreclose on the loan. Being the fact that I was the policy holder IAG (NRMA) refused to pat Liberty Financial direct. I was caught between two parties.
I was more than happy for Liberty Financial Pty Ltd trading as (Secure Funding Pty Ltd) to have these funds placed against the mortgage, which would have left me with a balance of around $51,200.00 and would have given me the opportunity with help from family and friends to reinstate the home to a liveable state, while allowing me to continue with the repayments on my mortgage. However Liberty Financial had no intentions of allowing me to retain the home unless IAG (NRMA) reinstated my home under the insurance policy to its condition prior to the storm.
I made several requests for Liberty Financial Pty Ltd to place this in writing so I could forward it onto IAG (NRMA) and the Ombudsman, so as to request they repair the home rather than cash settle the claim, that was far short of the funds required to do the repairs, or to even force IAG (NRMA) to pay Liberty Financial Pty Ltd direct.. Liberty Financial Pty Ltd refused, they also refused to exercise their rights within the contract, to either take over the claim as I requested they do, they also denied me my rights under the contract to make claim to this settlement and have it placed against the mortgage in order to save my investment.
I gave Liberty Financial written authorities to communicate direct to IAG (NRMA) and their solicitors, and still they have not exercised their rights, they have been anything but forthcoming as to the results of their discussion with IAG (NRMA). Meanwhile I continued to made every payment towards my mortgage without default even with all the interest rate increases taking me well above 12% and leaving me with very little to pay bills or feed my family. Eventually I had no choice but to default on other commitments.
In December 2008 I had not choice but to default on the mortgage as IAG (NRMA) left me to pay rent and a mortgage at the same time. IAG (NRMA) continued to refuse to make payment direct to Liberty Financial as per their policy conditions, Liberty Financial refused to exercise their rights as per contract, on top of the Ombudsman refusing me my right of appeal based on the fact that IAG (NRMA) altered documents and denied repairs ever being done by them. All of which I had evidence to prove my claims.
In May of 2009 I began to exercise my rights and began to record conversations between Liberty Financial and their team that was engaged to foreclose on the home. Many believe that recording a conversation is illegal and it is, but not in certain circumstances when you are the party to the conversations, you legally do not have to inform the other party.
Not only have Liberty Financial Pty Ltd trading as (Secure Funding Pty Ltd) refused to exercise their rights under the contractual agreement, they have continued to apply interest and administration fees for defaults to my loan, which now stands over $300,000.00. Recently Liberty Financial refused to allow the sale of the property. I had an offer of $270,000 for which I offered Secure Funding $250,000 which left $20,000 to cover legal costs and any outstanding rates.
Secure Funding informed me of their preferred outcome, that was to foreclose, make claim to the insurance settlement, demolish the home fill the pool in and place the property on the market. Following this I wrote to the head of Secure Funding, who stood by this. It wasn't until I contacted the Credit Ombudsman Services that Secure Funding finally responded in writing as to weather they would except this sale.
Over 4 weeks passed by, before Secure Funding Pty Ltd responded, on top of which they sent their response direct to the property in question well knowing I have not resided their for more than two years. I sent Liberty Financial an email asking how soon before I could expect their answer and would it be via email or mail. I never received any response, I even called and never received a call back.
Eventually I got in contact and this was when I was told the reply was sent to my old residence, I requested if the response could be faxed or emailed. Again I was refused, not 5 minutes later Secure Funding Pty Ltd called back and suggested I call the Credit Ombudsman Services and asked that they email me a copy and they did. This is how Liberty Financial Pty Ltd trading as Secure Funding Pty Ltd treat their customers. Unfortunately the concerned invested has now fallen through.
It made no difference if my mortgage was reduced by this settlement, it made no difference if I had sufficient security to cover that amount, it made no difference if I was capable of making the repayments, it made no difference that I kept up with all payments and never defaulted once. Their number one priority was to make claim to the insurance settlement followed by foreclosure and leaving me bankrupted.
Almost 3 years on, IAG (NRMA) have finally agreed to pay Secure Funding direct, unfortunately it is a little to late for that, I have no choice now but to continue the fight to save my home, not just for myself, but as a statement from all consumers that we have had enough of this bullshit. My claim is now in the hands of the Credit Ombudsman Services to see if a resolve can be reached that secures my ownership and allow me to repair damages to my credit rating and will allow me to rebuild sometime in the future.
It is time the government stepped in and put laws in place to protect the consumer from these large corporations that continue to bully us around. They are eager to take our business and money and only have their own interests in mind. To many of us continue to suffer at their hands, to many of us do not understand the fine print within our contracts. This is what these parasites play on, the lack of our knowledge. It is time they show the same good faith that we show them when we give them our business.
This has been my greatest difficulty IAG (NRMA) refuse to pay the claim without the written consent by Secure Funding Pty Ltd and Secure Funding Pty Ltd have refused to this day to give that written consent to claim the insurance. Two big giants squeezing the little man.
I will keep all informed of the outcome if it is not resolved, after which legal action will commence for total losses and damages. However if a resolve is accomplished as per my agreement I will keep total confidentiality as to the out come. For this I do apologise, but I am a man of my word.
Visit my other site for more information www.insurancevictims.com.au Tell all your friends and send in any comments or stories you have.