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Specialist borrowing consultant Greg Bloomfield has fired a broadside across the bows of aggressive bankers just waiting to foreclose on businesses and farms whose loan repayments have been prevented by the devastating consequences of Corona virus restrictions.

Mr. Bloomfield, a former FCA, CPA, business owner and farmer says his loan consultancy has developed 20 defense strategies for borrowers harassed by banks. His firm, GBAC, has helped borrowers Australia-wide who are in strife with banks, since deregulation in the 1980’s.

He said today “ There is no reason in the world why borrowers should suffer loss of their life’s savings, homes, businesses and farms while bankers earn billions and their executives earn million on the back of policies that are at best doubtful and at worst criminal.

Government restrictions have prevented the devastation of our community by this corona virus which has killed so many people in other countries. Banks need to share the financial burden just like the rest of us.”

He claimed that with patience on all sides and good financial discipline it would be possible to tailor good solutions that would benefit both the bankers and the borrowers, saying “ GBAC will not allow borrowers to be bullied and brow-beaten by brutal bankers.”

Mr. Bloomfield is also well known in political circles as the founder of FairGO, the Votergram service and Voters Network , all of which put him in an ideal position to protect borrowers.

Realising that the constant reduction in interest rates by the Reserve Bank has not stimulated the Australian economy to counter the recessions, the Federal Government has sensibly  opted for fiscal policy to directly stimulate the economy by spending money.

The Business Council of Australia has been active in telling the government that money should be direct to them so that they can create jobs.

Now there is a need for voters to tell the government what jobs they want created perhaps rural and city doctors, nurses and hospital jobs; teachers and teacher training; competent aged care staff with high skills in caring and communicating; police; domestic, family & sexual violence court staff and judges, school counsellors. Perhaps affordable housing for sale on long term multi-generational loan plans so that the residents end up with an asset instead of just enriching developers.

The biggest offenders are the major Australian banks themselves, as the Royal Commission discovered. Customers have been cheated on a grand scale and much of the cheating relates to loans.

How do small business or farm owners get millions of dollars written off their overdue bank debts; save their assets from foreclosure?

They hire GBAC, the firm that has specialized in bank debt write-offs since bank deregulation in 1987.

Check out GBAC now. Be Prepared for the end of debt deferral when it comes. Don’t wait ‘til it’s too late!

Just moving away from the normal topic of debt – a word on super.

Wealth managers are telling lies to young people or at best distorting the truth in their quest to obtain the lucrative superannuation money on which they build their stratospheric profits and salaries. Fund managers are the real beneficiaries of compulsory superannuation.

They cheat by talking of how much a young person would lose in the long term by withdrawing $10,000 from their superannuation now (around $15,000 say some), but do

not take into account discounted cash flow. The use of their $10,000 now may be far more valuable than it would be in 50 years time. For instance a house bought 50 years ago in Sydney for $16,000 is actually now worth about $1.6 million. That is 100 times as much.

$10,000 spent now may help provide enjoyment for the next 20 years.  Having it at 30 might be a lot better than havi

ng it at 50. But saving has great benefit too, because it can be very handy when needed, like now during the pandemic.

There is a distinct possibility that the value of superannuation invested on stock markets around the globe may deteriorate because the current prices may be inflated by the mountain of superannuation money globally looking for something to invest in.

In my view the very best superannuation any person can have is their own home. They get the capital gain of 

owning the house plus the benefit of living in it too. It is sort of like having your cake and eating it too.

On compulsory superannuation’s impact on jobs, big business leaders are interested in two things, maximum profits and the highest salaries they can personally earn. Increased superannuation, payroll tax and lower company tax rates (meaning lower tax deductions for wages), all make computers, robots and cheap foreign labour a profitable alternative to providing Australians with jobs.

Australians concerned to see their finances remain at least as good as they were before the pandemic, should join Voters Network Australia or FairGO to persuade their politicians to make that happen. It is not so difficult. It just takes time and effort. FairGO is an expert at the diplomacy, psychology and strategy that give incredible power and influence to everyday Australians & their organisations.

If they want a second opinion on financial matters, help with borrowing, loan management or securing a debt write off of unreasonable debt, they can contact a Borrowing Advocate or Assistant at GBAC.

RBA board member Ian Harper has raised the issue of bank regulation and immoral banking practices.

Bank directors and executives are robbing and tricking customers to make multi-billion dollar

profits and pay packets over 20 times what MP earn to run the country.

They “own” APRA & AFCA. ASIC & ACCC are no match for them. Financial counsellors can’t detect dishonesty and work cl

osely with banks.

Most banks are common moneylenders like Shylock of the Merchant of Venice, with no moral scruples whatsoever.

One solution is  GBAC Advisory Pty Ltd established to help customers see the traps before they fall into them and get out if they are already trapped.

There is hope for those with ears to hear and the will to act. Many will do neither and just go under quietly.

Loan crises are not just caused by the Coronavirus. They have been caused by a world economy awash with unaffordable debt sold to borrowers on the basis that the good economic times would roll on forever.

Sadly that is not going to happen this time. The virus comes on top of severe drought, unprecedented bushfires followed in some places by floods  and an economic downturn globally.

When  disaster strikes the best course of action is swift, sure and certain. Same with debt. The time is right now to start working out what you are going to do about your loans if it may not be possible to meet future payments on time.  When banks give borrowers a repayment holiday it is still a default and can work badly later. Of course interest still builds up.

Coming to a private, negotiated solution is always best. What banks offer publicly under government pressure is not the best they can do because thousands will take it up. What GBAC negotiates for you is likely to be the best because nobody else will be receiving it. The time to negotiate is before you cannot make repayments, not after you stop making them when your credit status has fallen.

Your best bet may be to give a GBAC senior consultant a call on 0428 417 496 to see whether they may be able to help you. Check out the website anyway. They have operated Australia-wide for about 50 years.

What implication does Nab’s new Chief, Ross McEwan’s plan to “teach bankers how to be bankers” have for business, home and farm borrowers with nab or any other Australian bank when the corona crisis ends ? Check it out at  https://gbac.com.au/blog.php

If you are one of the 400,000 bank borrowers on a temporary relief plan, now is the time to think about what to do when the covid restrictions are lifted.

There is a rural debt disaster heading Australia’s way

so “Be Prepared”, as Lord Robert Baden Powell said.

The first step that all indebted farmers and rural businesses should take is to make an appointment with their local Rural Financial Counsellor to negotiate the longest term finance on the best terms possible with their bank and to make their business as profitable as possible by cutting all unne

cessary expenses and doing everything they can to get income back on track after the prolonged drought, floods and fires

that have done so much damage.

https://www.agriculture.gov.au/ag-farm-food/drought/assistance/rural-financial-counselling-service

If the RFC cannot assist you or the bank is already taking recovery action, you may wish to give us a call at www.gbac.com.au and learn why it is sometimes necessary to take the whip to the bank. We can also explain why few loan & debt consultants have the leverage with the banks that we have.

Don’t wait ‘til it’s too late. The best loan fix is the early fix, before problems arise.

Greg

A debt negotiator’s claim in Sydney Morning Herald on May 1, to be 1^st in Australia (in 2001) is false. GBAC & Moneygrams began negotiating on bank loan applications and write-offs in 1987. Last year one major bank wrote off 100% of a large mortgage loan for GBAC. They have arranged debt write offs, better loans and re-finance in every state and territory in Australia for 30+ years.

Nobody has the same negotiating tools, experience or solutions as GBAC backed by FairGO and the Australian Voters Network does. They don’t do this to earn a living. They do it because they care deeply that Australians are treated fairly by their governments and their financial institutions.

Most borrowers simply do not have the time or skills to do this negotiating and few negotiators care enough to put their customers first before their own fees. GBAC negotiate very hard with the banks to get a good deal for borrowers. They would not have been attracting debt laden borrowers for over 30 years if They could not do the job well.

But it also pays to borrow well in the first place and without professional assistance that is almost impossible. Then management of your loan is very important throughout its term. This is where many borrowers, particularly businesses and farms, come unstuck. It is not expensive to do, but is great protection against foreclosure.