How Farms came to need relief from debt

This year CBA will earn 10,000 times as much in real money terms as it did before bank de-regulation. The banks are pulling in massive profits just as their customers are drowning in debt and need urgent relief. Why? Borrowers are now drowning in debt, because the banks have been marketing their mortgage loans with big asset backing. Those borrowers are now drowning in unaffordable debt. But in the process the banks have often broken the law and the Code of Banking practice as well as fair trading regulations, all of which the recent Royal Commission identified, but did not compensate borrowers for the damage done. Traditionally we individual Aussie farmers have trusted the banks and put up with the way in  which they treated us. That was because there was not much else we could do. To fight a bank in court could cost millions. Today banks are closing branches, ending services and making billions. Change is needed. GBAC has found that by analysing and researching facts,  figures and bank behaviour it often turns out that farm borrowers have been deliberately tricked into loans with impossible terms that the borrower did not read and perhaps was not able to get a solicitor to check for them. The banks often banked on that, particularly with busy family farmer owners who were more skilled in their own farming enterprise than borrowing and just trusted the banks to do the right thing. It is not unreasonable to expect that of a bank. Prior to de-regulation the bank would have done the right thing. Politicians have let us be taken down by the banks, so politicians need to be involved in the solutions.

Turbocharged Voter-Power for borrowers

Today mortgage borrowers, in their role as voters have great sway over government because GBAC realised that Parliament controls the bureaucracy which delivers government and  the voters control who sits in parliament. It does not matter whether they are in the city or in the bush. GBAC has developed the Votergram Turbocharge system. The system allows each borrower to tell every member of any Parliament, what the bank has done to them, how unreasonable the bank has been. Bank de-regulation has been when borrowers are literally robbed and financially abused so that banks can earn billions and their executives can earn multi-million dollar salaries. The farmers can do that from their laptops on farm. Banks are not the only ones who can use the internet to advantage. Many banks, faced with the option to sit down and sensibly discuss how best to deal with the debt in a way that treat the borrower fairly or have the matter discussed by the federal parliament, opt to confer with the borrower and GBAC's negotiators for an outcome that is fair to the borrowers first. They are after all the customers and the most vulnerable party. If the bank does not act fairly the borrower with GBAC's assistance can Turbocharge the campaign for a fair go, by Votergram. This puts the matter before all the members of Parliament. Parliament does have a lot of power over banks, particularly if MPs are supported by the farmers in their role as voters. Today there is a completely free association of voters all over Australia, called the Australian Voters Network or Voters. It has no party politics and exists only to help and educate its members to persuade the parliaments to improve the fairness factor in Australian government policy. The more who join and share their own experiences, the fairer Australia becomes. It fits with the National Anthem doesn’t it? It is a good organisation for farm borrowers to join because it can help them a great deal when the crunch comes on with a bank.

Banks and Big Businesses Monopolies

For a long time the moneylending banks and big business monopolies have controlled government. They do this by bribing our elected MPs with election donations and bullying them with highly paid lobbyists. It looks as though the federal parliament is going to reduce. Such a move will again help borrowers in trouble with their bank. Run by a former Chartered Accountant / CPA who bred sheep and cattle at Tullamore and Braidwood in NSW, GBAC knows just how hard it is to clear big bank debts. Democracy is the best system of government in the world, when driven by the voters to fulfil its potential. Government for the people comes from government by the people via their parliament. Borrowers have a great resource in their parliaments and GBAC has developed the tools to help them access it. Join Voters now and Turbocharge your Voter-Power. Then give GBAC a call and see how they can help you. If bank behaviour has really upset you, you can go to the BankWatch site to record what happened. This can be taken into account in submissions to government. Greg Bloomfield