(Altnews) The Law protects borrowers - if only they knew it.

Submitted by Webmaster on Tue, 28/02/2006 - 11:34

From: John Wilson [mailto:jhwilson at acay.com.au]
Sent: Tuesday, 28 February 2006 12:38 p.m.
To: letters@dailytelegraph.com.au
Subject: "Brutal banks spark inquiry" - DT, 28/2/06 p.11

The Letters Editor,
Daily Telegraph,
Sydney.

Dear Sir,

Re: The Law protects borrowers - if only they knew it.

Your brief story, that repossession orders rose by one third in 2005 to a record number of 4000 because of non-payment of bank loans, is a clear indication that borrowers do not know that the law protects them against the illegal practices of those lenders. Loan contracts issued by the banks are illegal on two counts. First, variable interest rates render a contract void for uncertainty. Second, the money the banks lend is created out of thin air. Both are Fraud, for which the law carries severe penalties.

Yours sincerely,
John Wilson.
North Rocks, NSW 2151.
(editor: address and telephone number on file)

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