Vultures hover over Australian borrowers

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Businesses, farmers and home buyers as well as investors are mainly unware that above their heads vultures in the form of receivers and managers, bankruptcy and liquidation practitioners are hovering and circling. They are waiting for the government assistance packages and restraints to be removed so that they can move in on those who cannot manage their debts. Once they move in their fees usually wipe out much of the remaining asset base of the borrowers who then stand to lose everything. Corona virus and the world economy have caused loan problems beyond the expectation of both lenders and borrowers. So why should it be the lenders who profit and the borrowers who lose out? The unexpected losses should surely be shared equally. One reason they are not shared is that the bankers and other lenders have written the loan contracts and hold the upper hand. Another reason is that they are in a position of strength with millions of dollars to pay the very best lawyers and insolvency advisers, then strip the borrowers of their assets. But GBAC has a unique and little known technique for levelling the playing field and giving the borrowers some real heavyweight support that sets the bankers back on their seats. That is why banks write off so many debts whose borrowers have sought assistance from GBAC.  In one recent case where the bank held a mortgage to cover the $600k debt, it was persuaded by GBAC to write it all off. When borrowers fight a bank over a mortgage debt or even a credit card debt, it is wise to fight from a position of strength such as GBAC provides. The profit made on doing so can be very large indeed. One cannot easily win a fight from a position of weakness.

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