updated 17 October 2008 at
19.30hrs.Menu (link): XL Downloadspage
What I
Did
What Westpac Bank did
What you can do
Solution
READY RECKONER
[Compound Interest Rate to Simple Interest Rate]
RATE INCREASE When LOAN WILL NEVER BE PAID OFF !!! VIEW Documents
VIEW Jan 2008 COURT DECISION Confirming the Compounding Monthly. Breif features of this case:
1. The question before Justice Bowman on 18th June 2007 & 20 June 2007 was to decide if there is a case at all on our side, to schedule further arguments.
2. The Judge heard NAB's counsel for 25 minutes. Then heard me for 50 minutes on 18th June. On 20th June allowed me to speak for 40 minutes against CBA, on behalf of my (more at 'B 4' in 'view documents' page) "friend" Mr Praveen Rao, who claimed not knowing much in law, but immediately after 20th June, he told me that Justice Bowman would ‘club both cases’ and give his judgment. But it is a miracle/magic/Praveen's skills that Justice Bowman exactly did the same in 'black and white'!!!. Praveen's skills
3. On both days after my submissions, the Judge ‘reserved the judgment’. No further contacts or communication until 23rd January 2008. He decided not to schedule further hearings, on the only grounds, that loan contract shows 'total amount repayable over the term of loan’. Please read below…..
By Yourselves:
1. Please read and understand the Interest issue page fully and visit ‘View Documents’ to see some of the scanned letters.
Please spend a few minutes now to save few years of hard work. Even if a person takes a day off the work and does contribute to making the contents of this site known widely, the change would certainly occur and it would save $ 47,000 on a $ 100,000 loan taken at 6% p.a. for 25 years.
It is not that for every $ 100,000 you save $ 47,000, but exponentially, that is for $ 200,000 it would be more than $ 95,000 you save.
So why not contribute to the cause for changing compounding interest.
2. Download excel files (from the link in this site). You can save in your computer. Download
3. Please types in your loan amount, interest rate, duration from the results appraise you with the depth of the problem. This is a computer program and cannot work for all variables unless my logics are right.
4. If convinced, immediately recommend the website to all your contacts regardless of where they live and if they have a loan or not.
5. Talk to your friends and colleagues, lawyers, teachers, librarians, your spouse, children brothers and sisters etc; in as much as you would talk about an increase in interest rate; please revisit this website, as I would add more information regularly.
6. Speak to your local federal parliament member. Demand them passing legislation in parliament to make simple interest mandatory. It is good for them too, they don't have further worry about increase in interest rate, as Simple interest will not automatically mean this amount of ‘injury’ proved in my excel files.
7. If they can pass legislation recognising that the government is aware of the compound interest, they are aware of the extreme injury it causes to working population, and if they still have that recognition in Regulation 33F, why you cannot demand passing the legislation to REMOVE compound interest. DEMAND them to make mandatory disclosure of the equivalent Simple interest.
If they don't even want to make the disclosure mandatory, what is the use of casting votes in election and what is the use of electing these people? (what is the use of making it mandatory as they have Mandatory comparison rate Act, but the lenders are NOT complying with it. What action government is taking, nothing, except that all avenues were used to attempt to stop my noise is not getting heard!).
8. Speak to your local branch of the lender where you took your loans, make their own staff aware of the impact (most of the managers themselves are not sure that compound interest is what is charged).
9. Direct them to this website for them to download and appraise themselves about this.
10. I thank all of you for recommending this site to your friends. I request you to keep doing this, please recommend to at least one and then speak to that person about this site. I need assistance from those of who who have skills in other languages than English to translate this site in such other language. If you are interested and are skilled in recreating the website in such other language, kindly let me know the total cost for doing so, and i can create a language based link within this site itself.
As a Group:
How to start a competing lending business:
A group of wealthy people can pool their equity together and start a lending business on simple interest basis
I have placed a business plan and cash flow budget for this purpose in ‘View documents’ section of this site. (Cash budget and profit and loss budget show that you can lend at simple interest and still match the dividend rate paid by NAB in 2006). Such new business will swipe the market fully off the large banks and such new business will provide service to the community as well as be the largest player in the market.
1. People who have access to contacting some celebrities like, Hrithik Roshan, Rajni Kant or Sharukh Khan, or Imran Khan like service minded people that are wealthy, can use my business plan attached in this website and start a lending business in a smaller scale and would soon find themselves doing the best service to the globe.
2. All I request is, at the least, you can circulate the information in this website to all your contacts to create the awareness (regardless of if they have a loan or not, live in Australia or Elsewhere in the globe). People send chain letters with various believes. Here this matter is not a matter of just a belief, it is a total conspiracy and rip off that affect everyone anywhere in the world at some time in our lives. Why not we alert all by forwarding the emails. Not that it makes any changes to people who are shamelessly not bothered to do anything to correct the situation but only tried to ‘hush me up’, but at the least an awareness would exist among all.
3. Please discuss the details even with those that you may think wont understand. Those too, end up signing a loan agreement in their lives. So they have a right to know too!!!
4. Why not channel 9 (in first week of April 2008 ‘how to survive’) recommend an option of selling the home and renting. Is it because, this will trigger the bank to lose their compound interest and will make banks losing profits/fail. Why did they suggest the borrower to 'extend' the number of years to 35 years or 40 years of loan, this would still multiply much more that what I showed in my excels (as I did the program only for up to 30years).
5. Someone asked, ‘What if a group of people all default their instalment repayment for one month at a time and pay from the following month (as default of one month cannot lead to anyone losing their property or not result in huge amount of interest loss) and no offence committed. Since the lenders normally hedge their loans to other bigger lenders, so your default will cause a huge impact of repayment to the bigger lenders”. I have no comments about this.
Gandhi raised his voice against 'apartheid' in South Africa got freedom for India from British without any violence or bloodshed and made his protest loud and clear, though it took long but his voice was heard finally. Today India is the world's largest democracy and South Africa has accepted to live to gether.
Here i am not even suggesting a 'default' (let alone non compliance) i am suggesting a 'deferral' of one month instalment to ensure that the lenders change to SIMPLE interest only method of charging interest only on money lent. If you care for your hard earned money then you may like to read this website and understand the grave impact the interest rate has in your life.