Loan Watchdog

Loan WatchDog

If you want to find out how to stop the banks from taking advantage of you through errors and faulty systems, then keep your eyes glued to this page for the next 3 minutes; you are in for some shocking surprises. The banks have probably already overcharged you many times this year without even knowing it!

Government Studies Show
Over 45% Of Home Owners
Have Been Overcharged
More Than $1,500 by Their Lender.
13% of homeowners are due a refund of over $10,000

"I have now been reimbursed the exact amount of discrepancy I had found using your program of $7,563.04 plus reimbursement of the cost of the package against my loan."

Ann-Maree Enders

"I have checked 2 mortgages and I have another 8 or 10 loans to go. So far I have found an overcharge of $5156.29 and then $684.98 for compounded interest. The loan started in September 2002 and is still in place. So thank you for the programme, it will help make my money work for me rather than be used by the bank free of charge. This product sure is a real winner."

Edward Nixon .

“Your software has uncovered overcharging by my bank to the tune of almost $1,300 just for the last two years. Like so many others, I had assumed the Bank would get the figures correct.”

Mike V

"We found a discrepancy of $8,643.00 on our fixed loan and this has now saved us $33,000 over the life of our loan."

Mrs. Mackenzie

I don't know about you, but I work hard to pay off my mortgage as quickly as possible. Then to have the bank make mistakes and incorrectly take money from my account is not only unfair, but insulting.I never considered it necessary to check the calculation of my bank statement. I didn't think there would be a need. I couldn't have been more wrong. Every day people are receiving bank statements in the mail for their mortgages, saving accounts, personal loans and overdrafts that they assume are correct, but they are totally mistaken.

Do you actually believe your bank or non-bank lender would never make a mistake on your account?

Here's what the experts have to say.

"It would be naive to think there's such a thing as a perfect system, and that mistakes will never happen. Mistakes are a fact of life and I am not suggesting that banks intentionally do anything wrong…..
– Paul Clitheroe - Host of Channel 9's Money show and chief commentator for Money magazine

"The era of trusting the banks has long gone."
– Justice Clarke, New South Wales Supreme Court.

"Banks get almost every interest calculation on mortgages and overdrafts wrong at some point."
- Roy Brown Managing Director of Interest Research Bureau (IRB).

I can't believe how totally naive I had been, just accepting that the banks never actually made a mistake and my statements were 100% accurate. Now surely these mistakes are just tiny errors involving a few cents here and there? Well guess again.

Banks Are Making Mistakes On Accounts Just Like Yours .... Every Day.

If you are like many people you may be tempted to think that "this can't happen to me" or that this "isn't a real problem and it's being blown out of proportion." Before you make that mistake think about this. The problem is that bank statements can be difficult to read and are not always what they seem. Some of the errors are very difficult to locate if you don't know what to look for.

"[In accounts for over 20 of my clients] I have discovered overcharges in approximately 75% of cases. The total of all mistakes, including overcharges of interest, fees and other irregularities amounts to over $500,000"
– Joe Naggy former Citibank executive now runs Midmark Financial Services

“A recent survey of bank statements conducted by The Interest Savers for Sydney Morning Herald readers showed an error rate of 54%, ....... The Herald's switchboard was jammed for a week by callers wanting their statements checked.”
- Journal of The Institute of Chartered Accountants in Australia

"The bank statements are never clean, [citing the experience of some 350 clients since IRB opened in 1994]. "Significant errors" occurred in 90% of statements.."
- Roy Brown Managing Director of IRB

There is a way to keep the banks honest. We now have a simple and powerful tool to check our bank statements quickly, easily and most importantly 100% accurately - Loan Watchdog. But is it worth it? How often do these mistakes happen? Unfortunately, it is far more often than you would think.

“We dug deeper and deeper and found that this system of overcharging is virtually universal ... It runs across the entire mortgage lending industry.”

- Robert Abrams Former New York State Attorney General

According to an independent audits by the F.S.L.I.C, mortgage overcharges occur in an estimated 45% of all Adjustable Rate Mortgages (ARMS) and cost Americans over $60 billion. The General Accounting Office confirms that almost 50% of ARMS have errors and overcharges to homeowners.

"The average error is about $100 per monthly statement.”

Staggering isn’t it? When I discovered the rate at which banks made mistakes I was stunned but assumed it must have just been a few dollars here and there; $90 dollars per monthly statement is incredible.

So what does this all mean? What does it add up to? You do your own sums, but here is what the statistics (and the most conservative ones at that) had me thinking when I first discovered them ...

Annual overcharges: $60,000,000,000
Homeowners with a home loan: 50,000,000
Average annual error per home loan: $1,200. So, on average over the last 5 years (ready for this?)
the average home loan has been overcharged $6.000.00!

According to the Federal Deposit Insurance Corporation (the U.S. government agency that insures or guarantees your bank deposits) home loan errors are costing Americans $8 billion to $10 billion each and every year.

Even if we use the lower number, provide by F.D.I.C., the amount of overcharges is outrageous.

Over the life of a 30 year home loan compounding at 5% p.a. each and every day, that comes to a whopping $13,620 Ouch!

Let me clarify that further government studies into home loan overcharges have shown that...

45% of homeowners are due a refund in excess of $1,500
21% of refunds due range from $3,500 up to more than $10,000
13% of homeowners are due a refund of over $10,000
70% of existing escrow accounts violate federal law by holding excessive balances

This means every other person reading this page is owed $ 1500 AND over 1 in 10 reading this page are owed over $10,000… (Are you one of them?)

"It's a good time to pull out your original loan documents and double-check the lender’s adjustments.You might be surprised at the results."

Robert Chamness an official with the American Bar Association and partner in the San Francisco law firm McKenna, Conner & Cuneo as reported in the Los Angeles Times

Don't get angry, get even...
get back what they owe you.

There is something you can do about this, you don't have to be a helpless victim of the banking system. Average homeowners around Australia are getting their money back from the banks every day. There are thousands of real life examples of people who have been over charged and been repaid anything from $400 to $100,000.

"Thanks everyone. I've just found $1,100.00 over the last 3 years owing to me from my bank in overcharged interest on a home and investment loan. They were totally shocked with being caught!"

Steve Atkin

The bad news is that knowledge is a dangerous thing. Knowing what you now know, you have to some extent cornered yourself into making an important decision. You will decide one way or another how you are going to deal with it. Before leaving this page you will select one of the following alternatives...even if you think you haven't decided.

Option 1:	The first alternative is to either "think about it" or continue doing nothing and have the banks take advantage of you to the tune of $200-500 a year on average. I suppose this is the ostrich approach, stick your head in the sand and hope it goes away, good luck with this one, you're going to need it.
Option 2:	Pay a bank statement checking company to check for you. The interesting thing to note about these companies existence is that obviously bank errors occur often enough for these guys to make a pretty healthy full time income (keep that in mind if you are leaning toward the option above). The down side is that they charge $200 to check your statements for you and a 20% "success fee" on the bank’s refund. So the costs you are looking at are $200 plus $1500x 20% = $300 (20% of the refund) Total Cost = $500.
Option 3:	Ask the the very people who got it wrong in the first place - the banks - to check your statements for you. Generally they charge $200/hour to do this for you. Ask yourself this question, "why would I trust them to get it right this time if they couldn't before?" Isn't this a bit like putting the fox in charge of the hen house?
Option 4:	Use a dedicated piece of software using the internationally accepted formula to calculate your interest bill to check on the banks for you .... for less than the banks' hourly rate.

It is a bit of a "no brainer" isn't it? The Loan Watchdog software is by far the most cost-effective solution available.

To do nothing is either naive or nuts, as is paying the bank to check your statements for you. Paying a firm to do it for you isn't a bad option and if you’re one of the 13% of people who are owed over $10,000, this will cost you over $2,000 in fees.. Why not use the same kind of software these firms use to find banking errors every day for a fraction of the cost?

To order your copy of Loan Watchdog now click here.

If you're wondering how difficult the program is to use please read on.

The software was made for non-computer users so it is very easy to use. You just type in the start and ending dates of your statements, the interest rate (or several interest rates if the rate changes during the month) and the changes in the balance of the account and the software does the rest. Click here to open a window to see just how easy it is.

"I would like to thank you for such an easy software package which is very user friendly"

Irene James

The software can check all sorts of accounts for you, off-set accounts, lines of credit, variable home loans, any type of account no matter what fancy name your lender gives it. We are yet to find an account we cannot check. Click here for a list of accounts the Loan Watchdog software can check.

“A mistake at the beginning could prove pretty expensive over the long term”
Paul Clitheroe - Commentator for Money magazine

"Fantastic software, easy to understand and to use. The software was well worth the investment as I found the bank has overcharged me about $1200 over two years".

Angelo L - Kilburn (SA)

One of the most powerful features of the software is the Mistake Compounder. It is great to find a $300 error on your statement from 10 years ago and even better to get the money back. What most people don't realise however is that it is probably less than half the money you are actually entitled to. In addition to the money taken from your account interest has also been charged on this money - compounding every single day for the last ten years. With the Error Compounder you can now chase every cent you are entitled to.

Now I am sure you are probably thinking, "can't I do the same with a spreadsheet?" Yes, some people may be able to but firstly you must be sure you are using the right formula and secondly you will need to know how to do some pretty complicated programming to make sure it's accurate. So even if you could do it, why waste the time and effort when we have gone to all the trouble for you?

I just found the compounder and over 5 years the bank owes me nearly
$1,000. The biggest error, found in the last statement was $470 so I am very
happy. Have another 2 loans to enter yet!

Jacqui Smith

The Banks Want To Give

Your Money Back.

We are frequently asked "will the banks actually give me my money back?" The answer is of course they will ... as long as you can prove to them that they have made a mistake.

The banks actually want to correct their mistakes and give you your money back. Recently Mr Haydn Park, the head of corporate relations of a major Australian bank has said "When someone comes to us and says ‘You’ve done something wrong, then we don’t quibble, we do something about it.".

But if you don't check your statements and find the errors to show the banks where they have gone wrong you will never know just how much you have been overcharged.

No other program we have tested can make this claim.

With your Loan Watchdog software not only are you guaranteed to find errors in your bank statements (see below for details) but we also back this up with a "100% accuracy guarantee".

The Loan Watchdog software uses the internationally accepted formula for the calculation of bank interest. As a result the banks have to take the results seriously; they have to accept the print-out which means you will get your money back.

We don't just claim our software is accurate, we GUARANTEE it. If you ever find errors in our software we will refund your money in full immediately no questions asked.

As we said above the Loan Watchdog software is only a fraction of the cost of the other alternatives.

"I used the Loan Watchdog software to check 2 years of my loan and found errors of $353.51 (and this was on a very small loan of only $50,000). I then used the built in Mistake Compounder and I am delighted to say that the bank has just deposited $1,250.00 back into my account to reimburse me for their error."

Jouko Hakola

By ordering the software today only one of two things can happen and both of them result in you receiving a cheque.

Order the software, find the errors and your bank writes you a cheque
Order the software find no errors and we will write you a cheque,

either way you win.

To order Loan Watchdog click here Now

P.S. At this point after reading a typical offer, you probably think to yourself "Do I really want invest in this program?" We know how you feel and that's exactly why we offer the "$100 Success Guarantee". Find errors in your bank statements or we refund your money AND give you an additional $100 for wasting your time.

You are in a fantastic position, no matter what happens, as a result of buying this software someone is going to write you a cheque - either your bank manager when you find the errors in your statements or us if you don't.

P.P.S. If you don’t order the Loan Watchdog right now, how will you know how much your bank or lender is ripping you off? 99.94% of our clients have found errors in their statements, what makes you think you wont? How much will you find?

P.P.P.S. Remember from this moment on in your life you are going to spend money whether you like it or not, it is up to you to determine how much. To do nothing and take your chances with the banks may feel like you are not spending money but we are quite literally guaranteeing that you will lose money in overcharges. Alternatively you can order Loan Watchdog and start to get your money back from the banks ASAP.

BANK ERRORS
IN MEDIA

"The request was prompted by reports that the Federal Deposit Insurance Corporation would refund several million dollars to borrowers overcharged on loans at savings institutions."

NY Times

"A computer consultant, John Geddes, found in a study of loans at savings associations that some borrowers have been overcharged on adjustable-rate mortgages since 1979. Many of the errors were made in calculating the interest rate or balance on the loans."

NY Times

“Fleet Mortgage was required by the New York Attorney General to refund $150 million in escrow overcharges. GMAC was required to refund overcharges of $100 million. Citibank likewise overcharged 16,000 homeowners millions of dollars."

PRweb

"It is estimated that 68% of Commercial.. 47% of Residential and 74% of Equity loans contain errors."

Raybestoracing

"According to national statistics, 1/2 of all U. S. homeowners are, unknowingly, being overcharged by their mortgage lender, at an average of thousands of dollars per year. The overcharges occur in both mortgage and escrow accounts, and to the collective amount of over $60 billion dollars."

PRweb

"One of the largest mortgage services was ordered to repay $150 million in refunds for overcharges."

Galaxy Mall

“The giant ANZ banking group has agreed to pay compensation to certain customers…conceding that it had overcharged thousands of customers.”

Herald Sun

"NAB will reimburse all wrongly charged accounts and pay $18 million in lost interest. Mr Fahour has apologised.”

The Age

– Joe Naggy former Citibank executive now runs Midmark Financial Services

- Journal of The Institute of Chartered Accountants

"The bank statements are never clean, [citing the experience of some 350 clients since IRB opened in 1994]. "Significant errors" occurred in 90% of statements.."

- Roy Brown Managing Director of IRB

"I have now been reimbursed the exact amount of discrepancy I had found using your program of $7,563.04 plus reimbursement of the cost of the package against my loan."

Ann-Maree Enders - Kingsley, WA.

Edward Nixon - Hahndorf, SA.

“Your software has uncovered overcharging by my bank to the tune of almost $1,300 just for the last two years. Like so many others, I had assumed the Bank would get the figures correct.”

Mike V - Bungendore, NSW

"We found a discrepancy of $8,643.00 on our fixed loan and this has now saved us $33,000 over the life of our loan."

Mrs. Mackenzie - Logan City QLD.

– Paul Clitheroe - Host of Channel 9's Money show and chief commentator for Money magazine

"The era of trusting the banks has long gone."

– Justice Clarke, New South Wales Supreme Court.

"Banks get almost every interest calculation on mortgages and overdrafts wrong at some point."

- Roy Brown Managing Director of Interest Research Bureau (IRB).

"Thanks everyone. I've just found $1,100.00 over the last 3 years owing to me from my bank in overcharged interest on a home and investment loan. They were totally shocked with being caught!"

Steve Atkin - Port Macquarie. NSW

BANK ERRORS
An International Problem

Australia

A survey published in The Sydney Morning Herald has discovered that 54% of monthly statements contain errors, 80% of these errors favor the banks and the average monthly error is $242.

Canada

The Halifax Herald Limited reported that the Royal Bank is quietly sending out refunds totaling $13 million to 200,000 mortgage clients for miscalculated interest dating asfar back as 1992.

United Kingdom

A Sunday Times survey suggested that mortgage interest overcharging was running at £1 billion a year.

New Zealand

The Financial Review states The Bank of New Zealand, a subsidiary of The National Bank, has sent letters to 1,700 customers apologizing for overcharging of fees on their deposit accounts.