Fisherman Paul vs Royal Bank of Canada
p2pnet news view | P2P:- “I’m a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment. Help me fight this corporate bully by closing your RBC Bank account.”
That’s Nova Scotia fisherman Paul Fraser in a Reader’s Write to BCE deal bites the dust: official, a story which has nothing to do with Bell Canada.
Or the RBC.
But it does have to do with mega corporations which habitually report revenues in the billions trampling on the people who made them so very, very rich.
Just like Hollywood and the Big 4 record labels.
Paul (above) has been relentlessly fighting for a fair deal for almost half a decade.
He says he took out a $38,000 loan with the RBC that was to have been paid back over five years with principal payments of $7,600 per year, plus interest, 3% above prime.
It was his understanding the total interest for the year, “would be approximately $500 x 12 months = $6,000 plus $7,600 principal,” he says on his web page, going on »»»
This sum of $13,600 would be paid once yearly in compliance with the demand installment loan contract.
This loan is consistent with seasonal employment, where your earnings are time dependent.
The Royal Bank mailed a letter to me 10 months into this loan requesting that I had monthly interest payments overdue. It was never discussed verbally or typed on this loan contract, that interest was to be paid monthly.
The Royal Bank based this argument on the terms and conditions which are relevant to the demand loan agreement or contract. The loan contract lacked sufficient details in respect to payment guidelines (monthly interest and payment dates); therefore this voided any loan terms and conditions.
I refused to agree with them; therefore, the Royal Bank seized my 32′ fibreglass fishing boat which I used as security on this loan. The Royal Bank sold my boat for 50% of true market value. The loss of my boat and earnings that fall contributed to me losing ownership of my house also.
The Royal Bank sold my house well below assessment plus hired a local company to dispose of my equipment on this property. Royal Bank officials stated later that my equipment was taken to the local dump. I found out that my equipment was sold and not disposed of. Eventually, I had to file personal bankruptcy. Previous to this I had impeccable credit.
I contacted the Ombudsman (Wendy Knight, RBC Financial Group, Toronto, Ontario) who investigated my complaint. This investigation concluded that she could make no recommendation on this case and thus declined my complaint. My next step was contacting the OBSI (Ombudsman for Banking Services & Investments). They also favored the lower decision of the RBC Ombudsman.
Both organizations never contacted or questioned the loan manager (RBC) who signed this loan. These organizations are all funded by the banking industry; therefore, any investigations done by them are likely biased in favor of the banks.
The loan manager who signed this contract worked 18 years for the Royal Bank of Canada. This employee either quit or was fired by the Royal Bank of Canada.
The bottom line is the Royal Bank of Canada made a mistake at the local level that caused me financial ruin.
Paul hasn’t given up and has organised what he calls a Grievance Committee “against Royal Bank of Canada incompetence”.
“This comittee will pursue financial reimbursment to dissatisfied clients of the Royal Bank,”" he says.
If you’re interested, head over to Paul’s site for more.
For now, and not at all incidentally, I grew up in a Folkestone, a town in Kent, South East England, with a small fishing fleet. I’d often go out with the crews as they trawled the English Channel and I know first-hand it’s one of the toughest and most dangerous ways there is to make a living.
Paul outlines plight in the YouTube video below.
Stay tuned.
Jon Newton – p2pnet
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December 14th, 2008 at 11:39 pm
I just wrote in to CTV, CFCF12 Montreal and JE (TVA) in Quebec about the story. Hard to get exposure since alot of the media companies are funded by the banking sector. Good luck Paul!
December 15th, 2008 at 10:44 am
I took a look at his website and the loan documents that he posted and signed. What part of the first line in the “Interest and Fees” section did he not understand when it said that he was to pay monthly! (“…and shall be payable monthly, on the date specified in the agreement.”
It is even underlined for him…
I don’t like people getting screwed over by big business, but I hate it even more when people sue or complain for stupidity or ignorance.
December 15th, 2008 at 12:34 pm
The first line in the “Interest and Fees” section was underlined by me because there is no monthly interest payment date or amount of interest payable per month on my loan agreement or contract. Date of first installment payment (Principal + interest) is approximately 1 year from the signing of my contract on December 2.
Demand loan agreements signed by other fishermen around the same time disclosed monthly interest payment dates and interest amounts payable per month. The lending policy for fishermen did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC.
Only problem is the loans officer was a replacement who wasn’t familiar with these type of loans. She never informed me verbally or in writing about this new criteria.
December 16th, 2008 at 9:03 am
up to their usual tricks … again
go visit http://www.thinkfree.ca and learn how to handle ‘em
Enjoy
December 21st, 2008 at 5:20 pm
Idiot!
March 8th, 2009 at 5:42 pm
been watching this laughing stock since forever ,when every media source on the planet denies you coverage i would say you have your lines crossed and are confused over something you do not understand in the first place.yeah i feel bad for you if they took from you wrongfully (which i doubt) but something tells me your going nowhere fast with this battle that your fighting all alone,doesnt that tell you something? you obviously did something wrong when nobody wants to help you or back you including the media ,normally they would be all over something like this if it was legit………!!!!!!
December 8th, 2010 at 3:58 pm
It obviously couldn’t have ruined you financially, as we can see all over Sydney that you have plenty of money left to rent street corner signs, have other signage made, buy LED license plate holders for your car, buy LED signs for the rear window of your car, get your car decalled, get stickers made to splatter everywhere all over private property, rent website space, etc.
Give it up, moron… You should have read the fine print. dummy.