Betteto Frett accuses 1FirstBank of predatory lending
1FirstBank was told of the allegations but had offered no response, up to the time of publication.
Predatory lending refers to unethical practices conducted by lending institutions during a loan origination process that are unfair, deceptive, or fraudulent.
We have a ‘predatory Lender’ in VI- Betteto Frett
Mr Frett alleged in a statement to our newsroom that 1FirstBank cannot operate this way in the United States of America but is taking advantage and preying on depositors with their alleged unfair, deceptive and abusive tactics to benefit themselves and hurt the borrower.
“Ladies and gentlemen, I am Betteto Frett and I am coming to you to let you know that we have a predatory Lender in the name of First Bank operating in the British Virgin Islands and the Government is not doing anything about this.”
The local businessman alleged that 1FirstBank offered to lend him his “own insurance money of $832,000 that they used to service my loan contrary to my loan agreement which states that the insurance funds must be used either to restore the property or to reduce and discharge the debt and combine it with my existing loan of $5.5 million dollars totaling $6.3 million dollars and wanted me to pay it off in 2 years.
“I refused to sign the Indicative Term Sheet Agreement because I could not raise $6.3 million dollars in two years,” Mr Frett claimed.
1FirstBank ‘fooled me’- Frett
He continued that initially, his loan was for a 15-year term; however, the bank “fooled” him and got him to reduce it to a 7-year term by promising him that at the end of seven years, they would review it for interest rate adjustment only and extend it.
“First bank further requested of me to reduce the seven-year term to a two-year term and pay off $6.3 million dollars together with interest thereon and I refused.
“Having refused their unfair terms the bank said to me that since the hotel will cost $1.9 million dollars to complete, I must deposit One Million and Sixty-three Thousand dollars ($1,063,000) in their bank which when combined with the remainder of my insurance monies of $832,000 there would be sufficient funds to finish it and if I do not deposit the funds they would foreclose on me.”
Mr Frett claimed that he told 1FirstBank that I could not complete the hotel for $833,000 and the bank should just return his insurance monies, but it refused.
“Since I could not come up with the One Million and Sixty-Three Thousand Dollars, they foreclosed on me,” Mr Frett said.
The businessman had turned to the public for financial assistance; however, our newsroom understands he was unable to secure the desired amount.
Several other allegations against 1FirstBank were also made by Mr Frett.
.png)
Follow Us On
38 Responses to “Betteto Frett accuses 1FirstBank of predatory lending”
But ..... they are not liars. It is right there in the documents you signed. If not, they'd have no legal.grounds to.forclose on you.
So, did you jump into bed with the Devil? Yes, and you damn well knew you were selling your soul when you did it.
Take a long look in the mirror because this is entirely on you man and you can cry all you want!
Most of us have noting or almost noting SO?
People I want to warn those of you who have mortgage with banks to go in to your banks and request a detailed print out of your loan and look at your payment dates and how your hard earned monies was split to your mortgage and you would be surprised. Audit your account because your money may not be going to the right place.
If you don't understand the details on it seek counsel on it.
The program written to calculate those loans raising red flags.
I remember back then Bank of Nova Scotia would call my cell phone every second of the day to take a loan. It got to the point where I would let my cell rang out. Then they would call my work phone till I stop answering when their number showed up(thank God for caller ID). No matter how I told them I am not interested they would pester me to take a loan. Thank God I didn’t fall for their scheme.
The bank’s objective is to make money. You didn’t have to take them up on their offer. People need to stop blame the bank for their short falls. If you can’t pay then guess what will happen…
https://fb.watch/n1BL050TTm/
Governments in our country will not implement new policies because some use their portfolios to secure the personal living
Some folks come into this territory and do as they please some working with out valid permits some over staying and the authorities will do nothing
Betito I am willing to buy you out at a break even value meaning, I pay off the bank but there is no profit to gain for you. I will then give you a job in maintenance so you can have an income for the rest of your life with this project.
Post contact here