Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697627830460.pdf (Australia)
Dear Senators on the Committee for Economics, RE: Forestry MIS Inquiry You would be aware of the debacle of the dodgy Great Southern Managed Investment Scheme which may leave thousands of people facing financial ruin depending on the upcoming decision in the Victorian Supreme court due on October 27-28.

We are some of those who will lose our home.

We are hoping there may be some thing you can do to assist us as we don't know who to turn to or what we can do.
We don't know where to start with explaining our situation or how much detail to go into but we will try to be brief.

In 2008 we had a young family (2 boys 8yrs & 5rs) and on a single income we were going well, paying off our mortgage.

Seeking advice to secure our future we were recommended to Steve Navra, a licensed financial advisor.

Through Steve's advice we borrowed $180,000 from Great Southern Finance to invest in their grape and forestry products.
He presented it as a very good investment for securing our future, which appeared legitimate, tax deductible etc.

The government at the time was encouraging investment in the Australian Agricultural industry.

However as you are aware, Great Southern collapsed and has been shown to have been a deceitful ponzi scheme.
I thought we had non recourse loans with Great Southern Finance and that would be the end of it, only to find they sold there loans to Bendigo Bank just before collapsing, so we've ended up with Bendigo Bank (BABL) chasing us for the money.Since then we have been part of the class action with ERA Legal representing us and as such, not paid anything to BABL pending the outcome of the legal action.

BABL have been compounding the loan interest to where we now owe some $300,000.
As you can imagine, this has been a huge stressful black cloud hanging over us.

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We have already forfeited a lot of money through Steve Navra' s advice and trying to pursue him and his company, Navra Financial Services, through legal action and Financial Ombudsmen Service but to no end as he has declared bankrupt.

Now there is this judgement coming up in the Victorian Supreme court on 27-28th October to decide on a settlement.

If we end up having to pay the loan back we will lose our home.
We invested in Great Southern in good faith that we would get a return in years to come.

INot only did they collapse but just before they did they handed there loans over to another company (BABL) expecting us to pay them.

I liken it to buying a car from Holden with them providing the finance.

You go to pick it up and they say "Sorry, we don't have a car for you anymore and by the way, you now owe Ford the money for it!"

Surely BABL has obligations as a responsible lender.
They would not have lent us the money at the time with our situation, to invest in Great Southern.

So how can they now?

From trying to do the best thing for my family it has all turned into a nightmare.

We have lost so much and suffered great frustration and stress, all at a time in our lives when we should have just been enjoying raising our family.

If we end up with this $300,000 debt to Bendigo Bank it will ruin us financially and we will lose our home.

We hope you can help us in some way.


If there is anything you can suggest we do or if we can assist you with more information, please don't hesitate to contact us.

Yours sincerely, Scott & Julie Gannon Forestry managed investment schemesSubmission 114