Equity release Problem - advice needed

NVP

Legendary member
37,535 1,988
hey all

http://www.trade2win.com/boards/foyer/165976-6-t-bonds-uk-2028-historic-price-needed.html

ref above.....Its with Norwich union (now Aviva)...i'm not desputing the interest rate agreed ...I'm just going to war on having to pay a £26k redemption penalty for someone who cannot afford this stress and problem at 78 years of age

I am going to pay it for her anyway ...but shes very very upset and stressed and embarrassed on the whole matter ..its breaking her heart bless her .....

so - anyone tried to go for these guys at all ?..any ideas ?....my solicitors are not exactly abundant with solutions :whistling

best I can think of is trying to play the sympathy card and say that most companys capped Redemption penalties at 25% of original loan from around 2007...thats only (only?) £13k

or can everyone sell bonds and bring Gilt yields back up to 2002 levels please ;)

advice please.... :cool:
N
 

BobbyBB

Active member
176 8
I'm sorry to hear about your mother's plight but ER providers are seeing this sort of thing time and time again.

The provider agrees a deal, they put all the paperwork in front of the client and fully explain the all-important penatly clauses which are always expensive. The client however is only thinking about the big bag of cash and they want it TODAY.

Then when tomorrow happens (several years later) and the money they received has all gone, they suddenly realise it's not such a good deal afterall and want out.

I don't think there's anything that can be done, sympathy is not felt in the financial services industry and a deal is a deal. If you were Mr Aviva would you let her off when you had done everything right and had not put a gun to her head to sign. Of course, if it's mis-selling then it's a different matter.

Please don't take this post the wrong way.
 

NVP

Legendary member
37,535 1,988
I'm sorry to hear about your mother's plight but ER providers are seeing this sort of thing time and time again.

The provider agrees a deal, they put all the paperwork in front of the client and fully explain the all-important penatly clauses which are always expensive. The client however is only thinking about the big bag of cash and they want it TODAY.

Then when tomorrow happens (several years later) and the money they received has all gone, they suddenly realise it's not such a good deal afterall and want out.

I don't think there's anything that can be done, sympathy is not felt in the financial services industry and a deal is a deal. If you were Mr Aviva would you let her off when you had done everything right and had not put a gun to her head to sign. Of course, if it's mis-selling then it's a different matter.

Please don't take this post the wrong way.

thanks .....I 1000% agree with you .....they sadly took bad advice and were too proud to talk to the family ......dumbass decision that should have been shared before signing on the dotted line as we all wopuld have found the money for them from somewhere .......I was very highly leveraged at the time and working abroad.....but would have still found some money from somewhere for family

thanks again :smart:
N
 

NVP

Legendary member
37,535 1,988

yep - my own solicitors are good having been to queens council for me before at times re property ....so I have started with them but will go elsewhere if needed...based on the odds of getting a net result of course ....;)

N
 

BobbyBB

Active member
176 8
Also contact some of the claims management firms, I'm sure there have been some setup dealing with mis-sold ER.

ER is/was a big profit/big commission deal so you can bet there's been tonnes of miss-selling over the years. If it was my mother I'd give this a go, no win no fee etc. Got to be worth a shot. Beware of the claims cowboys though, no doubt be plenty of them around as well.
 

neil

Legendary member
5,167 747
Maybe she wasn't mentally able, due to her age , to understand the full implications of what she signed. But I expect (hope) her/your lawyers thought of this point?
 

NVP

Legendary member
37,535 1,988
Maybe she wasn't mentally able, due to her age , to understand the full implications of what she signed. But I expect (hope) her/your lawyers thought of this point?

she didnt want to do it..........but kept her husband happy by signing it ....and they didnt tell anyone as didnt want to worry us ...

jees ...........sometimes I just want to cry :rolleyes:

N
 

NVP

Legendary member
37,535 1,988
I have ranted and raged and argued with the Equity release firm now for over 3 months but they have held fast .......i'm having to part with over £150k tomorrow to get my mother in law out of this mess and clear her debts

It is very clear to me that anyone who is successful at getting money back from these guys is signing gagging clauses as the web has absolutely nothing regarding details of cases or how to proceed in these situations or any advice at all ..............ZERO

even the consumer sites are patrolled by their representatives who immediately respond to critisism with smooth corporate responses to make others think they are helping the people who are complaining

they are not and I will be rectifying that with some more choice words next week at the consumer sites in question

I ask again gang - anyone have any ideas who I talk to next ?.........

thanks
N
 
Last edited:

tallulah9360

Newbie
1 0
I know this is an old thread but just wondered if the OP or anyone else had any update on this? My mother in law is in same position on same scheme with aviva, now owing over £100k on borrowings of £40k. Advisor who sold the product has gone bust and it was taken out before the FSA regulated equity release so they won't help.:(
 

NVP

Legendary member
37,535 1,988
I know this is an old thread but just wondered if the OP or anyone else had any update on this? My mother in law is in same position on same scheme with aviva, now owing over £100k on borrowings of £40k. Advisor who sold the product has gone bust and it was taken out before the FSA regulated equity release so they won't help.:(

sounds just like my exact case

- email me at [email protected] and i will try to help ..............in truth buddy you are not looking to good on this.........Aviva are pretty solid on the legals in these cases

lets see
N
 
 
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