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Flexible cash release plan - was this legal?
Janeypoos2002
Posts: 1 Newbie
My parents took out this flexible cash release plan with their mortgage company in 2002.
I asked them what the plan was and they honestly didn't realise what it was all about as they are old.
After I looked into it, that this plan was a lump sum given to them by the mortgage company for an indefinate period. The interest is high and only do they pay this back when they are dead out of the sale of their house.
Now the mortgage company have the original deeds to this house and my parents only have copies.
They were signed up in their house for this and do not realise what they have done.
Is this illegal in the same way the miss-sold loans and endowments are illegal or can we get it looked into at least?
Many thanks
Cant wait to hear from you!!!:)
I asked them what the plan was and they honestly didn't realise what it was all about as they are old.
After I looked into it, that this plan was a lump sum given to them by the mortgage company for an indefinate period. The interest is high and only do they pay this back when they are dead out of the sale of their house.
Now the mortgage company have the original deeds to this house and my parents only have copies.
They were signed up in their house for this and do not realise what they have done.
Is this illegal in the same way the miss-sold loans and endowments are illegal or can we get it looked into at least?
Many thanks
Cant wait to hear from you!!!:)
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Why do believe it was mis-sold?0
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