Equity Release - I've lost my home

rheme

Is anyone watching itv regarding equity release.

This is frightening

Broken_hearted

Moral of the story is don't trust Barclays. That said my mortgage is great.

Gorgeous_George

I don't know that what Barclays and HBOS have done is so wrong. When these deals were brokered no-one knew that HPI would be so rampant over the coming years.

I would guess that the deals were mis-sold and that may be the best way for the 'victims' to seek compensation. Certainly, I think that this would be a better case for misselling than endowments and the charges far more unfair than bank charges.

Barclays should return much of their profits from these schemes to those who have lost out in return for an agreement that it is a full and final repayment without admitting liability. A line needs to be drawn under this matter sooner rather than later. Delaying could be seen as a cynical ploy to save money as the 'victims' die off.

I have no dealings with Barclays or HBOS. If I did, I'd be tempted to move my business elsewhere.

GG

Gorgeous_George

Broken_hearted wrote: »

Moral of the story is don't trust Barclays. That said my mortgage is great.

I think that the lesson to be learned is to ensure that our friends and family do not fall prey to these vultures and their like.

GG

Jennifer_Jane

I agree with Gorgeous George on this, and the mis-selling proposition and with drawing a line under this. It's very sad, and you tend to go with Companies like Barclays because you feel they are trustworthy and ethical. I was surprised when the programme started and they mentioned Barclays. A big shame.

dolce_vita

F*ck 'em.

They took the money at the time and have blown it.

ManAtHome

But if you go back to late 90s (from possibly impaired memory..) loan rates around 8% and several years of HPI under 2% (if not negative). Obviously a bad deal when you can predict the past...

mr.broderick

dolce_vita wrote: »

F*ck 'em.

They took the money at the time and have blown it.

Murky waters dolce..murky waters :rolleyes:

epz_2

the bit i dont get is the bloke who sold his home to buy a caravan, i mean if you know its going to cost a fortune then either dont move or rent it out and rent somewhere else.

everybody knows there isnt such a thing is free money, saying "oh its a big company ill trust them" doesnt alter that fact.

cattie

I watched the programme & the moral of the story I feel was to ensure you read & fully understand anything that you are signing, especially where financial matters are concerned.

Of course at the time the banks didn't know how property was going to boom in the future, no more than those wanting to release cash from their homes did. We can all be very wise after the event & start laying blame fairly & squarely on the lenders.

SquatNow

"equity release"..... theres money trapped in my house... how do I set it free?

The term "Equity Release" is an excelent bit of spin... it's a second mortgage, plain and simple. But if you called it that people wouldn't touch them with a barge pole.

It's ironic that most of the people being caught out by these lived through the 80s and saw the damage 2nd mortgages did.

It's the first gentle breeze of a financial storm. When it hits the country will look like a tornado has been through.