Elderly Man: Equity Loan: Help Needed

Hi All,
I would be grateful for your input, my sister in law's grandfather 30 years ago, took out equity from his property under one of these equity release schemes and whilst the charge then was around 55k, this has risen significantly given the rise in the property value. The elderly man is now 95 years old and he is worried about his financial affairs and what is left for his family and this has just come to light.
Can anyone advise what action can be taken for miselling as he claims he was unaware of what he was signing up for back then etc.

Comments

  • brettcta
    brettcta Posts: 4,693
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    edited 22 June 2020 at 9:35AM
    He puts his complaint in writing and sends it to the lender with any proof of his allegations he may have.
    helpful tips
    it's spelt d-e-f-i-n-i-t-e-l-y
    there - 'in or at that place'
    their - 'owned by them'
    they're - 'they are'
    it's bought not brought (i just bought my chicken a suit from that new shop for £6.34)
  • societys_child
    societys_child Posts: 7,110
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    He didn't know what he was signing up to 30 years ago? What has he done with the money?
  • dunstonh
    dunstonh Posts: 115,690
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    edited 22 June 2020 at 7:16PM
    Can anyone advise what action can be taken for miselling as he claims he was unaware of what he was signing up for back then etc.

    Was he mentally unable to understand what he did 30 years ago?  (not now but then)

    Most of these involved a solicitor to talk through the disadvantages and risks of equity release.   Is he suggesting that the solicitor was involved in misselling it too?

    What evidence does he have to support his allegations?

    What happened to the money he borrowed? If he borrowed money and didn't realise he borrowed money then what did he do with that money?

    A complaint about a transaction 30 years ago is going to be hard to succeed on.  Complaints can only be considered if advice was given and it was post regulation (not pre-regulation)

    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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