Equity Release Claims / Disputes

DavidWalls

My parents signed up for equity release 15 years ago when they were 65. Interest has been 8% and there is nothing left in the house. Are their specialist lawyers or campaign groups who can advise on disputing mis-selling? 

Chris_English

Someone else may help with a lawyer recommendation, but your parents would need to have a reason for believing that they have been mis-sold. Do you know why they think that this might be the case?

Keep_pedalling

Presumably your parents needed the money at the time and as adults they knew what interest rate they signed up for, so although they may have got a better rate by shopping around it would still have been around 6.5% at best back then.  I think they have slim to no chance of a claim, and slim has left town.

MWT

DavidWalls said:

My parents signed up for equity release 15 years ago when they were 65. Interest has been 8% and there is nothing left in the house. Are their specialist lawyers or campaign groups who can advise on disputing mis-selling? 

A bit more detail would be useful, if this was a simple lifetime mortgage product with interest rolled up then you'll need some clear evidence of actual mis-selling as these products had been subject to regulation for a few years at that point and the implications of that type of product are not difficult to understand.

If you've got that evidence then your parents need to go to the financial ombudsman as a first step with a compliant.

There are always lawyers out there hawking their services on a 'no win no fee' basis but you run the risk of being sold expensive insurance or getting stuck with other costs despite the 'no fee' promise regardless of the merits of your case, and if you do have a good case then the free Ombudsman service may be all you need.

Chris_English

MWT said:

DavidWalls said:

My parents signed up for equity release 15 years ago when they were 65. Interest has been 8% and there is nothing left in the house. Are their specialist lawyers or campaign groups who can advise on disputing mis-selling? 

A bit more detail would be useful, if this was a simple lifetime mortgage product with interest rolled up then you'll need some clear evidence of actual mis-selling as these products had been subject to regulation for a few years at that point and the implications of that type of product are not difficult to understand.

If you've got that evidence then your parents need to go to the financial ombudsman as a first step with a compliant.

They'll need to complain to the lender as a first step, won't they? I think that the ombudsman only looks at complaints if the company's own complaints procesds hasn't resulted in a satisfactory outcome.

MWT

Chris_English said:

MWT said:

DavidWalls said:

My parents signed up for equity release 15 years ago when they were 65. Interest has been 8% and there is nothing left in the house. Are their specialist lawyers or campaign groups who can advise on disputing mis-selling? 

A bit more detail would be useful, if this was a simple lifetime mortgage product with interest rolled up then you'll need some clear evidence of actual mis-selling as these products had been subject to regulation for a few years at that point and the implications of that type of product are not difficult to understand.

If you've got that evidence then your parents need to go to the financial ombudsman as a first step with a compliant.

They'll need to complain to the lender as a first step, won't they? I think that the ombudsman only looks at complaints if the company's own complaints procesds hasn't resulted in a satisfactory outcome.

Yes, of course, sorry, should have made that clear, getting to the Ombudsman via the lender/advisors complaints procedure is the first step, not going legal...

Thrugelmir

BOE base rate was around 5.5% in 2007. The 8% rate they locked into therefore needs to be put into perspective. No one foresaw the events that have followed. Hindsight isn't grounds for making complaints and disputes.