Mis-sold Equity Release Claims
Equity release schemes can provide homeowners with a valuable source of income in their retirement years. However, like any financial product, they can be mis-sold, which can have devastating consequences for the individuals involved.
If you have been the victim of mis-sold equity release, you are not alone. We believe many individuals in the UK could have been sold equity release schemes that were unsuitable for their needs or were not adequately explained to them. The result is that they have suffered significant financial losses and are left feeling helpless and unsure of what to do next.
If you are a homeowner who has taken out an equity release plan and you suspect you may have been mis-sold, the expert ClaimExperts.co.uk panel of mis-sold Equity Release solicitors is here to help. Our panel of experienced solicitors can inform you as to whether you are eligible to claim, guide you through the equity release claim process, and help you get the compensation you deserve.
What is Equity Release?
Equity release is a financial product that allows homeowners to access the equity in their homes without having to sell them. Essentially, it's a loan that is secured against your property. There are two main types of equity release: lifetime mortgages and home reversion plans.
A lifetime mortgage is a loan that is secured against your property. You can either take the money as a lump sum or in regular instalments, and you don't have to make any repayments until you die or move into long-term care. The loan is repaid when your home is sold, usually after you pass away.
A home reversion plan involves selling a portion of your property to a provider in exchange for a lump sum or regular payments. You continue to live in your home rent-free, but you no longer own the portion of the property that you have sold.
What are Mis-Sold Equity Release Claims?
Mis-sold equity release claims arise when an equity release scheme has been sold to an individual without adequate explanation or understanding of the risks involved. This can occur when a homeowner is persuaded to take out an equity release scheme without proper consideration of their financial circumstances, or when the risks associated with the scheme are not fully explained to the individual.
Some examples of mis-selling in the equity release market include:
- Failure to explain the risks associated with an equity release scheme, such as the potential for negative equity.
- Advising an individual to take out an equity release scheme without proper consideration of their financial circumstances, such as their income and assets.
- Failing to explain the impact that an equity release scheme can have on an individual's inheritance or estate planning.
- Pressurising an individual to take out an equity release scheme without adequate time for them to consider their options.
If you have been mis-sold an equity release scheme, you may be entitled to compensation for the financial losses you have suffered as a result. A mis-sold equity release claim can help you to recover the losses you have incurred and ensure that you are properly compensated for the mis-selling of your equity release scheme.
How Could My Equity Release Have Been Mis-sold?
Equity release can be mis-sold in a number of ways. The following are some common examples of how equity release could have been mis-sold:
Unsuitable advice: If the financial advisor or equity release provider failed to provide you with suitable advice or did not adequately consider your circumstances, the equity release may have been mis-sold.
Inadequate disclosure: If the financial advisor or equity release provider did not provide you with all the information you needed to make an informed decision, the equity release may have been mis-sold.
Pressure selling: If you felt pressured into taking out the equity release or felt that you were given insufficient time to consider the implications of the scheme, the equity release may have been mis-sold.
Hidden fees and charges: If you were not made aware of all the fees and charges associated with the equity release, or if the fees and charges were not explained to you in a clear and transparent manner, the equity release may have been mis-sold.
How Do I Complain About Mis-Sold Equity Release?
If you have been a victim of mis-sold equity release, the first step to take is to file a formal complaint to the lender who sold you the scheme. In the complaint letter, you should outline the reasons why you believe that you have been mis-sold and the financial losses that you have suffered as a result.
If the lender does not agree with your assessment, you have the option of escalating your complaint to the Financial Ombudsman Service. This is an independent body established to handle disputes between consumers and financial services companies. They will review your case and make a decision on whether compensation should be awarded or not.
It is worth noting that the Financial Ombudsman Service can only deal with cases that have already been through the lender's own complaints procedure, so it's important to first follow the lender's complaints process before escalating it to the Financial Ombudsman Service. At ClaimExperts.co.uk, our panel can help you navigate the complaints process and provide guidance on the best course of action to take to get the compensation you deserve.
What Time Limits Are In Place For Equity Release Claims?
In most cases, a claim for professional negligence related to equity release must be filed in court within six years of the negligent act or omission. Alternatively, if damage resulting from the negligent act occurred at the point of equity release, the claim can be filed within three years of the date of knowledge, subject to a 15-year longstop.
What Is The Mis-sold Equity Release Claim Process?
The process for making a mis-sold equity release claim can be complicated, but the following are the general steps involved with our mis-sold equity release panel:
Contact: You make first contact with our legal panel using the eligibility checker on our website.
Initial Assessment: You then will need to provide details about your equity release and the circumstances surrounding the sale. This information will be used to assess whether you have a valid claim.
Claim Submission: If you have a valid claim, our panel will help you submit a claim against the lender responsible for the mis-selling.
Investigation: The party responsible for the mis-selling and the FOS will investigate your claim and may request additional information from you.
Compensation Offer: If your claim is successful, you will be offered compensation. The amount of compensation will depend on the circumstances surrounding the sale and the losses you have suffered as a result of the mis-selling.
Appeal: If you are not satisfied with the compensation offered, you may be able to appeal the decision.
It is important to note that the process for making a mis-sold equity release claim can be complex and time-consuming. It is, therefore, advisable to seek the assistance of a specialist equity release claims solicitor to help you navigate the process and maximise your chances of success.
How Much Compensation Could I Receive For A Mis-Sold Equity Release Claim?
If you have been a victim of mis-sold equity release, you may be entitled to thousands in compensation. The amount of compensation you could receive depends on a variety of factors, including the amount of money you lost, the type of equity release scheme you were sold, and the impact the mis-selling has had on your life.
The compensation amount can include both direct and indirect costs, such as the loss of interest on your investments, the fees paid to financial advisors, and any legal costs incurred during the claim process.
At ClaimExperts.co.uk, our panel work tirelessly to ensure that clients receive the maximum compensation possible for their mis-sold equity release claims. Our panel will assess your case in detail and provide an accurate estimate of the potential compensation you could receive.
How Can ClaimExperts.co.uk Help With My Equity Release Claim?
At ClaimExperts.co.uk, we have a panel of experienced mis-sold equity release solicitors who can help you with your claim. Our panel of solicitors has a deep understanding of the mis-selling of equity release schemes and can guide you through the claims process from start to finish.
Our expert panel will handle all aspects of your claim, from gathering evidence and building your case, to negotiating with the responsible parties and representing you in court if necessary. We will keep you informed throughout the process and ensure you understand the progress of your claim at every stage.
Our panel’s goal is to help you obtain the compensation you deserve for the mis-selling of your equity release scheme.
Contact ClaimExperts.co.uk today by using our eligibility checker learn how our panel can help you get the compensation you deserve.
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