It is with profound regret and sadness that the ERVA has to announce the death of D.T., a member of our association.
D.T. and his wife J.T had taken a complex equity release product through Nykredit and Sydbank, via the company Offshore Investment Brokers (OIB) in the belief that it would help, lawfully, alleviate death duties whilst providing an income stream, to complement their pensions. OIB was not regulated to operate in Spain. Sydbank had never applied for authorization to operate in Spain.
Nykredit was the lender while Sydbank managed proceeds of the loan. Losses on the portfolio had risen to 60% and they faced losing their home, previously unencumbered.
The death of Mr. D.T., according to the doctors, had been caused from a cerebral aneurysm precipitated by high blood pressure, a condition directly related to psychological stress.
The couple were residing in Mijas.
At ERVA we would like to thank D.T. for all his support. Our deepest sympathy goes out to his family. May his memory be eternal.