The aims of the Equity Release Victims Association (ERVA) is to bring to the attention ofÂ pensioners who might be very interested in joining a very tempting scheme that offers some cash NOW and an investment by a large bank (usually based in a Scandinavian country) which will cost you nothing as long as the money invested yields an annual profit.
This kind of operation has been going on for several years now and many older people living on the Spanish Costas with a holiday home and a diminishing pension have joined the scheme and ALL HAVE LOST THEIR MONEY and MANY OTHERS HAVE LOST THEIR HOMES.Â Because the large powerful banks lost their money through bad investment or sheer negligence.
The ERVA is a legal registered entity and the members will be in a very strong position to attack the banks which lost their money by going through all the legal channels and with a powerful voice and the backing of excellent lawyers and the Spanish Courts, and the use of Ombudsmen,Â The Press of several countries,Â radio programmes, Â TV programmes,Â and if necessary the European Court.
These losses appear to be calculated by these large banking institutions as they are targeted at old people who might not live very long after the plan has been implemented causing concern for the heirs as the banks attempt to repossess the properties “in order to recover the debts owing to losses” .Â Part of the deal is that the bank takes first charge against the property by way of a registered mortgage.Â The owner of the investment plan has no control over how the money should be invested and usually the bank concerned places the money in bonds which steadily lose your money. Â Even if the bank placed your money in a deposit account it would not lose anything. The account managers of the banks also pay themselves huge annual commissions out of your money resulting in annual losses to you.
These are desperate times and so measures must be taken by us to stop these banks robbing us of our money and our properties and indeed take strong steps towards having our losses refunded.