We are proud to announce that The Equity Release Victims Association website is up and running. If you are a victim too, please feel free to join our community. We will post regular updates on any progress made by our association in the defence of our members’ interests, and in the fight we are carrying out against the unscrupulous banks which have orchestrated the equity release scam.
The more one thinks deeply of the Equity Release Scandle the more you realise of the potential fraud conducted against the Spanish Tax Authorities. So far it is estimated that there could be as many as 700,000 victims spread across Spain, now lets say that the average so called mortgage was 500,000 euro, this makes a staggering total of some 350,000,000 (million) euro that has been secreted away from Spain to ( this then tax haven in) Luxembourg. I am not sure what the rate of Spanish IHT is, as it is rather a complicated subject, however it could be in excess of 100,000,000 (million) euro that should have gone into the coffers of Spain,which I am sure would be very much appreciated. In fact the people who have signed these Equity Release Contracts have themselves committed the fraud even though they were seduced by the banks into so doing. They have no need to worry though as the fraud against them will only be discovered on their death and it would be somewhat difficult for the Spanish Tax Authorities to prosecute them from the grave. This leaves one massive burden for their poor defendants who may as a result of their stress follow their loved ones rather sooner that they expected.
my father took out a equity release scheme in england and was totally ripped off by a company called in retirement reversions ltd………they went out of business in 2009 and were prosecuted by FSA for unfair contracts and breaking community law, i was wondering if anyone out there has anymore information..?………tel…..simon on 07967257644…..thanks..!
Hi Simon. Unfortunately I have never heard of this scheme, but there are many of them around. As you know Equity Release Schemes in them selves are not all illegal but many in the past have been and as a result many banks and building societies have been prosecuted and made to pay huge fines as well as compensation to the victims. It may be worthwhile finding out which bank or building society was involved with retirement reversion Ltd. and ask the FSA to investigate, alternatively seek the help of a good law firm in England. If you have a good case many of these solicitors will work on a no win no fee basis or CFA as it is known. Equity release schemes when a financial service has been attached were outlawyed in the UK in 1990.