Case 31

Another Elderly Victim...desperation and panic!!

My elderly next door neighbour aged 83 visited my husband today bringing documents concerning a Shared Appreciation Mortgage with the Bank of Scotland.

My husband read them in horror.

It would appear he took a loan of Ł61,000 on a property valuation of Ł240,000 in 1997. It is possible that the property is now worth between Ł400 / 500,000, and now at 83 with a wife and no family or children has absolutely no means of paying this back.

When quizzed by my husband it may appear he was ill advised by a financial advisor and was not advised by his solicitor. He was completely unaware of the situation and the product he had until he recently saw a Watchdog TV programme which we did not see.

Alarm bells apparently rang and he has worried alone until he finally broke and came to us for help.

My Husband has contacted Bank of Scotland and has requested a valuation, so we will than have the exact figures