Home Loan Debt That Rolled Up to a Disaster ; How an Equity Release Scheme Promising Easy Cash Can Trap the Unwary in Misery

Summary

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IT IS seven weeks and two days since West Bromwich Building Society evicted John Perry from the house in which he and his late mother lived from 1968. Aged 60 and with no savings or income bar Pension Credit, John spends most of his days in the public library composing faxes to his lawyer. He sleeps in a hostel. He has now been told he must appoint a nominee to retrieve his possessions from the house in Epperstone, Nottinghamshire, which is sealed with steel grilles and being prepared for sale.

John's tragic story is complex. Much of the financial detail is unclear and disputed. But at the heart of the problem is a Pounds 64,000 equity release loan that John's mother Bertha signed up to in January 1990 when she was 71. She died in 2005, aged 86.

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Extract

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Home Loan Debt That Rolled Up to a Disaster ; How an Equity Release Scheme Promising Easy Cash Can Trap the Unwary in Misery

West Brom has refused to answer many questions, claiming data laws prevent it discussing Bertha Perry's loan. And th...

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