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NVP

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  1. Hi Everyone after numerous hours of arguing - at least 1 failed attempt by Aviva to calculate the correct penalties and about 20 E-mails ...............I have yesterday received final confirmation that aviva will not uphold my complaint or be reducing the redemption penalty on my mother in laws terminated Agreement £150,000 of costs and fees including a £30,000+ redemption penalty based on Gilt yield differentials................a very unfair clause and approach that should never have been offered or sold into the deal without other options such as a cap. Not only will I now be escalating this to the onbudsman, the OFT and the courts but also Watchdog..............Aviva please dont cover this post again with a PR stunt and try to soften the message .................I mean business and will not walk away from this and neither should anyone else who is subjected to this 1 sided process........and dont tell me that Aviva is correct and legal ground - the redemption clause stinks ................if you look at the papers you will know that banks are provisioning hundreds of millions for missold derivatives which amounts to the same thing ......so its one rule for businesses and another rule for consumers not this time........if anyone can offer assistance or help or advice please e-Mail me at my trading business address [site team edited] thanks Nvp
  2. Hi Aviva My Mother in law (and late Father in law) took out an Equity release deal with NU (now Aviva) in early 2002 They did sign on the dotted line and had IFA advice (family member who was an IFA) ....they wanted to tuck some money away for the future plus pay off a few bills....although in truth they did not understand the nature and impact of the redemption penalty rules (few would..) 11 years on she is a lonely widow and wants to downsize from the house - her husband died 5 years ago now and she is lonely + its to big to heat and manage, the stairs are becoming a struggle for her and in truth we would prefer her nearer to us now in a retirement home and in a quieter area (she is in Bromley Kent). we are over an hour away and want her 10 mins away ....Summary the £50k loan is now £118k......cant despute that .....but the redemption penalty clause states its based on the Redemption Gilt yield differential between Jan 2002 and the date of redemption for the UK 2028 6% Treasury bonds ouch ! - current yield is around 2.7% vs 4.7% in 2002..........the rules state that even a 2% differential equates to a 50% penalty on the original loan (thats another £25k on top of the £118k) The IFA family member died a few years back and the IFA came for a chat then - but were not interested in her as there were no more commissions to be earned ..........so I had to write to aviva last week to request full costs and terms if we do close out the Loan......... we have the document and its £135k including a £15,000 redemption fee at current rates I have written to my solicitor for advice Meanwhile perhaps here I can request directly heres that someone at Aviva can review this contract now and reduce (or at least cap) the somewhat incredulous penalty fees ? I read that in 2004 a (25%) cap was placed on the NU/Aviva penalty clauses due to the unfair nature of earlier agreements - so could I at least request that ? my other issue is that due to the dynamic market I have no lock in to what this redemption will be until the actual day of redemption ........this means I am trying to agree a moving net price with the retirement home .......this is not good and is causing a lot of grief for the family as it will take a few months to sell the house and we need every penny to secure a nice property and no I do not want any further offers of more equity release ..enough is enough thanks to Aviva in advance for some urgent advice.........just a contact will do please thanks Neil
  3. is it that lost a cause ?..............surely I can complain to someone and ask for a review and try to get the redemption capped ? what about websites where I can apply a little guerilla leverage ?..........they surely dont like such stories leaking out as it reduces sales and is bad press ? thanks N
  4. Hi all My mother in law (and late Father in law) took out an Equity release deal with NU (now Aviva) in early 2002hands up....they signed on the dotted line and had good IFA advice (family member who was an IFA) so no complaints there....they wanted to tuck some money away for the future plus pay off a few bills....11 years on she is a widow and wants to downsize from the house - her husband died 5 years ago now and she is lonely + its to big to heat and manage, the stairs are becoming a struggle for her and in truth we would prefer her nearer to us now in a retirement home and in a quieter area (Bromley Kent).we are over an hour away and want her 10 mins away ....Summary the £50k loan is now £118k......cant despute that .....but the redemption penalty clause states its based on the Redemption Gilt yield differential between Jan 2002 and the date of redemption for the UK 2028 6% Treasury bonds ouch ! - current yield is 2.6% vs 4.7% in 2002..........the rules state a 2% differential equates to a 50% penalty on the original loan (thats another £25k on top of the £118k)the IFA family member died a few eyars back and she lost touch with the IFA company then ......so I am writing to Aviva today to request full costs and terms if we do close out the Loan.........it seems they are watertight and I have no way of reducing what seems a rediculous pernaly clause ?I read that in 2004 a (25%) cap was placed on the penalty clauses so could beg for that ........any advice would be greateful.my mother in law is pretty sturdy so we cant claim she HAS to go into care even though she will move to a retirment home ....I spoke to my solicitor but they said we probably wouldnt get any relief at all here .....thanks all in advance Neil
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