Tweet
Re: Newbie: Father in a bad equity release scheme
The biggest problem you will have is, Papilio did not sell the mortage so technically have done nothing wrong, you must chase the people who originally sold and advised the agreement. Papilio are not regulated by the FCA, but the subsidiary company is for administration and servicing, thereby removing any liability for them, bit of a trick but there it is. Check to see who originally sold this
mortgage, they will be liable, I having a feeling its a Northern company. Papilio will not, and are not liable for any assistance, they took over, the reason they are not covered is because they just own the mortgage, I dont like this at all but its the way it is, so dont expend too much energy on chasing them, go to the poeple who did it and then get a court order if you win, but you need to prove wrongdoing, if not, then you cannot get out of it.
The biggest problem you will have is, Papilio did not sell the mortage so technically have done nothing wrong, you must chase the people who originally sold and advised the agreement. Papilio are not regulated by the FCA, but the subsidiary company is for administration and servicing, thereby removing any liability for them, bit of a trick but there it is. Check to see who originally sold this
mortgage, they will be liable, I having a feeling its a Northern company. Papilio will not, and are not liable for any assistance, they took over, the reason they are not covered is because they just own the mortgage, I dont like this at all but its the way it is, so dont expend too much energy on chasing them, go to the poeple who did it and then get a court order if you win, but you need to prove wrongdoing, if not, then you cannot get out of it.
Comment