
PhiliPamInCoventry Holbrooks All posts by this member | 1 of 68 Tue 5th May 2015 11:16am Moderator, : Joined Apr 2010 Total posts:3818 Equity release
Many folk who decide to release equity from the value of the property that they are living in, often discover after the event that they have given themselves a life sentence of being a prisoner in their own home. At some point, someone will have to meet the cost as this is not a free service & that just might be you, not someone to whom the property has been left to. Any number of changed circumstances could bring about a situation where you wanted or need to move house, but equity release will prevent that until the entire release value has been repaid, along with the huge fee.
I would not dream of telling anyone what to do in their life circumstances, but I do want us all to know & understand the actual facts. ![]() |
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fidobsa Hungary All posts by this member | 2 of 68 Wed 6th May 2015 6:10pm : Joined Feb 2015 Total posts:31 I wonder if this equity release could be used as a way to prevent you losing your property in the event that you have to go in a nursing home? I have always thought it unfair that whilst people without savings or their own home can get nursing home care for free, those who struggle to pay a mortgage for 25 years are forced to sell their childrens potential inheritance to pay the fees. |
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PhiliPamInCoventry Holbrooks All posts by this member Thread starter | 3 of 68 Mon 26th Jun 2017 3:25pm Moderator, : Joined Apr 2010 Total posts:3818 Hi all ![]() |
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PhiliPamInCoventry Holbrooks All posts by this member Thread starter | 4 of 68 Thu 17th Aug 2017 11:31am Moderator, : Joined Apr 2010 Total posts:3818 Hi all ![]() |
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PhiliPamInCoventry Holbrooks All posts by this member Thread starter | 5 of 68 Sat 23rd Jun 2018 12:17pm Moderator, : Joined Apr 2010 Total posts:3818 Hi all ![]() |
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PhiliPamInCoventry Holbrooks All posts by this member Thread starter | 6 of 68 Sat 21st Jul 2018 1:49pm Moderator, : Joined Apr 2010 Total posts:3818 |
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PhiliPamInCoventry Holbrooks All posts by this member Thread starter | 7 of 68 Mon 24th Feb 2020 8:46pm Moderator, : Joined Apr 2010 Total posts:3818 Evening all,
I've just watched the Martin Lewis Money Show, the last in the current series. Tonight's show concentrated on scams.
Personal identity theft, or even partial identity theft, is so common. So much so, that even if we were to change our passwords every week, within a day, some part may have been breached. Not necessarily from our records. One of our traders or the like may have been accessed. The one thing that we can do, if we bank online, is to check each account that we have very regularly. Not just once a month, please. I check mine daily, using a separate device, with no phone access.
That's my take on the subject of scam vulnerabilities. Hope that helps. |
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Helen F Warrington All posts by this member | 8 of 68 Mon 24th Feb 2020 11:34pm Moderator, : Joined Mar 2013 Total posts:3189 Banks and credit cards are introducing phone code security, where certain actions like adding payees require you to enter a code sent to your phone. On mine I get sent an email or text message if a payment is above a certain size or my account goes below a certain level. Unless a website is a bank or similar, I never give my real birthday. I have to keep a list though. ![]() |
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pixrobin Canley All posts by this member | 9 of 68 Tue 25th Feb 2020 12:10am : Joined Mar 2014 Total posts:744 I got a scam call today - though perhaps yesterday by the time you read this. A call from a 01403 number (code is for Horsham, Sussex) suggested my internet would be cut off within the next two hours. To prevent it I should input the number one and that would automatically put me through to my service provider. DON'T!!!
Twelve hours later my internet is still working.
Robin |
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Dreamtime Perth Western Australia All posts by this member | 10 of 68 Tue 25th Feb 2020 1:08am : Joined Jan 2010 Total posts:2337 Thanks for that Pix,
I had exactly the same message twice last week but saying it was Telstra and then NBN saying they were working in the area. I had to press one.
The one from NBN was a woman's voice. My internet is still working a week later - touch wood. Although they did ring off after their message.
I hope their call cost them a packet!!
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Slim Another Coventry kid All posts by this member | 11 of 68 Tue 25th Feb 2020 7:46am : Joined Mar 2013 Total posts:614 Beware. As I said in a recent post, I got the same scam purporting to be from Amazon - and I've never done Amazon! Whatever you do don't press one! Especially from a mobile. The scam is you've then initiated a call which is charged at premium rate, e.g. £99 per minute, which you won't know about until your next bill.
As for the "incoming" number and area code, that doesn't mean anything. It's usually spoofed. The Amazon call I got appeared to be from Plymouth (Devon, UK). One of the downsides of modern digital technology is that it's made life easier for the criminals. They once had to physically break into a bank vault to steal your life savings. Difficult and risky. Now they can do it from anywhere on the planet, using the internet to hack your account and embezzle. Easy. ![]() |
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Helen F Warrington All posts by this member | 12 of 68 Tue 25th Feb 2020 12:18pm Moderator, : Joined Mar 2013 Total posts:3189 My friend regularly gets the 'press one or your phone and internet goes off' calls. Touch wood, I get none at all. I'm signed up to receive no marketing calls (Telephone Preference Service TPS), I'm ex directory and I'm ex visible voting register and have been since I got the number. My friend hadn't done this for her maiden name and even though she's married now, she still gets called but they're for her maiden name. I discovered that that name was still visible in online directories. Last time I looked her name had gone - it remains to be seen if the calls taper off. The TPS used to be set by name but I think it must now be by phone number. Which makes sense as you don't want to miss a member of the family or the previous owners and get their marketing calls anyway.
What I do get is periodic calls for a pair of ratbags who give my number to things like their gas supplier and then don't pay. I get called by debt collectors and even the Citizen's Advice Bureau. Quite a few of those organisations have automated system to ask for the person and then say 'if this is not you press 1. I just hang up'. If they really want to find out, they'll have a real person ring. |
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3Spires SW Leicestershire All posts by this member | 13 of 68 Wed 26th Feb 2020 11:20am : Joined Apr 2018 Total posts:98 Beware of the latest TV Licensing scam - appears regularly in TalkTalk emails.
They claim they have been "unable to automatically renew your licence as your bank has declined the latest Direct Debit payment."
They are trying to trick you into clicking on the Direct Debit link - DON'T!!
Best thing to do is to delete the email and/or forward it to the "phishing" department of your ISP (Internet Service Provider). |
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PhiliPamInCoventry Holbrooks All posts by this member Thread starter | 14 of 68 Thu 19th Nov 2020 6:26pm Moderator, : Joined Apr 2010 Total posts:3818 Hi all,
Sorry to annoy you with my old moan subject, but two Equity release stories have unearthed themselves to me in recent weeks. One, a widow in Coventry, another in Nuneaton.
In both cases, each widow was expecting a financial provision from their substantially valued homes, but alas, in both cases the cupboards are empty.
Folk just do not realise the implications of compound interest, where just a fairly minor/modest release of a few bob, in one case just over £20k twenty years ago, now means that the home, in a very well to do area of Coventry has no value for the widow, at a time where she was hoping to employ carers.
Neither of these families could be described as stupid, both, skilled members in society, but their finance expertise, zero.
Equity release is easy, too easy, often portrayed as the obvious solution to a cash shortfall. There are various ways to manage it, if it's undertood, that for example would require a relatively small monthly payment, just to pay off the interest in its infancy when it is manageable, not waiting for the value to rise to £7k a year.
I'm honestly so sorry to gripe you with this issue, BUT, PLEASE, PLEASE BE WARNED!
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Helen F Warrington All posts by this member | 15 of 68 Thu 19th Nov 2020 7:11pm Moderator, : Joined Mar 2013 Total posts:3189 A very important warning Philip. I was well advised from the get go since I took out a repayment mortgage at the height of the endowment selling era. Every bit of spare cash went to paying a bit more off. I liked the idea of having a guaranteed roof over my head. It would take a lot to persuade me to reverse that process. |
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