Pensioners to Launch Sam Missile; Hbos in the Crosshairs As Victims of 'Shared Appreciation Mortgages' Fight Back
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Summary
HBOS faces legal action by hundreds of pensioners who were sold "shared appreciation mortgages" (SAMs) by Bank of Scotland in the 1990s.
The action is due to be raised within months by Bath-based law firm Withy King, which is advising the SAM Victims action group. It will claim that the bank breached the "unfair terms" provisions in consumer contract regulation,although advising solicitor Gareth Jones admitted this week: "There is no way this is an easy case to win - it will be borderline."See the full content of this document
Extract
Pensioners to Launch Sam Missile; Hbos in the Crosshairs As Victims of 'Shared Appreciation Mortgages' Fight Back
The mortgages, withdrawn from the market five years ago, gave the borrower a loan worth 25% of the property's existing value, and gave the bank 75% of any rise in value.
Pensioner Charlie Fetherston borrow...See the full content of this document
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