It has been reported that a number of retirement home firms have become the target of the consumer watchdog, the Office of Fair Trading.
The watchdog group is targeting around twenty six of these firms following claims that they could be mistreating their elderly clients through misleading and unfair contracts. There are concerns over the fees that these companies may be charging to clients who decide to buy or let their properties in terms of exit fees.
The watchdog has expressed concerns that the contracts that come with these exit fees could be in breach of Unfair Terms in Consumer Contracts Regulations.
The OFT is now looking into these concerns and one official from the watchdog stated: ‘This investigation is motivated by the need to ensure that terms and conditions are clear and fair.’
The agency has contacted the twenty six companies, which are as yet unnamed, and has provided them with two weeks to respond.
An official from the charity Age Concern and Help the Aged stated: ‘This is good news for thousands of people living in retirement properties who are angry about the charges they incur when they come to sell or rent their homes. Rather than enjoying their retirement, older, potentially vulnerable people are experience a huge amount of stress and worry as they try to ensure the charges they are paying are fair.’
However, he said that whilst the OFT intervention was welcomed there was plenty of other measures that needed to be looked at. He added: ‘We have heard from hundreds of residents who are concerned about many unfair practices that retirement homes are carrying out. The Government needs to improve regulation across the industry as a whole and create simple ways to challenge unfair housing charges.’
Tags: retirement, exit fees, Unfair, retirement home firms, unfair terms in consumer contracts regulations
It is scary to think how a contract could get someone into a financial bind. I suppose some people will always prey on the weak.
No time to scrap mortgage fee ban: The federal coalition’s attempt to reverse a ban on mortgage exit fees may bl…
Know ye that Allah is strict in punishment and that Allah is Oft-forgiving, Most Merciful. 5:98 #Quran
Retirement homes are like prisons; they’re there against their will, the food is shitty, they all take it up the ass from the interns while they’re knocked out on pills, and the gang initiations are a bitch! Old people should be slaughtered when they turn 65 and stuff. GODDAMNIT!!
Retirement homes can be a good option for many seniors but sometimes, you may not be ready to move into a retirement home. There is senior housing available which is more like an apartment community rather than a retirement home. This is a good option for seniors who cannot afford there home any more but aren't ready to pack it up and move into a retirement home.
Ah ma io il target lo avrei anche trovato. Tutto sta a prender bene la mira
Mediziner mit weißer Weste? Pharma-Marketing nicht immer im Interesse des Patienten. Ärzte werden oft ‘verführt’ …
Lelouch vi Britannia commands you…go home and be a family man!
Millions of account holders could be in line for a refund when the supreme court delivers its verdict on ‘unfair’ bank charges Millions of current account customers could come a step closer to reclaiming ‘unfair’ charges they paid on unauthorised overdrafts today when the supreme court hands down a long-awaited appeal ruling. The ruling on a case between the Office of Fair Trading (OFT) and seven banks and one building society, due at 9.45 this morning, will determine whether the fees charged for unauthorised borrowing can be tested under the Unfair Terms in Consumer Contracts Regulations 1999. About 1.2 million people have lodged claims with their banks for repayment of the charges in anticipation of the case ending, but consumer group Which? has estimated the banks could face up to 8 million more claims if they lose. A source in the banking industry said the banks were expecting the ruling to go against them; if it wins the OFT is expected to say that overdraft charges dating back…
This really means a lot to me RT @YoungMcCutty real shit, imma download it when i get home tonight & listen
Depressionen – eine oft verkannte Krankheit
Every member if my family has fought in every war in those country.. I’m DAR and ALL, and
I’m just as proud oft hubby as my ancestors
Retirement Homes in Hyderabad | Apartments for sale in Hyderabad –