We regularly receive new enquiries from people who have invested in the Resort Group in cash.

We usually can’t help these people unless a regulated IFA firm was involved in the transactions.

However, it has come to light is that some of these people have raised their deposits via interest only mortgages.

That changes the process, as, if the regulated mortgage adviser knew that the deposit was going to be used to pay the deposit for your TRG property you may well have a claim for compensation.

Whilst this may put a little smile on your face you may still have a few problems to overcome.

Time Barring

The biggest issue of them all:

A complaint can be time barred if the advice was given more than 6 years ago. No doubt this applies to all of you.

But there is a second part to this rule:

You can bring a complaint forward within 3 years from the date when you reasonably ought to have become aware that there was an issue with the advice.

Can You Claim Compensation?

Now, you may have been lucky as TRG only recently stopped paying, so you could argue that you have only become aware of the unsuitable mortgage advice now, reading this blog post.

However, if the adviser completed the application forms telling little white lies, explaining that you were using the money for home improvements or that you were planning to repay the interest only loan via an ISA or another repayment vehicle – your claim may be rejected.

Whilst we understand you may have been told it was OK to sign the paperwork because no one would ever ask any questions, unfortunately that is not the case.

The firm may argue that you should have been aware there was a problem with the paperwork when you signed it. It was a legal document and you had a duty to check that the paperwork was correct.

Why don’t you collect all the paperwork and have a look at what the letter of recommendation or suitability letter stated. And, if it said you wanted the money as a deposit for your overseas investment and would sell it to repay the loan, you may be OK and entitled to compensation.

Give us a call when you’ve got the paperwork in front of you for guidance on how to do this yourself – free of charge – or to enlist our expert services.