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Mr. C brought a complaint to OBSI on behalf of his mother regarding a Power of Attorney (POA) document she signed appointing her three children to act as attorneys on her behalf. Each of her children could act alone.
Mr. S was his late aunt's primary caregiver. For three years, he took care of her by taking her to doctor's appointments, hiring additional support persons, consulting lawyers, making medical decisions and attending to other needs as they arose.
Mr. W had a mortgage with his bank, and wanted to know what penalty he would be charged if he paid out his mortgage early. Mr. W was told that the penalty would be $2,300. He was also made aware that this amount could be significantly higher if five years or less were remaining on his term. At the time of this call, this second clause did not apply.
Mrs. A's husband passed away in 2008 leaving her the sole beneficiary of his estate. After his passing, Mrs. A submitted life insurance claims for $88,000 covering the two lines of credit (LOC) that her late husband had taken out in 2000 at their bank.
Ms. H went on a trip overseas where she claimed she was the victim of a credit card fraud. Ms. H insisted that while she was travelling she never used her credit card or gave her PIN or card to anyone. Several overseas cash advances were recorded during her time abroad. She therefore asserted that she was a victim of fraud and requested that her bank compensate her for her loss of just over $3,000.
A couple in their sixties first met an advisor at an investment seminar. He arranged a meeting and recommended that they borrow $450,000 to invest. Although uncertain, the clients signed the loan documents. A week later, the advisor found out that the clients only qualified for a lesser $300,000 loan. He authorized the amendment to the loan and the money was invested a few days later. After receiving a loan acknowledgement and investment confirmation in the mail, the clients immediately called the advisor to complain as they believed they had just signed an application.
A couple in their 40s deposited $100,000 with a mutual fund dealer, obtained a “2 for 1" loan, and invested a total of $250,000 in mutual funds.
A client with about $1,000,000 in GICs and a number of real estate investments met with an advisor. His account application said that he had an investment time horizon of 15+ years and objectives of balanced capital growth. He was quite knowledgeable and worked in real estate development.
The retired client's only asset was a $500,000 one-year Guaranteed Investment Certificate (GIC). She rented an apartment with her sister and had no debts or liabilities. For income, she received Canada Pension Plan (CPP) payments and monthly interest from her GIC.
In February, 2005, an 80-year-old widowed client decided to sell her house to her daughter-in-law for $100,000, though she would continue to live in the house. As the daughter-in-law was not able to qualify for the $95,000 mortgage on her own, she asked the client to co-sign the mortgage, as well as act as a guarantor on a loan, which the client did. A few months later, the daughter-in-law informed the elderly client that she no longer wished to provide her with accommodation and asked her to move out of the house.
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