Filing a consumer complaint
HI RFD, wondering if it's too late to file a complaint or pursue legal action.
Cliffs:
My mom owed the National Bank of Canada $37K (roughly $12K remaining)
A financial institution had my mom take out a $100k loan and invest it in the market (around 2011)
Loaned got called in a few years later while the investment was in the negatives
Mom has not worked or had steady income for over 20 years
Has no knowledge of financial markets or investing
Has delusional schizophrenia (diagnosed in early 2000's and currently on medication)
Without giving too much details, i received a letter from the National Bank (addressed to my mom) to continue paying off her loan which she will. I'm just incensed to learn that a financial advisor or broker took advantage of her.
She's unable to fully explain to me what financial product she bought, what happened etc except that she knows she has to pay off this loan. Again sorry for the lack of details, I have to send the National Bank of Canada a letter with approval from my mom to gain access to her loan details.
Would like to know what recourse I can take, either file a complaint or take legal action. Since the initial investment/loan agreement happened in 2011 is that too long ago to take action?
Cliffs:
My mom owed the National Bank of Canada $37K (roughly $12K remaining)
A financial institution had my mom take out a $100k loan and invest it in the market (around 2011)
Loaned got called in a few years later while the investment was in the negatives
Mom has not worked or had steady income for over 20 years
Has no knowledge of financial markets or investing
Has delusional schizophrenia (diagnosed in early 2000's and currently on medication)
Without giving too much details, i received a letter from the National Bank (addressed to my mom) to continue paying off her loan which she will. I'm just incensed to learn that a financial advisor or broker took advantage of her.
She's unable to fully explain to me what financial product she bought, what happened etc except that she knows she has to pay off this loan. Again sorry for the lack of details, I have to send the National Bank of Canada a letter with approval from my mom to gain access to her loan details.
Would like to know what recourse I can take, either file a complaint or take legal action. Since the initial investment/loan agreement happened in 2011 is that too long ago to take action?
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