MyDadNeedsHelp
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My Dad Needs Help - Bank Want His House
MyDadNeedsHelp posted a topic in Mortgages and Secured Loans
Hi, I'm posting this in the hope that someone can give me advice on how I can help my Dad. My Dad had a company that folded a few years ago that had secured business loans with Lloyds bank. He then had a triple heart bypass and during his recovery time the loan payments were paid by the insurance policy on the loan (it seems just the interest). Now he is working again (self-employed, he is 65) Lloyds want the debt cleared and are telling him they want to take his house. Earlier this year he came to an arrangement with them where he pays a certain amount per month. He made all the payments as arranged but they are now not accepting this arrangement any more and pushing him very hard. He has offered more per month but they say they want the debt cleared. They have now sent him out a form to fill in all his financial details but have already told him over the phone that they want to take his house. They have told him he only has 7 days to get all of this information back to them. My Dad is at his wits end and I'm worried about him. He's really stressed about loosing his house and can't think straight. I'm the only person he is talking to about this but I don't know what I can do to help. So I thought I'd post here in the hope that someone can give some advice on how I can help him and what his legal rights are. If anyone has any suggestions I would be very grateful. Thanks, David
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