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danler

OAP and 20K bank Loan

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Hi everyone.

My mums in a bad situation. She's a OAP (67) and I've just found out in bad debt. Her pension cant cover her out-goings. She has a 10k credit card which has just exceeded its limit plus others. Shes been living off her credit card since she retired 4 years ago after. (She owns nothing, she living in a rented house with the council paying most of her rent)

To cut a long story short Barclays bank have offered her a 20k bank loan to clear her debt over the next 7 years. however this puts her to 74 years old.

She earns alittle money (cash in hand) looking after my brother kids after school (£30 per week) and the bank has taken this money into consideration. The bank want my brother to give my mum a wage slip so they can give her the loan, but that means my brother would have to take NI and PAYE etc..... which was meant to be a little extra income for my mum. However this means she is dependant on my brother paying her £30 a week for the next 7 years however his kids are now 11, 9 and 6. Within the next few years she wont be needed to look after them after school..

 

Basically what will be coming in will be going out, no extra incase anythying goes wrong. I have suggested going bankrupt but she does not want to. Can anyone suggest anything else.

I think the bank are wrong in offering her this loan at her age. If I could help her out I would...

I would be grateful for any help, I have asked her to arrange another meeting with the bank so I can find out what exactly is being offered..

Best Regards

Danler

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Of course Barclays want her to take out a loan - they'll bleed her for life given half a chance. Is her credit card Barclaycard by any chance? Suggest you get your Mum to request a copy of her credit agreement from the credit card co. first of all to check if it's legally enforceable. Use the CCA template from this forum & send off £1.00. Don't sign letter - use digital signature or capital letters. They have 12+2 days to produce it. After you receive (or don't) check back on this thread for more info. from members as to how to proceed. Has she go all her statements? Has she submitted a claim to CC company for excess charges? If no statements she could also send off a SAR - again template on site - cost £10.00. After which calculate charges & interest due & make a claim. If you need help, the info. is all here & lots of people will give advice.


Any knowledge I possess or advice I proffer is based solely on my experiences in the University of Life. Please make your own assessment of legality, risks & costs before taking any action.

 

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I think the bank are wrong in offering her this loan at her age.

So do I. Do you know when the credit card was taken out?

 

Really she needs to avoid getting into further debt and it would be unrealistic for your brother to set himself up as an employer. The bank are acting purely in their interests not in your mothers.


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Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

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Just 2 links to look at...

 

CCCS - Free Debt Advice from the UK's Leading Debt Charity

 

National Debtline, for FREE CONFIDENTIAL and INDEPENDENT ADVICE call 0808 808 4000

 

Consumer Credit Counselling Service;

and...

National Debtline.

 

Both are Registered Charities that don't charge a fee for their service.

 

Also...

http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/oft664.pdf

OFT's debt collection guidance..

 

Best wishes, Dave..


If my post was helpful don't forget to click the star!

Advice is offered freely, without liability and without prejudice.

If in any doubt professional legal advice should be sought.

 

I do not profess to be in any way legally trained, I am a big

oily truck driver and all I know has been learned within the

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Without sounding to ... hmmm ... "bad"

 

I've heard of this happening before, banks offering loan to pay off another debt, the loan will be given but SUBJECT to her taking out a life insurance policy with them, or not even telling her that a policy is included (unless she checks the documents or asks of course). This way the bank is almost guaranteed to get the money back should anything happen.

 

She must avoid getting deeper in debt, if she is struggling at present, I'm sure she could do without further stress.


Thanks

- Hobbie

 

--------------------------------------------------------

Under no circumstances should you speak with a Debt Collections Agency via telephone, request that all future correspondence is done in writing, a letter template for this can be located here.

 

Any views expressed are solely that of my own, any advice or information offered is provided in genuine good faith, and should be checked prior to acting upon.

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