Lloyds TSB - Payplan

[myusername]

I am after some advice on behalf of my parents, my mum had gotten herself in some debt and started a payplan account last June and has now not missed any payments.

 

From looking at payplan all creditors have accepted the payments and the debt is due to be cleared by June 2019.

 

But she has now received the following letter

 

Copy of Credit Agreement Supplied - No Date or signature

 

 

 

My dad would like to know if he is now responsible for what we believe is an unsecured debt and if he takes her name off of house deeds would this protect their home. Other option he wanted to consider is transfering ownership to myself and my brother.

 

After looking at Credit Agreement have gotten her to do a request for True Signed Copy.

 

Any help you can offer will be mostly appreciated, if there are links you can provide also appreciated.

Edited September 22, 2008 by myusername

[myusername]

Just for information my mum works 13hours a week as a MTA, I cannot understand why the bank would offer a loan of 13k with monthly repayments of very close to her monthly wage.

 

Do I have any grounds to complain to the FSA over this obvious mis-selling of products.

[PGH7447]

you have left your mums name on the document

 

I would send this to payplan to deal with

[master woody]

Regarding the issue with the house:

L-TSB can only apply for a charging order only if your Folks default on any payments to the court IF the get a CCJ agiant them

IF your folks Defaulted on the court payment LTSB MIGHT apply for a charging order.

IF a charging order was granted, this would only mean IF your folks sold the house the debt would be automatically paid back to the creditor via any equity in the house after the mortgage was paid.

Having the loan in one name and the house in joint is probably a good thing. IF TSB tried to force a sale which is VERY unlikely. This would fail as you would argue that your farther is being disadvantaged because of a debt that’s nothing to do with him.

If you got your mothers name off the Mortgage and land registry title of course this would give you more protectio But you would need to seek professional assistance regarding taxs, deed of gift, capital gains and so on

Basically I don’t think the house at this point is in the equation

look at all the if’s !

[myusername]

thanks for your replies and i have removed the name from the letter. He is still waiting to see a solicitor and at least sending a CCA Request will add some more time.

 

Thanks:cool:

[PGH7447]

still says dear mrs L***

[myusername]

still says dear mrs L***

 

really shouldnt as its new image

[PGH7447]

gone now:)

[emmaf01]

Hasn't the loan got PPI on it from that form? Need to reclaim that, therefore reducing the debt further.