co-signed loans

[multijoy]

Hi,

 

I wonder if anyone can offer any suggestions.

I'm posting on behalf of my Mother-in-law who was widowed about 4 years ago.

 

Her husband took out a couple of loans, for an unknown reason (my wife has suspicions regarding some vices, but that's speculation), and asked her to co-sign them but without giving her the details.

 

He subsequently passed away intestate.

 

Whilst the mortgage and other debts were paid off by the life insurance, these loans weren't and continue to run.

 

She has been unable to work since and these are taking a sizeable chunk of her monthly income

- of her £700/mo income, a good £400 is paying these loans.

 

She is receiving some assistance from her children, but this is an untenable situation.

 

I've no information on the loans at this time,

apart from the fact that they appear to be unsecured and are co-signed

(but it's unclear whether she's a guarantor or tied in some other way).

 

Any thoughts as to a route whereby the outgoings can be reduced (or, indeed cancelled)?

 

My concern these days is the ease at which a creditor can force a charge/sale of the house,

which is something we really want to avoid

- once upon a time I would have suggested playing hardball,

but creditors obviously have a bit of a nuclear option at their disposal.

 

I don't know what, if any, contact has been made with the lenders

- my wife and I had a chat with her about this and some PPI issues

(if anyone knows anything about claiming PPI on behalf of a deceased's estate, do point me in the right direction!)

and I said I'd make some enquiries for her.

[silverfox1961]

Hi and welcome to CAG

 

This sounds like joint loans where each named person is jointly and separately liable for the debt so if one party passes on, the debt is still 'live' with the other party.

 

For starters, fill out a personal income and expenditure form using her own money only. Then work out what she has left and offer that pro rata to the creditors.

 

There are some letters in the library to help get her started.

 

http://www.consumeractiongroup.co.uk/forum/forumdisplay.php?403-CAG-Library

[dx100uk]

you say you know nowt about the loanS?

 

are they showing on her CRa file?

 

surely you know who she is paying on them?

 

as for the late husbands PPI

if she was an exec of the estate / his affairs

then she can reclaim the PPI

and any PENALTY charges too.

 

dx

[multijoy]

The loans are known, it's just I don't have sight of the paperwork.

The purpose of them will forever remain a mystery, however.

 

I've been told that the loans themselves might have PPI on them,

which if it doesn't cover this situation then it's clearly the very definition of mis-sold.

 

The difficulty with the estate is that her husband died intestate

- he may have written a will, but he neglected entirely to tell anyone where it was.

[dx100uk]

who are the loans with please.

 

http://www.sayermoore.co.uk/Intestacy.ink

 

she should still be able to get the PPI etc back

 

dx

[fkofilee]

Once you find out who the loans are with etc, You can SAR them for all the info and also try using the CCA trick.

Best place to start?... Bank statements, fine out who payments are going too...