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Interest Payments on money from trust/will


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Hi, I hope this is in the right place..

I'm not sure if anyone can help. my gran died in 2018 leaving me and my sister her half of the estate, it was to be held in trust until her husband died so he could live off the interest,

it was agreed between me and my sister, my step grandad and his sons (who now have power of attorney over his finances ) that the trust could be wound up as long as we paid him the interest he would of got if the money was still in the trust,  we had a deed drawn up through a solicitors which says we would pay BOE base rate plus 1% each month (this seemed fair and at the time BOE base rate was 0.5%.

Both myself and my sister used the money to buy a house thus no longer have the money.

for the first few years monthly payments were manageable and every time the BOE rate went up we would pay extra, last year the rates obviously went nuts but the two sons didn't ask for any more, both me and my sister thought they were happy with the 100 pound each month and were relived as we would not of been able to afford more.

out of the blue the sons have contacted us (we are not close at all, but were very close to their dad who now has dementia) they now want BOE base rate plus 1% ( 6.25) it would be over £500 pound a month, we cant get any where near this as we have no extra money each month.

my question is,

what are my legal rights?

can they take us to court?

could I lose my house?

i'm guessing it wont effect my credit rating?

we are both beside our selves with worry,

my Gran and her grandad would be devastated this has happened!

thankyou so much for any help

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well they can take you to court yes...if they ever do and win (fat chance IMHO), you would both (assuming they state you both as defendants on their claim) get a CCJ and that would harm your credit file for 6yrs. but paid or not it would vanish on its 6th b'day. and NO you cant lose 'your' homes!! cant happen!!

to be quite frank i think id ignore them totally for now. just being greedy IMHO.

see where they go with it?

do you still have a copy of this 'agreement' par chance, can you scan it up to one multipage pdf, so the more informed ones than me can take a look at it. read our upload guide carefully. as its a family matter. i would ensure you are careful to remove all names and addresses whomever they are. just incase.

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Hi Thank you so much for taking the time to reply, I've attached the original deed and the later deed that includes the sale of my Grans house. they both refer to clauses in the will, I guess I need to check what these clauses were? 

also, i have read that 'Impossibility or Impracticability' (unforeseen circumstances make it impossible or impracticable to fulfil the terms of contract) may be a reason to void the deed, would the economic crash/Pandemic, change in financial circumstances or the fact BOE rate is so high be used for this?

 

thanks again

 

2020-05-19 2nd DEED.pdf 2018-03-27 1st DEED.pdf

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take a close look into 

Trusts and taxes: Trusts and Inheritance Tax - GOV.UK (www.gov.uk)

and it looks like these stepbothers are after a lot more interest than what was originally agreed too?

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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