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Should this 10K loan have been granted?
Comments
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That would hinge on whether it was a personal loan, which was used to buy a car, or a car finance deal where the loan is secured against the car in some way. If it's the latter, then the finance company own the car.Optimists see a glass half full
Pessimists see a glass half empty
Engineers just see a glass twice the size it needed to be
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Thanks pvt, she signed it at the car dealership. I'm pretty sure it's a car finance agreement but that should all get checked out when they go to see the solicitor.
I don't want to see him keep the car while my parents (who have never even driven) have to pay for it.0 -
Relax: they are not going to lose their house. The worst case (if the finance company go to court and win, which is not certain) would be that they were granted a charge on the house, so that when it is eventually sold they would get their money (plus interest and charges).0
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It's not her credit scire you want, it's a copy if the agreement see if what they're saying is in the contract she's signed dispute if she had null credit they would have secured it against there house so act fast possibly you should contact them explain the situation and try get a settlement payment, if not declare her self bankrupt before she looses her house.
I asked my dad to be a guarantor I offered him £3,000 to keep a hold of whilst I payed but he wouldn't said he would never be a guarantor it's to risky despite who it's for.Total amount of debt - £3540
Overdraft - £1540
Credit Card - £2000
Amount Payed - £100
Amount Left - £34400 -
savethecheerleader wrote: »I found out about this last weekend and I'm exploring all their options. I'm not sure phoning him would achieve much and as I'm 200 miles away walking into Jaguar is not practial.
Perhaps a nice little phone call to the dealership may help then.
Various family members have phoned me at work before now, as it’s realistic for them to need to get hold of me occasionally (I have elderly relatives 4000 miles away). My PA is more than happy to deal with them on my behalf, if I happen not to be about.
CK💙💛 💔0 -
Definitely contact the finance company and ask for a copy of the original agreement so that you can verify what they are saying. Don't acknowledge the debt until they have supplied this. Take it one step at a time and don't panic. If they aren't paid, at some time they will have to try to take your mother to court and at that point you will need to have legal help and may need to prove that your mother wasn't sufficiently responsible for her actions.0
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Your mother's "credit score" from Experian at the time is completely irrelevant to anything - credit scores are meaningless at the best of times, and Experian aren't the ones that loaned the money. Concentrate on getting hold of the loan agreement and chasing the relative up.0
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savethecheerleader wrote: »My question is this surely they shouldn't have granted a 10k loan to a 71 year old lady (who's never driven), doesn't even get enough pension to cover the monthly repayments
This rather depends on what the lender was told (and who told them!). And if there is something wrong there, the question then becomes what can be proven.
Also, I'd hesitate to say that age alone was a reason not to lend someone money.savethecheerleader wrote: »and would have had a zero credit score.
Credit score is completely irrelevant here. Don't worry about it and certainly don't waste your time trying to "prove" anything by it. It's not going to help and any time spent waiting for it to arrive or trying to use it once you have it will always be time that could have been spent better on dealing with this another way.If you don't stand for something, you'll fall for anything0
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