Family Loan - Gone Wrong please help

foxwales

She is fully liable for the loan under the Credit Agreement.

If she drafted a "contract" with you, if it states in this contract that you to maintain the monthly payments until the end of the loan then she cannot demand that you repay the full amount without good valid reason.

Providing you maintain your part of the contract then she can stamp and scream and howl all she wants; there is nothing she can do about it in the eyes of the law.

Yes she could try taking you to a Civil Court, but breaching her own contract, hmmm. Judge says no!

marshallka

Wow, this must really be a bad fall out for your mother to do that. :eek:

Looking at this from a "mothers" point of view then I cannot understand it and find it hard to see how any "mother" could do that. :eek:

Even if I fell out with my kids then this would be something that I would look at as business.

Must admit if I ever owed my mother anything (never borrowed from her ever in my life!!) she would always ask for it back as soon as we had fallen out. I just could not do that to mine...

Hope you get it sorted

itsnever2lateisit?

I wonder what you mum told the Loan Co she wanted the money for. Hope she didnt 'mislead' them, else she might find the lender demanding repayment in full

Damocell

I'm afraid so, it has become a very sad state of affairs.

I really want to pay her off so that it's over and done with.

I'd like to point out that we haven't fallen out because of the money.

Damo

skint-student-nurse

is there a possibility that she hasnt been repaying the loan?!

marshallka

What about taking this onto the mortgage... would that be an option as this was to pay for your house.

Credit-Crunched

marshallka wrote: »

What about taking this onto the mortgage... would that be an option as this was to pay for your house.

Not an ideal move in the current climate, eating awat at any remaining equity. I would not suggest this.

marshallka

Credit-Crunched wrote: »

Not an ideal move in the current climate, eating awat at any remaining equity. I would not suggest this.

I said it could be an option, its up to the poster. I am sorry if you find it the wrong thing. Not the ideal solution but just an option.:rolleyes:

Credit-Crunched

marshallka wrote: »

I said it could be an option, its up to the poster. I am sorry if you find it the wrong thing. Not the ideal solution but just an option.:rolleyes:

I was just providing another point of view, just not the best financial advice to recommend adding unsecured debt onto your mortgage in a time of falling house prices and negative equity. When the op comes to RM they have a whole bigger amount of monies to secure.

Sorry if you thought i was contracdicting your views, just people need to have food for thought.

marshallka

Credit-Crunched wrote: »

I was just providing another point of view, just not the best financial advice to recommend adding unsecured debt onto your mortgage in a time of falling house prices and negative equity. When the op comes to RM they have a whole bigger amount of monies to secure.

Sorry if you thought i was contracdicting your views, just people need to have food for thought.

I was not finacially advising.... I was saying an option.... I am not a financial advisor....:rolleyes: