Late Payment Charges

manofkent69

Dear Forum Members

I have just been given a pile of paperwork by my elderly parents to try and sort out as they have a major problem.

It would appear my father borrowed £15,183.13 in 1989 secured against the house.

As at 2006 he had made payments totalling £60,829.06, but I think due to late payment charges they have added interest on the intrerest with a net result of £24,441.84 still outstanding.

Any suggestions on how best I can help them out will be very welcome.

Regards

Manofkent69

Trying_to_be_good

Help them out with what? Do you think they' are being treated unfairly?

You'll need to post more details if you think they're not getting what they signed up for, e.g.lender, term, interest rate(s), whether it's a repayment or interest only mortgage etc. Also what late payment charges there are.

Errata

Talk to the CAB about this. There have been some very iffy loans made to people, putting them in the same position as your parents and the CAB has been able to sort them out. There was one in particular that went to court and the Judge wrote the loan off.

Robert_Sterling_3

If they own their own home they might be able to release equity to clear their debt.

Have you got all the paperwork for the past 20 years?