Miss-sold loan to elderly parents?

iolanthe07

the local staghounds want us out of the farm, so they can hunt on land.

Sorry to go off topic, but hasn't this been made illegal?

Dabooka

iolanthe07 wrote: »

the local staghounds want us out of the farm, so they can hunt on land.

Sorry to go off topic, but hasn't this been made illegal?

I'm no expert, but I'm sure it still goes on legally under certain conditions?

Xbigman

I'm sorry to hear of your parents problems. I can't help there but I can tell you that if you parents had substantial credit card debts and the bank consolidated with a loan that did actually reduce the interest and out goings then that is unlikely to be miss selling.

If your parents are that clueless regarding money it might be time you stepped in to run their finances. This will be difficult but the time comes where they need help.
Regards



X

oscar52

Xbigman wrote: »

that did actually reduce the interest

I Agree with this part

and out goings

But not this part - simply due to how credit card minimum payments can be made up.

While I agree with a few posts, there are some that are pretty harsh (perhaps I should not be suprised) to the OP, afterall it is not their debt.

I cant say if there was mis-selling or not (like veryone else) from the limited information here, but the bank does have its own duties as far as I am concerned, and a loan payment of 50% of their income is quite obviously unsustainable.

CHR15

oscar52 wrote: »

I cant say if there was mis-selling or not (like veryone else) from the limited information here, but the bank does have its own duties as far as I am concerned, and a loan payment of 50% of their income is quite obviously unsustainable.

That's the burning question.

You would have to guess they asked for this loan as their current repayments were too high to manage.

For all we know, their outgoings to support their debts could have been 70% of their income so reducing that to 50% was a positive move.

Xbigman

Yep. I agree reducing outgoings does not in itself stop a miss-selling claim but it makes it more likely that the miss-selling claim will fail.
That said, we don't know the circumstances or amounts involved. Nor do we know how this was presented to the borrowers. If the bank called them in and suggested a loan then that could well be miss-selling. If the bank called them and offered a number of options, including a loan, then that probably isn't.
Regards



X