Help!!!

macegang

I wonder if anyone can help us? We have just found out today that my mother in law took out a loan 2 years ago for £30,000 (unsecured), she is 66 years old now and her husband has only just found out. The repayments are £500 per month and neither of them work as they have a disabled daughter who they care for 24/7. How can a bank lend to someone in their sixties, who doesn't work and has no income?? The bank was the Halifax. Can anyone tell us what we can do to try and sort this. Thank you

regularsaver1

The maximum unsecured loan that the Halifax does is £25k - so unsure why you say £30k.

She can complain and find out what income what keyed on the loan to assess it.

Visit branch who can have a look at it - but for data protection they canonly speak to loan holder

macegang

we have just found out that it is possibly lloyds tsb, but not sure as more and more details keep coming, but still an unsecured loan of that amount to someone in their 60's has to be wrong surely???

regularsaver1

lets not bring age ito it as we could be seen as ageist, as can the bank

but regardless of age - an affordability assessment will always be done, based on information given by the applicant.

have you spoken to mother in law about why she borrowed this money and what she said her income was?

macegang

i'm not sure how the loan came about.... i think it may have just been a letter from the bank like the ones you get offering credit cards, just sign it and return it...........i haven't spoke to her yet because her husband knew nothing about it and only found out today, so as you can imagine things are difficult... would she have to be present for the bank to tell us anything??? and surely they knew from her accounts that she wasn't working and neither was her husband, in fact she hasn't worked for almost 20 years since their daughter got ill. They have banked with lloyds tsb for years.

regularsaver1

you can never just sign for a loan. She may have had a marketing mailing but would have been credit scored and also income details would have been collectyed

If the loan is in her name only then it doesn't matter that her husband was not working as the assessment would have been based on her.

She would need to be present for them to talk to you yes - maybe put things in writing though?

Has she got a copy of the credit agreement?

We don't want to presume until we have the facts

macegang

Thanks for your help, we'll see what we can get done over the next few days, but because we live about 50 miles from them it's kinda hard doing it long distance!