Ugent advise needed re loan

mannie

Hi

My mum has got herself in a real mess with the help of her bank the co-op.
Some background info. She is 64 and due to retire in 8 months with a small personal pension and the gov pension.

She asked for a loan of 10,000 which she was granted, over 5 years, (god knows what she was thinking of).

When she retires she will not have sufficient funds to pay it. I have spoken to her about paying off the debt, but wondered if loans have a 14 day right to change your mind like other financial products.

Any advice would be greatly appreciated.

thanks

Emmzi

The answer is possibly, it depends if it was signed on or off bank premises.

If it was off premises ie they sent her the forms, she may have 5 or 14 days... it should state this on the loan papers.

If it was on premises, she may not have this right.

However I think it might be wise to just have a chat with the bank - they *may* be reasonable, especially if they can see it turning into a bad debt later.

regularsaver1

What did she borrow the money for?

they would have had to do an affordability assessement based on what she had told them

she could repay but interest may have accrued during this time

mannie

Thanks to those who replied.

Even though the loan was applied for at the bank directly, there was a cooling off period. The bank were actually very good and the loan was cancelled!

A very relieved daughter

Mannie

Phoenix79_2

You need to speak to your mother as to why she felt she needed to borrow £10k just before she is due to retire. Has she got any money problems that you might not know about?

mannie

I have spoken to mum and now have the complete picture of her financial status. She did owe a little money which I have cleared for her. She now has a clean slate to start her retirement on.

Thanks

Mannie