New poster - Mum in trouble - HELP!

regularsaver1

Bit unsure about the "irresponsible lending" expression

if he could prove that he could afford a loan and depends on what the loan was for, then 76 year olds will get loans. Otherwise would bank be accused of being ageist?

Banks should always do an affordability calculation. do you know anything about the application?

margaretclare

regularsaver1 wrote:

Bit unsure about the "irresponsible lending" expression

if he could prove that he could afford a loan and depends on what the loan was for, then 76 year olds will get loans. Otherwise would bank be accused of being ageist.

They may not even ask what the loan was for! Some would argue that pensions income is better than being in work - after all, pensioners don't lose their income from redundancy, do they? DH and I, both aged 71, have several thousands of pounds of available credit on 4 cards between us (I hasten to add, we don't use it - we both pay off balances religiously every month!) but if we chose to go off round the world and disappear, then what's to stop us?

Margaret

regularsaver1

Insurance would not be available on a loan, usually past the age of 65 or 70 in some cases.

But this doesn't mean that loans are not done for people of that age, providing they have the income

margaretclare - sorry to pick on you, how would you feel if a bank said, "no we will not give you a loan because of your age" before even looking at your income?

which they will assess

HelpingMUM - like you said, you need to find out about the application and the income that was keyed

Crazychik

Sorry for your loss

I used to be a debt collector (knocking on doors type), and I came accross a chap who claimed his father had died.

I kindly asked if he could produce a copy of the death certificate so the company could see this was true. Hated asking this, but in order for the knocking on doors to be stopped, we needed evidence.

I sent the certifucate off, and never went back to the house again. The company just closed the debt there and then. With no further action being taken to the living relatives within in that house.