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Loan for a pensioner
Comments
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But this is a short term fix isn't it - the problems that caused you to be short of money will still be there.
Post up a statement of affairs and see how you can help yourselves. If you truly are living on a very tight budget then selling your home may be the best option but it might not be the only one.
The other thing to take into account is that people can change as they get older and your mum in laws intentions now could become very different in her view as she gets older. You could end up in a position where she has to sell her home and she will blame you because you had £20k.
Far better to sort it yourselves and not take help from the family - unless they have the money laying around to gift to you (which you would need to take tax advice on anyway - something to do with death duties on an estate and the deceased getting rid of their assets to reduce tax).0 -
She doesn't have to wait 2 years to cash in an ISA. She can cash it in at any time.
Other than that, I'm afraid I agree with everyone else. I'm your MIL's age and no way would I take out any sort of a loan to help out any family member. I know I help my GD when she needs it when there's too much month left at the end of the money, but that's tiddly amounts compared to this. In general, we brought you up, we gave you as good a start in life as we could manage and could afford, you wanted all the trappings of adulthood and now the responsibilities and obligations of adulthood are arriving. Can't help you any more, sorry.[FONT=Times New Roman, serif]Æ[/FONT]r ic wisdom funde, [FONT=Times New Roman, serif]æ[/FONT]r wear[FONT=Times New Roman, serif]ð[/FONT] ic eald.
Before I found wisdom, I became old.0 -
she has just tied it up in a ISA, so has said for me to check out loans for her to take out £20k and repay it monthlyshe is very astute and would not do anything she did not want to
I bet she is astute. Reading that made me feel she was uncomfortable with the whole idea so came up with a clever plan to say she had her money tied up. She knows she won't get a loan like that with no income to repay it so she has hopefully sent you on a wild goose chase to get you off her back.
Leave the poor lady alone and sort out your own mess.0 -
I'm with Chalkie on this one, she sounds a lot smarter than you give her credit for.
Unless she has an income of £40k+, no other debts and a spotless credit record this is a non-starter.Thinking critically since 1996....0 -
It IS possible for a pensioner to get a loan with an income of less than £40K. DH got a loan from his bank for £2K, not £20K, when we changed our car last autumn. He's just paid it off. A bit different from the scenario being proposed here.[FONT=Times New Roman, serif]Æ[/FONT]r ic wisdom funde, [FONT=Times New Roman, serif]æ[/FONT]r wear[FONT=Times New Roman, serif]ð[/FONT] ic eald.
Before I found wisdom, I became old.0 -
Leave this poor old lady alone. She shouldn't have to be burdened with this level of debt at her time of life.What a complete disgrace the pair of you are.
You said you had the option of putting the house up for sale and that would mean you don't have to borrow.
Do you really need me to tell you that's the way forward?
Look after your own problems instead of shunting them onto someone else.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
A 76 year old pensioner is not going to get a loan for anywhere near £20k even if she is minted.
Banks have rules over maximum age where their own statistics have proven that the risk of lending to someone that age outway the benefits for the bank eg more customers will die than repay.0 -
Not sure if I'm interpreting your post correctly, are you saying she will get a loan, give it all to you, and then you will pay her the loan equivalent back over this 5 year duration?Or any other advice would be much appreciated. Thanks
If you're 'using' her credit worthiness for a loan, that's all well and good until you start defaulting on her, and without a shadow of a doubt you will.
I do think you need to rethink your financial strategy, this is a plan destined for doom and failure.0 -
I bet she is astute. Reading that made me feel she was uncomfortable with the whole idea so came up with a clever plan to say she had her money tied up. She knows she won't get a loan like that with no income to repay it so she has hopefully sent you on a wild goose chase to get you off her back.
Leave the poor lady alone and sort out your own mess.
That's exactly what I was thinking. Some of these old biddies are VERY crafty. I know - my dear late Mum was one!"There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock0 -
Sell the house and get something cheaper, nowhere in their right minds is goign to lend £20k to a 76 year old woman no matter how on the ball she is!0
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