Parents in debt!!!

QueenBeruthiel

Pinksocks wrote: »

My Mum also told me that she'd asked the bank manager what if she made minimal payments and asked for the interest to be frozen, the manager told her she'd be harrassed day and night with phone calls and people would come to her door to get payment. I should really complain about the manager she had my Mum terrified, I am so angry.

Do this. Copy any correspondence to your M.P.

QueenBeruthiel

What about CAB?

That is, if they haven't shut them all down yet.....

RAS

Pinksocks wrote: »

My Mum also told me that she'd asked the bank manager what if she made minimal payments and asked for the interest to be frozen, the manager told her she'd be harrassed day and night with phone calls and people would come to her door to get payment. I should really complain about the manager she had my Mum terrified, I am so angry.

Hi

What you will need to do as soon as the new bank account is set up and there income shifted across, is to send what is known here as the telephone letter.

This requires the bank to remove all phone numbers from their records (so they have to stop phoning) and you can also remove their common law right to visit the house.

Debt collectors can only vist by prior consent but try to get round this by sending eltters saying they are coming at a specific time, but you can make an alternative arrangement. They do not telly you that you are not obliged to allow them to visit at all. Removing the common law right to visit sorts that out in advance.

JournalGirl

Pinksocks, that's great news that your mum didn't finalise the consolidation loan. And well done for all the support you're giving. Definitely talk to CAB or CCCS before your Mum commits to anything. GOOD LUCK!

Pinksocks_2

Good morning.

Sorry I didn't get round to posting yesterday but my kids have now had the sickness bug.

I found out my Mum CC and loan has PPI and I'm going to claim it back for her or at least try. This somehow makes me feel better.

I have been looking for cheaper loans for Mum too. She is not keen about a DMP yet so today she is coming down so we can try to apply online, we may be successful, I've got to try.

The annoying thing is Lloyds TSB (online comparison site) has a deal for:-

5 year loan for £411.77 a month paying back £24706. That's not to say she'd be accepted. Beats paying back over 38k

Anyway will keep you all updated if we are successful getting a cheaper loan.

Oh and I've now got Mums credit cards feel at bit mean but it has to be done.

Pinksocks_2

Sorry meant to add we will NOT be applying for a TSB loan. I may send the Lloyds TSB manager a balaclava for Christmas though!

arsenalbarnie

Pinksocks wrote: »

Good morning.

Sorry I didn't get round to posting yesterday but my kids have now had the sickness bug.

I found out my Mum CC and loan has PPI and I'm going to claim it back for her or at least try. This somehow makes me feel better.

I have been looking for cheaper loans for Mum too. She is not keen about a DMP yet so today she is coming down so we can try to apply online, we may be successful, I've got to try.

The annoying thing is Lloyds TSB (online comparison site) has a deal for:-

5 year loan for £411.77 a month paying back £24706. That's not to say she'd be accepted. Beats paying back over 38k

Anyway will keep you all updated if we are successful getting a cheaper loan.

Oh and I've now got Mums credit cards feel at bit mean but it has to be done.

I did that too, felt awful taking them off her but she was relieved that I was taking control of the situation. We have had a successful PPi claim from Lloyds and awaiting the credit card one, if your mum took the loan out when she was retired then she was missold. Good luck it may take a while but will be worth it. I would personally try to steer clear of a consolidation loan are you going to post an SOA, am sure people on here would have lots of suggestions to help you if you do.

Pinksocks_2

Thanks arsenalbarnie, just phoned Mum and had a massive arguement with her she was going to sign the loan today. I feel physically sick. Managed to persuade her not to. I may have to resort to tying her up now. She's convinced the lovely manager has made a mistake.

But seriously I feel completely drained. If she cancels all her PPI today she is saving £180 per month already and with a successfuly claim we will put it to the debt. She's coming at 1pm and I'll post a SOA to see if anyone can help.

It's great you had a successful claim. Did you also have a hard time convincing your Mum? I feel I'm fighting her every step of the way.

arsenalbarnie

Pinksocks wrote: »

Thanks arsenalbarnie, just phoned Mum and had a massive arguement with her she was going to sign the loan today. I feel physically sick. Managed to persuade her not to. I may have to resort to tying her up now. She's convinced the lovely manager has made a mistake.

But seriously I feel completely drained. If she cancels all her PPI today she is saving £180 per month already and with a successfuly claim we will put it to the debt. She's coming at 1pm and I'll post a SOA to see if anyone can help.

It's great you had a successful claim. Did you also have a hard time convincing your Mum? I feel I'm fighting her every step of the way.

Oh god it never rains does it.. you do sound as though you're up against it. Is your Dad in on it all? I had to deal with my dad finding out he had no idea whatsoever. So all up and down emotions there. You need to try and get him on board. They did leave it all to me, but obviously we discussed everything along the way although my mum was so stressed from hiding it all for ten years she wouldn't talk about it, she actually ran away! (She's back now.) So the problem I had was my dad, as he was very up and down and didn't even know the difference between debit and credit cards etc! So I found myself explaining everything ten times. That's still the case:o

You need to cancel the ppi as soon as. There is a thread all to do with PPI claims on here and Martin does a really helpful guide to claiming it back, however just by phoning Lloyds there is a PPI claims number to press if you know what I mean when you get through. As soon as I saw she was paying ppi on her credit card I told the man at the bank she's retired she doesn't need it, he cancelled it there and then. Is the ppi payment on her bank loan a separate payment to the loan payment or is it combined? If it is separate they can cancel that on the phone by speaking to your mum, but if it is the old style combined repayment with ppi hidden in it then we had to get a new loan issued and the reduction was not as much as we thought. Hope all that makes sense. If your mum doesn't want to talk to them she can give them permission to talk to you whilst she is there.

You may feel like you are firefighting at the moment, sit and do the soa with your mum and good luck with the loan talking her out of it. Tell her about my mum, Lloyds sold her 4 loans over the years to pay off debts only for her to run them up again. All of them they paid up the ppi on when I had only made a claim for two. Tell her I'm a friend or something if she doesn't know about your diary. I'll keep looking in to see how you are getting on.

Tixy

Pinksocks wrote: »

, just phoned Mum and had a massive arguement with her she was going to sign the loan today. I feel physically sick. Managed to persuade her not to. I may have to resort to tying her up now. She's convinced the lovely manager has made a mistake.
.

Do keep at it pinksocks. Its not uncommon for her generation to be convinced the bank is right and acting in her best interest. But you do need to keep her from signing that loan if in anyway possible.

Keep telling her how you are doing this to help them and ensure they don't have to lose their home and you want to help them not have to struggle each month.

If you can put her off signing anything until the SoA is drawn up maybe you then be able to demonstrate that she couldn't afford the repayments on the loan anyway (possibly) so she'd realise she would still be stuck each month.

Don't suppose she watches GMTV or anything else Martin does? so you could tell her the money saving expert chap off the telly says consoldiation loans are never the answer when you are in debt crisis and never to trust your bank manager?

Good luck with talking to her.