Paying loan after retirement.

gemgem2108

message removed

Many thanks

McKneff

Hello and welcome to the boards.

As far as the PPI goes I dont see a problem in reclaiming it if he was told it wasnt optional.

The loan itself, well he would have been old enough and sensible enough to realise that the repayment would have gone far into his retirement surely, its not as he was a green eyed teenager, by the way, what was the loan for. Presumably he told the bank what it was for before he got it approved.

As for the repayments, surely £215 out of his pension is manageable, he will be getting at least a full state pension, possibly some SP2,
maybe a private pension. Once he pays the loan amount, contributed to the household, he would still have disposable income. Is he ill enough to claim carers allowance. Failing the affordability, could he ask the bank to reduce the payment but that means a longer repayment time and more interest.

Its just my own opinion but its not the banks fault, your father must have shown them that he could afford the repayments,

McKneff

You need to have a look at the T&Cs of the PPI to see what it covers,

State pension is a few pounds over £100 a week. Does he not get SP2, it would be unusual if he didnt but I may be wrong.
Is he ill enough to claim attendance allowance, it could be worth looking int.

Since he will be living with you his housing, food costs should be minimal surely.

I really cant see any comment in my post which was rude and insensitive, point it out to me and I will apologise for it if i feel I need to.
You asked for advice and I gave my slant on it.

Nobody plans to have a stroke so he is commended on taking the PPI out and give him some credit for doing this and protecting himself, only by reading the t&Cs will you find out if it is covered.
With full respect to your dad, did he actually try to claim on the PPI and if so what were there reasons for denying it. If he didnt and please bear with me, that lots of people actually forget to do this and forget that they have protection, then get onto them now.

Hope he recovers well.

McKneff

Sorrry, when you say pension, do you mean his state pension or his private pension.

I ask because you say he was 61 when he took the loan out 3 years ago which makes him 64 or 65 so not sure if he has just become a 'state pensioner' or not.

thorsoak

If PPI was taken out with the loan - even unwittingly - would it not pay the instalments now that he is sick and unable to work?

After all, that it what it was put in place to do!

HoneyAndLemon

What age was he planning on retiring when he was taking out the loan? Was he planning to still be working 7 years down the line?

CH27

Has your dad applied for DLA?

Is the £400 a private pension or his state pension?

Emmzi

When you say " he shoudn't have been given a loan" it reads like you are trying to weasel out of paying. That is why you are getting the reactions you are.

Was dad medically retired or did he choose to retire? If choice, early, or at normal date? That will affect any PPI claim. Also if there was a pre exisiting heart condition.

If no PPI claim possible, reclaim PPI. If dad still can't afford repayments, debt charity to go on a debt management plan which will reduce the monthly payment.

Apples2

Looks like Gemgem2108 didn't get the unanimous support of avoiding the debt completely that she was hoping.

I read the original post and absolutely got the impression she was trying to blame those nasty lenders for giving loans and thus, investigating ways of both blaming them, and striking the loan off.

McKneff

I think maybe father was only 64 and it was a private pension, caught her out on a few porkies, age, pension income etc/

You just cant get past some people can you.