Halifax high interest loan

Bravehearted_2

CLAPTON wrote: »

could her children not help their mother?

How is this a solution?

You say it like it's the children's obligation to help and must do so even if they aren't in a position to.

Op - There isn't any irresponsible lending here - you act like just because she's 62, she's incapable of understanding how the loan she presumably asked for would stretch her.

Apples2

It would be interesting to know what her outgoings toward her original debts were prior to the loan.
I find it unlikely the loan has increased her outgoings in anyway at all unless she borrowed far more than she owed.

I is also possible that had the loan not been taken, she could have faced even more dire consequences including losing the house anyway.

froggy75_2

Thanks opinions4u lots of helpful pointers there, and the other comments yes indeed mum isnt old and demented but she had a lot of other circumstances that are private that led to her getting in the position she was in. And I strongly feel that children do have an obligation to help their parents in any way they can.

_Andy_

I don't see anyone being judgemental about her - the point is though, she asked for the loan. It wasn't forced on her. And if the loan wasn't affordable, why did she agree to it?

By all means explore ways to reduce the interest rate and improve the situation, but not down the route of 'irresponsible borrowing' etc.

froggy75_2

I dont think at the time she realised about the APR-she is really scatty and I think it wouldve gone straight over her head unless explained to her really clearly. I wonder whether Halifax told her that she would be paying an extra 5000 in interest-thats my annoyance that they gave a pensioner such a loan-surely they would have gone through her finances with her-how did they think she was going to manage the payments? Anyways I certainly agree she did sign the form and she was a risky borrower just hoping there might have been a way to reduce the payments but have had some helpful advice :-)

iolanthe07

The total interest is high because of the length of the loan. Seven years is far too long for an unsecured loan, imho.

dealer_wins

The loan agreement would have the total amount repayable shown very clearly on the top page. You ant miss it really.

So if there was any "Oh my god how much!!!" moments, why would she have signed it?