re help with a mortgage problem

happy_bear12

Hi

Back in 2009 I was in a hurry to secure loan/ mortgage to help with some improvement to the home that I lived with my mum at that time she was 87years. The financial advisor found this company who was will to leaned the money but on a very high intest rate. We were joint owners of the house
Does anyone know if I protenial have a come back to get out of this product as at the time
A) the financial advisor did not suggest WE TOOK OUT INSURANCE INCase ONE OF US died
The Solictor who came to get the paper work sign to go forward did not allow me to be in with him when he spoke to my mother as she was deaf and wore a hearing aid and had problem hearing what was said to her I had pointed that out but he dismiss me and as it required both of us to sign and understand he also did not suggust that a insurance was taken out to cover due to the for mention which occuried in December 2012.
So I did not know what he asked her and whether she heard what he had said.
I'm left to struggle to keep paying this any constructive ideals
I've thought about going for a long swim that one won't work as I'm a good swimmer.
And I have spoke to the company about changing it to make the payments easier no go.
Have I got any come back.

~Beanie~

You could sell up and repay the debt.

How much is the loan, what interest rate, who is the lender etc?

Conrad

happy_bear12 wrote: »

Hi

Back in 2009 I was in a hurry to secure loan/ mortgage to help with some improvement to the home that I lived with my mum at that time she was 87years. The financial advisor found this company who was will to leaned the money but on a very high intest rate. We were joint owners of the house

As this is your main residence that sale should be governed by FSA rules and my instinct is this sale was highly inappropriate and not made in a satisfactory manner, especially with regard to your Mums hearing issue.

Complain to the sellers firm and if not quickly resolved (in case they go bust / disappear), take it to the FOS (Financial Ombudsman Scheme)

holly_hobby

happy_bear12 wrote: »

The financial advisor found this company who was will to leaned the money but on a very high intest rate. We were joint owners of the house
Does anyone know if I protenial have a come back to get out of this product as at the time
A) the financial advisor did not suggest WE TOOK OUT INSURANCE INCase ONE OF US died

Is this a traditional mortgage arrangement (which I doubt given Mums age at inception) or a secured personal loan ?

Secondly,

Life cover would have only been essentially relevant on you (as the earner,, although Mums pension/benefits may have created a need). However Mum at 87 at point of sale, would have been too old to effect a life policy in any event.

Life cover recommendation may have been relevant if a fact find was completed (as with any advised mge sale), and you didn't have sufficient existing cover that you wanted or could utlise.

happy_bear12 wrote: »

The Solictor who came to get the paper work sign to go forward did not allow me to be in with him when he spoke to my mother as she was deaf and wore a hearing aid and had problem hearing what was said to her

She has a hearing issue, but she can read and has no known or apparant cogantive imparement (ie dementia etc) at the point of sale ?

Would that be correct ?

happy_bear12 wrote: »

I had pointed that out but he dismiss me and as it required both of us to sign and understand he also did not suggust that a insurance was taken out to cover due to the for mention which occuried in December 2012.
So I did not know what he asked her and whether she heard what he had said.

What was the reason why the solicitor stated you could not be party to Mums appointment to sign the docs ?

Why did Mum not insist you to be present ?

happy_bear12 wrote: »

I'm left to struggle to keep paying this any constructive ideals

What do you want to achieve ?

Do you hope the loan to be written off and/or deemed unenforceable ? Or what is the aspirations for your complaint ?

Holly

amnblog

Also, why have you waited 4 years to decide things were not right?

Has someone else suggested you complain?

happy_bear12

Hi
The loan was done on not only my mothers pensions and what I was bring in with my business.
It was a loan secured against the house.
As far as why I waited the word solictor wants to make me run for the hills they are only after one thing and thats how much money they can charge you and I thought I would not stand a chance to complain so I have put up with it for the last 4 years until I found this site.
At the time I was not too help with the way the solictor had behaved telling me that he wanted to speak to each of us in separate rooms I did point out that mum was deaf yes she could read but trying to read the small pint and understanding what you are signing are two different things under pressure. I don't know whether he made my mum fully aware of what she was signing or whether she turly heard what he was saying.
Its only resently that I found out about this site and the information that is about.
Due to the bad year we had last year with the weather, MY business was struggling things were difficult and I fall behind although I paid some money every month it meant problems with even bigger problems when mum died.
I asked the question because I don't know if there could be any recourse.

sammyjammy

Are you saying that if you had been in the room with your mum you would have told her not to sign the paperwork? Isn't that what you wanted?

holly_hobby

So you were happy with the terms of the loan and legal documentation, which is why you signed it.

But you are saying that mum wasn't ? or was happy with it ? YOu don't seem to know. (I am assuming Mum was involved because the loan was secured on her property).

I am at a bit of a loss as to what you are actually complaining about - it seems to centre on the fact that you don't think Mum should have signed the documentation which secured you the finance you desired at the time (which is a tad confusing), and you appear to want to take this down the "vunerable persons" route, largely based on her hearing imparement and hearing aid, and the solicitor not letting you sit in whilst she countersigned the loan docs (which were the exact same docs that you had personally already inspected and signed to effect the loan).

If Mum wanted you in there then the Solicitor was out of order and had no right to refuse, BUT this has nothing to do with the actual sale of the loan (at which I presume you were both present), and would be a law society complaint re the Sols conduct than anything else.

But if Mum didn't want you there and refused to allow your attendance, you can't force the Sol to allow you to be present, it is ultimately Mums decision, even with a vunerable persons situ, the individual has to agree to the 3rd party sitting in. And to be honest, IF you felt as strongly about protecting Mum then, as you appear to now (that the loan is a difficult to maintain), you should have immediately stopped the whole thing and discontinued the application.

So, could you in plain english, and in bullet point form for ease of reading, list who the loan provider is, and why you believe the loan was mis-sold and upon what you wish to base your complaint.

To which I'm afraid no longer being able to afford the loan due to a change in financial circs, is not a valid basis of complaint.

Holly

jackomdj

I suspect the solicitor did not want you in the room as they wanted to ensure your mother was not being forced to do something she did not want to.

It makes me quite cross when people do things then look to blame others when things do not go as they originally planned - not what you want to hear I am sure!

Goldiegirl

As others have said, the only thing that seems clear here is the the OP wants to make some sort of complaint to somebody, but isn't really sure what he wants to complain about or who he wants to complain to

Yorkie1

I don't know whether he made my mum fully aware of what she was signing or whether she turly heard what he was saying.

As OP doesn't actually know what went on in the room, I'm not sure that there's any categoric proof of wrongdoing anyway?