loan for my old mum, please help!

John1993_2

Questions123 wrote: »

The money is for a debt abroad. Income wise she's on just over 30 k, essentially she purchased a property abroad and it's all gone pear shaped, she either comes up with 25 k or loses 90k which she has put into it over the past 15 years. In terms of debts apart from a grand or so on credit cards she hasn't got any, is a few year from paying off her mortgage so credit status wise is very clean

I know that yuo've probably done your reasearch already, and did not ask for advice on this, but...

Are you certain that this is all legitimate? It sounds very, very much like she's possibly the victim of an ongoing scam here. Have you had a good UK lawyer look over the details?

I can't think of any route for her to raise the money, sorry.

gb12345

Questions123 wrote: »

The money is for a debt abroad. Income wise she's on just over 30 k, essentially she purchased a property abroad and it's all gone pear shaped, she either comes up with 25 k or loses 90k which she has put into it over the past 15 years. In terms of debts apart from a grand or so on credit cards she hasn't got any, is a few year from paying off her mortgage so credit status wise is very clean

On that salary, she's very unlikely to get an unsecured loan for £25k and I'd be surprised if a secured lender would be able to meet her timescale when you factor in time for a survey and getting all the conveyencing done.

Questions123

John1993 wrote: »

I know that yuo've probably done your reasearch already, and did not ask for advice on this, but...

Are you certain that this is all legitimate? It sounds very, very much like she's possibly the victim of an ongoing scam here. Have you had a good UK lawyer look over the details?

I can't think of any route for her to raise the money, sorry.

Yeah unfortunately it is. She was told to make full payment in 15 years, left it in the hands of a friend abroad and is now a month away from fulfilment of the contract and is 25 k short

gb12345

Questions123 wrote: »

Yeah unfortunately it is. She was told to make full payment in 15 years, left it in the hands of a friend abroad and is now a month away from fulfilment of the contract and is 25 k short

So does she have a current loan abroad or is the money owed to the builders of the property (15 years seems like a long time for a property to be in development).

jamesd

A bridging mortgage lender in the UK might be able to do it but that may well be for the 1%/£500 a month sort of level. A standard mortgage on the property here or there would be the way to refinance to get out of that.

Her own UK bank might be able to help out with a bridging mortgage on the UK property. If not there are specialist providers. There may even be some local small lenders who specialise in funding of this sort, a call to a few local estate agents might turn up a few names. Not uncommon for there to be bridging lenders for development work that they will know of.

dealer_wins

OP I would thoroughly check out all the details of the transaction abroad, and possibly get professional advice.

You dont want your mum possibly throwing away £25K. Dont trust it to her "friend" who has already f'ed this transaction up (If it is genuine).

Be very VERY careful here, "friends" these days have no problem ripping you of for everything they can.

poppasmurf_bewdley

Throwing in another £25k in a last minute bid to save £90k reeks of desperation, and that alone will put off any reputable lender.

Property abroad has hurt so many people in the last few years, and umpteen have been left with nothing.

Maybe the time has come to cut losses. I'm not saying it is, but I am suggesting it should be given some thought.

Purple_Diamond

First time poster,not sure if i am doing this right. I have recently been contacted by Gopher Money and they offered to help consolidate my debts, they sent me paperwork and i have not signed anything or sent anything back. I have changed my mind after reading bad reviews and i do not wish to seek their help, am i too late as i am unsure if verbal agreements are valid, i was going to send a letter informing them that i no longer wish for their help.
Thanks in advance

Apples2

Purple_Diamond wrote: »

First time poster,not sure if i am doing this right. I have recently been contacted by Gopher Money and they offered to help consolidate my debts, they sent me paperwork and i have not signed anything or sent anything back. I have changed my mind after reading bad reviews and i do not wish to seek their help, am i too late as i am unsure if verbal agreements are valid, i was going to send a letter informing them that i no longer wish for their help.
Thanks in advance

If all you have done is talk to them, ignore it from now on (you haven't given them your bank card details have you?).

They are called Gopher money for a reason, they "go for" your money.

DCFC79

Purple_Diamond wrote: »

First time poster,not sure if i am doing this right. I have recently been contacted by Gopher Money and they offered to help consolidate my debts, they sent me paperwork and i have not signed anything or sent anything back. I have changed my mind after reading bad reviews and i do not wish to seek their help, am i too late as i am unsure if verbal agreements are valid, i was going to send a letter informing them that i no longer wish for their help.
Thanks in advance

Whatever you do not give them your account details ( if you haven't done ). You really should have started your own thread rather than post on this 1.