Need to help elderly parents - Secrets out!!

ViolaLass

Bella54 wrote: »

Maybe this forum is not what I thought it was. Thanks for those who tried to help.

Given that it appeared that you might be doing all this behind their backs, it would have been wrong of us not to have asked. Fair enough, you say you're not but we weren't to know without asking and some of your comments were concerning.

cynicalgit_2

Bella54 wrote: »

Fell like I am being investigated now.

We done search as they have no paperwork and have had credit cards in the past - a lot of them. I thought I would look into late charges and PPI.
Just need a clear picture of what we are dealing with to help them. We are not doing anything behind their backs. They are very embarrassed and slow with the information.
they cant work a computer or anything and the thought of getting a credit search online would never occur to them.

Maybe this forum is not what I thought it was. Thanks for those who tried to help.

Ignore the negativity and carry on with what you're doing!
My finances used to be a car wreck and I wish people had tried to help me.
Once the problem is confronted it becomes a lot easier to resolve.
In my experience nothing is insurmountable.

Bella54

Ok I re read and agree that it looks like we found all this out whilst they on holiday and been sneaking around. My fault and I apologise. Feel a bit stressed out with it all to be honest.

My Sister took a call from swift while they away. I found out they are sub prime lenders and through concern we asked them. It took courage to do this as we knew they would be embarrassed and annoyed but what could we do? sit back and watch them lose their home. Looks like this may be a possibility though.

Bella

swingaloo

Hi, Sorry your parents are in this position and I can only commend you for trying to help.

I know its no consolation whatsoever but we fell into the secured loan trap with Swift. We ended up having to sell our house to avoid defaulting and probably ending up with repossession. Having borrowed £19,000 from Swift and having been paying for 7 years without missing a payment we still had to pay £27,800 as a settlement figure when we sold the house.

We know it was stupid but of course you cant turn the clock back. Our solicitor doing the house sale asked 'How the hell did you get involved with these vultures', says it all about Swift Im afraid.

Bella54

Thank you both for replying. yes that's what I though about Swift.

We will wait for the Sar info and then see what we can do then.

Thanks again to all who replied

Mojisola

cynicalgit wrote: »

If you could possibly purchase the property from them then they could stay in their home and perhaps pay you and your sister rent.

19lottie82 wrote: »

This is TERRIBLE advice, please IGNORE. (google deprivation of assets)

Giving the house to their children would be DOA.

Selling it to them - or anyone else - isn't.

IainHL

As you say the SAR information will give you the complete picture and allow you to consider the options.

However at this stage a couple of possibilities come to mind.

If you find Swift have added unlawful charges to the account (for late/missing payments) you could try reclaiming those back.

If either or both of the loans allow for overpayments without silly penalties, and you as a family (including both you and your sister's partners) are prepared to work together to resolve this, maybe odd sums of money could be put aside and lumped together to make overpayments. Such overpayments can have a good effect on reducing the term (especially if the normal monthly payments are maintained at the current level), and thus bringing closer the day when all this is resolved.

cynicalgit_2

Mojisola wrote: »

Giving the house to their children would be DOA.

Selling it to them - or anyone else - isn't.

Thank_you.
That was my inference.

Mojisola

cynicalgit wrote: »

Thank_you.
That was my inference.

It would have to be fair market price.

Selling for less than that - such as just enough to cover the debts - would be DOA.

cynicalgit_2

It might be useful to find out if both parents were co-signatories to those particular loan agreements as that could have future ramifications.
Agree with Iain about possible overpayments.
You're right to act quickly, they won't thank you now but they will later.
Even those sub prime sharks would prefer a favourable outcome.
I would hope that Lloyds would be more sympathetic to your dilemma.
The situation always looks bad at first but when the fog clears things are never that bad.
Sit down with them and go through with them their SOA.
Make them concentrate only on their essential expenditure and take it from there.
These forums are stuffed with people offering great advice, and what's great are the variety of responses.
Don't get disheartened keep posting, we want a happy ending!!!