Rules on Loans

dresdendave

Excellent reply from Apples, far more secure for your friend than a worthless scrap of paper.

Best procedure would be to sell your friend your belongings at a price equivalent to what they would be worth at the likes of cash converters or such like. She takes physically takes possession of them and then you buy them back as and when you can afford it. No doubt you would probably insist adding about 10% on to your repurchase price for each item, to thank her for her trouble. In the unlikely event you default, she can obviously recoup her money by selling the items.

dresdendave

jmhgibson123 wrote: »

i would try going down the route of a letter explaining all this you have to us and if you dont get a reasonable response as to why your vunerable dad was given a loan at his age you will escalate it to the ombudsman, this will buy time with repayments and never feel like you have to pay more than you can afford, even a token payment of a £1 covers you for a while . good luck

Is it reasonable for someone spending £250 a month on fags to claim they can only pay £1 towards their debts?

BillJones

merv1977 wrote: »

I want to know how can they give someone a loan for £15000 at the age of 71 who is of poor health and was struggling to pay two credit cards anyway,.

This is something that we see often on here, the question of why people can take out a loan at the ancient age of 71, or higher, and it never really makes much sense. People at 71 have not, in general, lost their marbles. They will tend to be every bit as intelligent as people ages 30, and often considerably wiser.

If your father was ill, but kept it "private", then they could not be expected to know, and it is perfectly possible that a loan was the best choic for him, if it transferred debt to a better rate, or format.

You've not really explained how they were supposed to know that he would struggle, and in fact have painted a picture of a man who has thousands and thousands of pounds of spare money per year, which he spends on cigarettes and alcohol. It sounds like your father needs your help, but there's no suggestion that the bank has done anything wrong. They have no "duty of care", despite people often claiming that they do. Unless your father was diagnosed as mentally incompetent, then this route is not likely to work.

Pixie5740

There's a difference between allowing a door-to-door salesperson into your home and voluntarily going to the bank branch. Once a door-to-door salesperson is inside your home it is difficult to get rid of them unless you agree to buy something and can be very intimidating. Your father on the other hand chose to go to the bank and chose to take out a loan. He could leave the branch whenever he liked.

As someone else has suggested it might be worth contacting a charity such as Step Change to help sort your dad's finances out and sort out repayment plans.