Interest only* family loan - ideas on what to do on death?

globalds

Kayalana99 wrote: »

Yes it is £50, I just believed it to be 6% without double checking - so an extra 2,500 would raise it to £62.50



Most likey but that's not really my business is it?

do you intend to pay it back at some point ..Did you discuss this with him and his wife ?

Kayalana99

I am under the impression that his wife knows nothing about it, and no the the original agreement with my Dad was simply to pay back in £1,000 at a time at a reduction of £5 a pop, which was what was intended to do, but when my Granddad came into play he just wanted the income.

I'm going to take down my original post as I think sue basically answered it even if that's not what I wanted to hear.