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Irresponsible lending to pensioner
Comments
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How much is the house worth ?0
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... and what happens when she can't pay back the secured loan, as she's shown she can't do with the unsecured loan?
The OP's mum is making the repayments on the loan, although she's apparently living on £37.50 per week in order to do so. So there is no issue as far as the bank is concerned.
Perhaps it would be better for the OP to take over some of the recurring bills directly (CT, house insurance, water, electricity, phone etc), rather than giving mum £290pm directly? At least that way she knows it will not be spent on non-essentials and she will not get into arrears on essential utilities.No free lunch, and no free laptop
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You clearly don't understand how equity release schemes work, do you? So it's ironic you're advising against them so vociferously.... and what happens when she can't pay back the secured loan, as she's shown she can't do with the unsecured loan?
Essentially you 'sell' a proportion (or all) of your house for a cash sum. You don't pay it back, the mortgagor gets their money when the house is eventually sold. The cash sum one gets depends on whether you're on your own or a couple, how old one is, and what one's life expectancy is.
There are also other arrangements available, such as a rolled up mortgage.Optimists see a glass half full
Pessimists see a glass half empty
Engineers just see a glass twice the size it needed to be
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Guys, I am an idiot. Apologies!"Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0
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Guys, I am an idiot. Apologies!
i use the exact same sentence to my wife & kids on a daily basis.....:rotfl:Plan: [STRIKE]Finish off paying the remainder of my debts[/STRIKE].
[STRIKE]Save up for that rainy day[/STRIKE].
Start enjoying a stress debt free life..:beer:...now enjoying. thanks to all on MSE0 -
It's a difficult one when you're mum is getting defensive when you try to speak about money management.
It might be worth having a word with the bank, see if they can offer guidance.
Sorry to hear about your sister x0
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