St Helens Glass Finance Loan

Alexandra1989

Hi,


Around 20 years ago my grandparents got all their windows, doors and a conservatory done in the house, they did this with St Helens Glass. They ended up going through the finance company recommended by St Helens and took out a loan for £20,000 against their home.


This debt has now been sold on numerous times.


My grandparents have been paying £500 a month off this loan and they have recently been advised that they still owe £14,000.


Now it may be my calculation but paying off £500 a month for 20 years the loan should have completely finished by now.


To me this doesn't seem right.


I was just wondering if anyone had any ideas or if this has happened to anyone else?

Arleen

500*12*20 = 120,000 GBP, are you sure that they were paying on it for 20 years? Start by digging out the loan paperwork. Although the fact that it's getting sold like that suggests that they stopped paying at some point, that and the sum of 120k.

Silvertabby

This can't be down to the original interest loan rate (even 20% APR).

As Arleen says, your grandparents' must have defaulted on the loan and racked up extra charges.

Are you able to sit down with them and see how deep they are? Sadly, this debt may not be the only one.

Alexandra1989

Thanks, I have asked them to dig out all the paper work they have so I can look into it.


At the moment they are paying £500 a month I don't know if that has always been the amount they have paid.


I am just getting concerned as they are in their 70's and my grandmother is still working in order to pay this each month which is having some health implications.

Silvertabby

At the moment they are paying £500 a month I don't know if that has always been the amount they have paid.

I'd be surprised if they started off paying £500 per month, so sounds like they are playing catch up.

Alexandra1989

Thanks, I need to sit down with them both properly and go through all the documents.