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Money Shop loan/BW Legal - any advice?
Hi - I am a complete newbie to this page (this is my first forum post on any site, ever!!) but am desperate for some advice regarding a loan taken out by my father, which I'm trying to deal with as I have Power of Attorney.
My dad is 70 yrs old, has mental health issues and alcohol addiction. He is very vulnerable. Approx. 3 years ago he was 'befriended' by some individuals who coerced him into taking out a loan of £500 with The Money Shop and immediately 'relieved' him of all the money. He was heavily intoxicated at the time. The police were involved as there was various other fraud/theft (his bank, Barclays, refunded all the fraudulent transactions) but due to my dad's alcoholism and unreliability as a witness the case was dropped. At the time The Money Shop agreed to put the loan 'on hold'.
Around 6 months ago my dad started receiving letters from The Money Shop requesting resolution of the loan. As I now have Power of Attorney, and complete control of all my dad's finances, I contacted The Money Shop and asked them to liaise with me regarding this. They asked for, and I sent them, a copy of the Power of Attorney document. However, in the meantime, my dad has received a letter from BW Legal to say they have now acquired the loan. It's so frustrating as I now have to start from scratch
And I'm sure BW Legal aren't going to be any more helpful than The Money Shop. And the interest is going to start accruing at an alarming rate now I expect.
I'm resigned to the fact that the loan is going to have to be repaid, but my dad doesn't have the funds to repay in one lump sum.
Is anyone able to offer any advice please?? I'm trying to deal with this on my own as my dad is completely unable to, but I have no experience. Any tips or advice gratefully received!!
My dad is 70 yrs old, has mental health issues and alcohol addiction. He is very vulnerable. Approx. 3 years ago he was 'befriended' by some individuals who coerced him into taking out a loan of £500 with The Money Shop and immediately 'relieved' him of all the money. He was heavily intoxicated at the time. The police were involved as there was various other fraud/theft (his bank, Barclays, refunded all the fraudulent transactions) but due to my dad's alcoholism and unreliability as a witness the case was dropped. At the time The Money Shop agreed to put the loan 'on hold'.
Around 6 months ago my dad started receiving letters from The Money Shop requesting resolution of the loan. As I now have Power of Attorney, and complete control of all my dad's finances, I contacted The Money Shop and asked them to liaise with me regarding this. They asked for, and I sent them, a copy of the Power of Attorney document. However, in the meantime, my dad has received a letter from BW Legal to say they have now acquired the loan. It's so frustrating as I now have to start from scratch
And I'm sure BW Legal aren't going to be any more helpful than The Money Shop. And the interest is going to start accruing at an alarming rate now I expect.I'm resigned to the fact that the loan is going to have to be repaid, but my dad doesn't have the funds to repay in one lump sum.
Is anyone able to offer any advice please?? I'm trying to deal with this on my own as my dad is completely unable to, but I have no experience. Any tips or advice gratefully received!!
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Comments
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Arrange a payment plan eg x amount a month or ask if they would accept an amount to settle the debt, ask about a payment plan first.0
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OK thank you. I did wonder whether it would be worth trying to negotiate a figure to settle? Are they likely to go for that?0
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One more thing I've just thought about....BW Legal have now asked me to confirm my contact details (address, phone number, etc) - is there any chance that my financial record could get linked with my dad's as a result of this?? Probably a silly question, but as I said previously, I have no experience of dealing with things like this!!!0
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No, there's no chance of that. However if you have power of attorney, you're responsible for dealing with this so they need your contact details in order to do this.
In debt and looking for help? Look here for the MSE Debt Help Guide.
Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.0
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