Loan advice for elderly relative

Cat212

Hope this is the right place to post.

I'm looking for a bit of advice please.

It transpires that my elderly uncle (78 years), divorced is paying over £500 a month loan repayments to Barclays. He receives £740 income each month ( pensions only, no other benefits). We've only just found this out as he's not very open when it comes to money.

There's around £15,000 debt in the form of alone and credit card. The loan has been topped up numerous times, most recent being in 2016 - so he was 76 years old with no job, no owned property etc.

My question is, what can we do? We're a small family and none of us are in a position to pay it off for him, he has no savings and is not a home owner. He actually moved in with his sister ( my mother) around two years ago under the idea it was because he wanted unwell and didn't feel safe living a loan, however we think this was probably because he couldn't afford to pay his rent/living costs.

Any advice on would be gratefully appreciated.

Candyapple

Tell your uncle to speak to Stepchange:
https://www.stepchange.org/

They'll probably advise him of his options which are more than likely going to be debt management plan (DMP) or debt relief order (DRO) given his age and no income status.

foxy-stoat

Have you done the PPI claim check thing? Do that first and keep what ever refund they give him. Do that NOW on his site, there is a very easy tool.

Due to his age and no property and only pension as income - either speak to Stepchange or another debt charity, they may suggest an IVA or BR or speak to Barclays, reduce the payments to £1 a month and tell them the monthly payment is no longer sustainable. Give them a statement of his income and living expenses - they may well write the debt off or leave it on the payment plan of £1 a month - if he has life insurance they will get their money in the end.

Would be a good idea to ask them how they thought a 76 year old on a pension income only could afford to take out a top up to the loan.

Cat212

Candyapple wrote: »

Tell your uncle to speak to Stepchange:
https://www.stepchange.org/

They'll probably advise him of his options which are more than likely going to be debt management plan (DMP) or debt relief order (DRO) given his age and no income status.

Thank you. I'll have a look at this, this afternoon. He's deaf as a post so hopefully I can speak to them on his behalf.

Cat212

foxy-stoat wrote: »

Have you done the PPI claim check thing? Do that first and keep what ever refund they give him. Do that NOW on his site, there is a very easy tool.

Due to his age and no property and only pension as income - either speak to Stepchange or another debt charity, they may suggest an IVA or BR or speak to Barclays, reduce the payments to £1 a month and tell them the monthly payment is no longer sustainable. Give them a statement of his income and living expenses - they may well write the debt off or leave it on the payment plan of £1 a month - if he has life insurance they will get their money in the end.

Would be a good idea to ask them how they thought a 76 year old on a pension income only could afford to take out a top up to the loan.

No, we haven't. Do we do that through his bank do you know?
He no longer has life insurance (I think), from what we can gather, he's stopped paying for everything other than this debt to Barclays because he cannot afford to pay anythings else. He's very much old school in that he thinks he cannot stop paying/reduce payments.

My thoughts exactly, who on earth gives a 70odd year old thousands of pounds, surely they must no the chances of repayment are slim. I am so angry with them, and him for not telling any of us who could have helped well before know. It looks like it's being going on for years.

sourcrates

Just get him to stop paying, with no work income or assets, the bank cannot do anything anyway.

Write and tell the bank his situation, make a complaint about irresponsible lending.

At his age any form of repayment plan is not viable.

Cat212

sourcrates wrote: »

Just get him to stop paying, with no work income or assets, the bank cannot do anything anyway.

Write and tell the bank his situation, make a complaint about irresponsible lending.

At his age any form of repayment plan is not viable.

To be honest, thats what I told him to do but he won't. He's very reluctantly agreed to let me help him sort something out. He's extremely stubborn. He's not missed any payments from what I can see but literally has no life whatsoever because he cannot afford to have one.

foxy-stoat

Keep paying until the PPI claim has been done - use the free tool on this site as I said.

THEN stop paying - he needs to come over the the NEW SKOOL - or he will no money for the rest of his life.