Guarantor Loans

Hectors_House

Aranyani said:

If you feel that you don’t want to worry about her rights anymore then you are not the right person to be her attorney.

Maybe the best thing to do is sell the house and cut your financial ties so that her decisions don’t impact you any more?  

That would leave us both homeless so I don’t see how that helps.

we are both too old now to start again with buying property - we got this house by the skin of our teeth because we were getting to old to be able to get a mortgage.

So the fact that she has done what she has done makes it impossible for me to understand.

I will continue will lodging Letters of Complaint on the grounds she was manipulated and had no chance of being able to afford the repayments and see if we can get her removed as guarantor and am seeking legal advise about getting her name removed from the deeds.

people can think what they like. I am not abusing her or trying to steal her half of the house from her. I’m doing this to save our house. 

Hectors_House

Dr_Crypto said:

I think you’re doing the right thing by seeking advice on a POA. However, if her mind has deteriorated to this extent you may well need a court order to be appointed since she may be incapable of making you her attorney. 

It might be worth asking someone like Age UK for some advice too. Financial abuse is sadly common with the elderly and it sounds as though those using her as a guarantor are heading along those lines (assuming they know of her difficulties). 

Thanks Dr_Crypto. She has just told me both these women knew about her cancer, anxiety, epilepsy and her struggles to deal with our Mother dying before they asked her to stand guarantor for them.

I would love to have half an hour in a room alone with them.  🤬🤬🤬

macman

You keep referring to 'our house', but in an earlier post you say that you don't now live there?
So, have you considered the eventual CGT implications of you owning the whole property, rather than just 50%?

Aranyani

If you don’t live in the house how would selling it be losing your home?

k12479

Reading through this, I can't help wondering if a leap is being made between 'poor judgement' and 'lacking mental capacity'.

Hectors_House

Aranyani said:

If you don’t live in the house how would selling it be losing your home?

Because I don’t own property elsewhere.

Hectors_House

k12479 said:

Reading through this, I can't help wondering if a leap is being made between 'poor judgement' and 'lacking mental capacity'.

Believe me I don’t want to think of my sister in terms of ‘lacking mental capacity’. It’s more poor judgement fuelled by very strong medications that affect her ability to concentrate or fully understand complex financial
decisions.

Aranyani

Hectors_House said:

Aranyani said:

If you don’t live in the house how would selling it be losing your home?

Because I don’t own property elsewhere.

Its still not your home though if you don't live there.  Its her home and your investment currently. 

I completely understand that you don't want her decisions to cost you significant amounts of money, that is completely understandable, but it might be that to protect your self you have to sever the financial ties, and the way to do that is to sell the house and split the equity.  

Aranyani

Hectors_House said:

k12479 said:

Reading through this, I can't help wondering if a leap is being made between 'poor judgement' and 'lacking mental capacity'.

Believe me I don’t want to think of my sister in terms of ‘lacking mental capacity’. It’s more poor judgement fuelled by very strong medications that affect her ability to concentrate or fully understand complex financial
decisions.

If she doesn't lack capacity then you can only be her PoA if she agrees to it, and she would still be allowed to revoke it or make her own decisions if you disagreed. 

sourcrates

If push comes to shove, they can demand whatever they like, in order to get the money from her, they would have to go to court.

You/she, would then have the opportunity to put your case to them, and the court, if its unafordable, the court will say so, and Amigo will be **** out of luck, no court will throw an elderly lady out on the street to pay a loan debt, so if you think about this rationally, they have no where to go with this no matter what paperwork they claim to have.

Continue with the complaint, more advice here -

https://www.stepchange.org/debt-info/being-a-guarantor.aspx