Stuck in Caravan sale! Pls help!

Roshhh__

So my mum bought a caravan, 39k brand spanker.. without liaising with any of my siblings or me. Now, shes locked in a 67k loan for the caravan. Id like to get your advice on how I can make it pay for itsself and get it set up on her behalf. Not looking to make a profit more just to get her out of the !!!!!! hole shes dug herself into 😭

P.s. shes unemployed and got the finance whilst being on sick leave for 6months plus due to a knee replacement. And every damn penny she had shes give it to them as deposit… in a pickle here

CliveOfIndia

Presumably the figure of £67K is the total amount repayable - including interest - over the life of the loan?  We probably need a bit more detail to give meaningful advice, but one option may be to sell the caravan and repay the loan early.  I'm assuming the principle on the loan was £39K?

If she can repay it early, she won't have to pay anything like £67K (assuming that figure includes interest).

Obviously, if the caravan cost £39K brand new, she won't get that amount if she sells it.  But if she can get somewhere reasonably close to that, she might be able to pay off a big chunk of the loan then just chip away at the rest.  Or possibly look to refinance it at a lower rate of interest.

QrizB

Roshhh__ said:

So my mum bought a caravan, 39k brand spanker.. without liaising with any of my siblings or me. Now, shes locked in a 67k loan for the caravan. Id like to get your advice on how I can make it pay for itsself and get it set up on her behalf. Not looking to make a profit more just to get her out of the !!!!!! hole shes dug herself into 😭

Is this a touring caravan (that you tow behind a car) or a static caravan (on a site somewhere)?

Buying a brand-new touring caravan is a terrible waste of money, but a static with site fees etc. is simply a money pit and the £39k/£67k is just the tip of the iceberg.

Roshhh__

Hi, its Static. Unfortunately she did everything in secrecy & its only come to light to me recently which is why I am stressing. Had I been there obviously I would have intervened. Do you think I have grounds to cancel under unethical sale? 

Nasqueron

There is no "right to cancel under unethical sale". Unless your mother is not of sound mind (in which case you should have PoA) then the dealer will simply say she agreed to it and all the credit checks were fine.

retiredbanker1

On top of the loan there probably will be site fees of about £6k-£10k per year!

abc.xyz

Roshhh__ said:

Hi, its Static. Unfortunately she did everything in secrecy & its only come to light to me recently which is why I am stressing. Had I been there obviously I would have intervened. Do you think I have grounds to cancel under unethical sale? 

What was unethical about it?

Does her unemployment have anything to do with her sickness absence? If so, did she have (or should she have had) reasonable suspicion that her job was on shaky ground when she applied? How did she answer the "do you expect your income to change" question? Things the finance company might start asking if you start digging...

Grumpy_chap

Roshhh__ said:

So my mum bought a caravan, 39k brand spanker.. without liaising with any of my siblings or me. Now, shes locked in a 67k loan for the caravan. Id like to get your advice on how I can make it pay for itsself and get it set up on her behalf. Not looking to make a profit more just to get her out of the !!!!!! hole shes dug herself into 😭

P.s. shes unemployed and got the finance whilst being on sick leave for 6months plus due to a knee replacement. And every damn penny she had shes give it to them as deposit… in a pickle here

The first thing to do is to understand the settlement figure if the loan is cleared in full now.
The second thing to do is to determine the value that the caravan would realise if sold now (which will not be optimal given the time of year).

There is likely to be a shortfall.

What basis do you consider the sale to have been unethical?

Why did your Mother not return to work following recovery after the knee operation?

Has your Mother requested your input, or will she think you are meddling?