Loans for pensiners??? Are they a myth???

Lealea3110 · 9 July 2018 at 4:29PM

I'm just looking for some advice.....

My nan is 75.... never had a credit card etc....

My grandfather has recently passed and they received benefits via him.... he got carers etc as nan was looking after him.... her pension paid to her account shes had for 30+ years....

they live in council sheltered accommodation and whilst she awaits the housing benefit etc to be changed over she has fallen behind with the rent.... she has started getting eviction notices (ive explained its extremely unlikely... however she is in a right panic) we been looking to get her a short term loan to pay off arrears until she is reimbursed....

however these seem to be a myth!! She may be 75 but there is a lot of life in her yet!! I have only performed "soft searches" trying to see the possibility..... but so far all that comes back is guarantor or payday loans.....
am I better trying to get a loan against my own home??

Carrot007 · 9 July 2018 at 4:32PM

Being desperate for a loan is the number one reason you won't get one (or a decent one).

That applies to anyone of any age.

MallyGirl · 9 July 2018 at 4:33PM

No - do not get a loan against your home.

How much does she need? Can none of her family help her without that sort of drastic measure?

Lealea3110 · 9 July 2018 at 4:41PM

MallyGirl wrote: »

No - do not get a loan against your home.

How much does she need? Can none of her family help her without that sort of drastic measure?

She has many alternatives but she thinks shes about to lose her home.... she may be 75 but shes a stubborn one with all her marbles! lol.... she's never had to deal with finances in that way as such and I have only found out by chance whats going on..... she won't let me tell anyone else, so said id have a look for her.... I don't mind borrowing it for her I just wanted to know wether its her age that's the problem???

Lealea3110 · 9 July 2018 at 4:43PM

not so much desperate as we will help.... just wondering if its just her??

anniecave · 9 July 2018 at 9:06PM

If you say she has never had credit before then that is probably the reason she is struggling.

If she is in council housing and is waiting for council benefits (presumably housing benefits or universal credit) has she spoken to them regarding the eviction letters?

so_very_confused · 9 July 2018 at 10:39PM

Speak to the council NOW before they start adding Court fees on. They will come to an arrangement. They will not evict her.

Candyapple · 10 July 2018 at 10:56AM

Lealea3110 wrote: »

not so much desperate as we will help.... just wondering if its just her??

Eligibility is not solely based on one factor; any combination of the following factors might be taken into consideration:

- amount of existing debt
- amount of existing available credit
- history of settled accounts
- history of incurring defaults
- number of recent applications for credit
- age
- whether single, married, widowed, separated or divorced
- whether home-owner, tenant or living with parents
- whether you're on the electoral register
- current employment status
- length of time with current employer
- salary

This is by no means an exhaustive list and how each credit-provider assesses you is different; some companies may not consider many of these factors, some may consider even more. Certain factors may not carry any weight and some might dictate the decision-making process completely - you'll never know.

I would hazard a guess and say age, being a tenant and employment status are probably big factors in your nan being declined for any loans. Think about it from the lender's point of view, they have to assess whether a 75 year old applicant who is not working and only has a pension and doesn't own their own home will be able to keep up repayments for the length of the loan.

Did your nan/grandad not have any savings?

How much money was she looking for? Can your mum or any of your aunts/uncles not help her out in the short term?

National_Debtline · 10 July 2018 at 5:22PM

Hi Lealea3110

I wouldn't recommend your nan trying to take out credit to pay the rent arrears as she will be charged interest and may struggle to repay it if she is on a low income.

If your nan is living in a council property, the council will not be able to evict her while there is an outstanding Housing Benefit claim waiting to be assessed, as long as she has provided all the information required of her.

If you've got permission to act on her behalf contact the housing officer at the council and the Housing Benefit department to discuss the eviction notice and her claim for benefit. It's very likely the council will agree to put a hold on any further action in the circumstances. If she still has difficulties with them she could contact Shelter for free specialist housing advice, or one of the free debt advice agencies.

Best wishes

Susie
@natdebtline

tastyhog · 10 July 2018 at 5:46PM

or you know, get on to the council and tell them to pull their fingers out, I can't see a housing claim to take months on end to sort out..

as for the arrears, is the landlord aware of the situation, because it doesn't sound like it.

as for a loan, a 75 year old with no income other than a pension and nothing to secure it on is unlikely to get any kind of loan other than something with a stupidly high interest rate.

Loans for pensiners??? Are they a myth???

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