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  • FIRST POST
    • Lealea3110
    • By Lealea3110 9th Jul 18, 4:29 PM
    • 11Posts
    • 1Thanks
    Lealea3110
    Loans for pensiners??? Are they a myth???
    • #1
    • 9th Jul 18, 4:29 PM
    Loans for pensiners??? Are they a myth??? 9th Jul 18 at 4:29 PM
    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??
Page 1
    • Carrot007
    • By Carrot007 9th Jul 18, 4:32 PM
    • 1,368 Posts
    • 1,144 Thanks
    Carrot007
    • #2
    • 9th Jul 18, 4:32 PM
    • #2
    • 9th Jul 18, 4:32 PM
    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
    • By MallyGirl 9th Jul 18, 4:33 PM
    • 2,813 Posts
    • 7,821 Thanks
    MallyGirl
    • #3
    • 9th Jul 18, 4:33 PM
    • #3
    • 9th Jul 18, 4:33 PM
    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
    • By Lealea3110 9th Jul 18, 4:41 PM
    • 11 Posts
    • 1 Thanks
    Lealea3110
    • #4
    • 9th Jul 18, 4:41 PM
    • #4
    • 9th Jul 18, 4:41 PM
    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?
    Originally posted by MallyGirl

    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
    • By Lealea3110 9th Jul 18, 4:43 PM
    • 11 Posts
    • 1 Thanks
    Lealea3110
    • #5
    • 9th Jul 18, 4:43 PM
    • #5
    • 9th Jul 18, 4:43 PM
    not so much desperate as we will help.... just wondering if its just her??
    • anniecave
    • By anniecave 9th Jul 18, 9:06 PM
    • 2,208 Posts
    • 715 Thanks
    anniecave
    • #6
    • 9th Jul 18, 9:06 PM
    • #6
    • 9th Jul 18, 9:06 PM
    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?
    Indecision is the key to flexibility.
    • so very confused
    • By so very confused 9th Jul 18, 10:39 PM
    • 938 Posts
    • 3,045 Thanks
    so very confused
    • #7
    • 9th Jul 18, 10:39 PM
    • #7
    • 9th Jul 18, 10:39 PM
    Speak to the council NOW before they start adding Court fees on. They will come to an arrangement. They will not evict her.
    SCP # 034
    The 1000 emergency fund #59
    • Candyapple
    • By Candyapple 10th Jul 18, 10:56 AM
    • 2,931 Posts
    • 2,275 Thanks
    Candyapple
    • #8
    • 10th Jul 18, 10:56 AM
    • #8
    • 10th Jul 18, 10:56 AM
    not so much desperate as we will help.... just wondering if its just her??
    Originally posted by Lealea3110
    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?
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
  • National Debtline
    • #9
    • 10th Jul 18, 5:22 PM
    • #9
    • 10th Jul 18, 5:22 PM
    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
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • tastyhog
    • By tastyhog 10th Jul 18, 5:46 PM
    • 454 Posts
    • 762 Thanks
    tastyhog
    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.
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