Z
zulu_bluearmy
Guest
...Can loan company do this ? 2 part question - My parents are in sever financial difficulty and after going through the paperwork and bills I've come across the mortgage paperwork. They have switched to GE Money who have remortgaged to the tune of £130k but it's been done over 25 years which would mean they would be in mid 80s before clearing. There is no way they could keep up a monthly mortage bill of £895 through a pension. They can't afford it now and are at repossesion stage, even with an agreement with provider to pay an extra £100 on top of the monthly mortgage. My father has just had his work hours reduced so outgoings far exceed incomings.
Is this loan ethical ?
Also, is there any advice from people who have been through a similar situation ?
My parents think being repossessed is not bad as they'll just rent but they did not understand the gravity of the situation. when i told them they'd have to fork up any shortfall if house doesnt meet market value at auction so they could still be £40k in debt.
Is this loan ethical ?
Also, is there any advice from people who have been through a similar situation ?
My parents think being repossessed is not bad as they'll just rent but they did not understand the gravity of the situation. when i told them they'd have to fork up any shortfall if house doesnt meet market value at auction so they could still be £40k in debt.