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Hi,
I wonder if someone can give me some direction. I’m 70 and a semi retired widowed nurse. I live in our home with my son who is in his 30s and has some light mental disabilities so can’t really work. My husband died recently. We bought a home together in 2000 for 200k which is now worth maybe 600k. I don’t wish to be forced to sell it as we like it here and mortgage (not with Barclays) is practically paid off.
In 2007 my husband asked me to sign a document with him and his solicitor which I now understand was for him to get a loan for his business ltd company, and we did both signed a document. Husband told me I have to sign it to get a second mortgage as he needed to extend the credit on the business or we lose the house as without the business loan he would not have enough to pay the mortgage. The solicitor didn’t explain much to me as he’s my husbands friend. I didn’t think to try to understand it all at the time. Now after research and back and forth with Bank and getting paperwork from LPA receiver I know it was for a loan for his ltd company for expansion and we got a charge on house for it. Im not very good with these financial things so trusted my late husband with financial things. His ltd company went bust in 2009 so then Barclays started chasing him personally. I know he was paying off this debt at 500 a month on and off because that’s what he could afford and sometimes I helped him pay it when I had extra money. The Debt was about 100k and he paid around 20k off before he died making debt go down to around 85k. Barclays started threatening me with all sorts of things like repossession so I managed to get together all my savings and offered bank 50k full and final to close the debt and remove the charge. They did not accept, but they did say they may consider 75k subject to contract but I did not have the extra 25k then and sadly I ignored it thinking they won’t do anything as I sent them proof my son had disabilities and needed his home. Now recently I got a letter from an LPA receiver, with a letter showing they have been appointed by Barclays. He called up and threatened me with all sorts of things saying they now plan to sell the house etc. I told him about my son and said no court would throw us out, and he told me he can still sell the house with us in it and we will probabaly get far less then it’s worth if he sells it this way, as people pay less for a house with people in they can’t evict and said he will give me a few weeks to come up with the full money or else they will just sell it. So I stressed around and I managed to borrow an extra 10’ for a friend so have 60k, I offered this to lpa receiver to aks the bank again to settle, but he said no, the bank now insist on full amount. I told him but bank nearly accepted 75k and it’s so close now to what they suggested 6 months ago, but he said that suggestion is closed now anyway as that was before his involvement and he said the bank insist on full payment including all his costs (which he wouldn’t tell me wha they would be). he gave me another week to ‘find another 25k’ creatively or get a mortgage extension to pay Barclays off. However my bank will not increase my mortgage at my age under any circumstances as my income now is so low as it’s part time now.
i May be able to get it if I sell off all my pension (and pay extra tax). Question is, even if I sell the pension and manage to get the full 85k of the barclays debt (but leaving me with very little money to enjoy the rest of my life), so if I do this, sell my pension, and pay the LPA 85k, can the LPA person STILL turn around and screw me over and sell the house off cheap by saying 85k is not enough as now I have to pay his extras for my costs or something like that? The house is the only inheritance to my son. I don’t want to pay the debt AND lose the house at a lower value. I asked a retured lawyer friend but she say she’s not into LPA law. What shall I do? Get everything together, liquidate my pension and pay the LPA but not knowing if that’s even enough now for him (and also have no money left)? Should I Try to bypass the LPA and offer someone at barclays behind his back the 75k they originally wanted, but that may open the rath of the LPA? Do I Google for a specialist lawyer to try do something (knowing a lawyer may costs me a few thousand, which may do achieve nothing anyway if they can’t find a loophole, then risking I won’t have the full 85k after spending lawyer fees if that goes wrong?). Is there a way to apply to court to prevent selling or LPa costs because of my sons learning disabilities and also avoid extra payments or debt going higher and higher again risking my inheritance to my son if with an LPA?
Any direction or next moves I could take Would be helpful. The LpA when he calls me tells me he’s doing me a big favour giving me the extra 2 weeks to find the full amount.. he seems threatning but friendly at the same time, but I can’t seem to feel I just don’t trust him.
Please help,
Sally,
I wonder if someone can give me some direction. I’m 70 and a semi retired widowed nurse. I live in our home with my son who is in his 30s and has some light mental disabilities so can’t really work. My husband died recently. We bought a home together in 2000 for 200k which is now worth maybe 600k. I don’t wish to be forced to sell it as we like it here and mortgage (not with Barclays) is practically paid off.
In 2007 my husband asked me to sign a document with him and his solicitor which I now understand was for him to get a loan for his business ltd company, and we did both signed a document. Husband told me I have to sign it to get a second mortgage as he needed to extend the credit on the business or we lose the house as without the business loan he would not have enough to pay the mortgage. The solicitor didn’t explain much to me as he’s my husbands friend. I didn’t think to try to understand it all at the time. Now after research and back and forth with Bank and getting paperwork from LPA receiver I know it was for a loan for his ltd company for expansion and we got a charge on house for it. Im not very good with these financial things so trusted my late husband with financial things. His ltd company went bust in 2009 so then Barclays started chasing him personally. I know he was paying off this debt at 500 a month on and off because that’s what he could afford and sometimes I helped him pay it when I had extra money. The Debt was about 100k and he paid around 20k off before he died making debt go down to around 85k. Barclays started threatening me with all sorts of things like repossession so I managed to get together all my savings and offered bank 50k full and final to close the debt and remove the charge. They did not accept, but they did say they may consider 75k subject to contract but I did not have the extra 25k then and sadly I ignored it thinking they won’t do anything as I sent them proof my son had disabilities and needed his home. Now recently I got a letter from an LPA receiver, with a letter showing they have been appointed by Barclays. He called up and threatened me with all sorts of things saying they now plan to sell the house etc. I told him about my son and said no court would throw us out, and he told me he can still sell the house with us in it and we will probabaly get far less then it’s worth if he sells it this way, as people pay less for a house with people in they can’t evict and said he will give me a few weeks to come up with the full money or else they will just sell it. So I stressed around and I managed to borrow an extra 10’ for a friend so have 60k, I offered this to lpa receiver to aks the bank again to settle, but he said no, the bank now insist on full amount. I told him but bank nearly accepted 75k and it’s so close now to what they suggested 6 months ago, but he said that suggestion is closed now anyway as that was before his involvement and he said the bank insist on full payment including all his costs (which he wouldn’t tell me wha they would be). he gave me another week to ‘find another 25k’ creatively or get a mortgage extension to pay Barclays off. However my bank will not increase my mortgage at my age under any circumstances as my income now is so low as it’s part time now.
i May be able to get it if I sell off all my pension (and pay extra tax). Question is, even if I sell the pension and manage to get the full 85k of the barclays debt (but leaving me with very little money to enjoy the rest of my life), so if I do this, sell my pension, and pay the LPA 85k, can the LPA person STILL turn around and screw me over and sell the house off cheap by saying 85k is not enough as now I have to pay his extras for my costs or something like that? The house is the only inheritance to my son. I don’t want to pay the debt AND lose the house at a lower value. I asked a retured lawyer friend but she say she’s not into LPA law. What shall I do? Get everything together, liquidate my pension and pay the LPA but not knowing if that’s even enough now for him (and also have no money left)? Should I Try to bypass the LPA and offer someone at barclays behind his back the 75k they originally wanted, but that may open the rath of the LPA? Do I Google for a specialist lawyer to try do something (knowing a lawyer may costs me a few thousand, which may do achieve nothing anyway if they can’t find a loophole, then risking I won’t have the full 85k after spending lawyer fees if that goes wrong?). Is there a way to apply to court to prevent selling or LPa costs because of my sons learning disabilities and also avoid extra payments or debt going higher and higher again risking my inheritance to my son if with an LPA?
Any direction or next moves I could take Would be helpful. The LpA when he calls me tells me he’s doing me a big favour giving me the extra 2 weeks to find the full amount.. he seems threatning but friendly at the same time, but I can’t seem to feel I just don’t trust him.
Please help,
Sally,
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