loans

Originally Posted by kronas

its the consumers fault for signing such a contract in the first place.

I don't think so. It should also be the companies responsibility to inform of exactly how much is to be paid back, and that include interest. Also HE didn't sign it his wife did

Originally Posted by kronas

if you dont make the necessary checks it is YOUR fault, remember compaines are out for profit, you HAVE to be careful

Right ok then, this is legal, yet I can be fined and imprisoned for ****ing in dark secluded alley way.

And this is fair?

You dont see whats wrong with the law?
You do 35 miles an hour in a 30mph zone you feel the full force of the law, you rip off a pensioner who's in ill health to a tune of £90K and its the pensioners own fault.

Nah sorry Kronas with all due respect, I dont accept your point there.

[kronas]

Originally Posted by timewarrior2001

You dont see whats wrong with the law?
You do 35 miles an hour in a 30mph zone you feel the full force of the law, you rip off a pensioner who's in ill health to a tune of £90K and its the pensioners own fault.

if you step back a bit and read the rest of my post, i did specify that i have sympathy for elderly people who get 'taken in' by unscrupulous banking practices, i also said that someone (who is looking after them) should help them with any financial arrangements.

Originally Posted by col d

I don't think so. It should also be the companies responsibility to inform of exactly how much is to be paid back, and that include interest.

they do, but they do it in percentages, thats why i said they should do it in a cash breakdown

Originally Posted by kronas

if you step back a bit and read the rest of my post, i did specify that i have sympathy for elderly people who get 'taken in' by unscrupulous banking practices, i also said that someone (who is looking after them) should help them with any financial arrangements.



they do, but they do it in percentages, thats why i said they should do it in a cash breakdown

Wasnt having a go Kronas, just saying I didnt accept the point you made in the quoted per tof your post.
I put the with all due respect bit in because I didnt want you thinking I was jumping down your throat.

[kronas]

Originally Posted by timewarrior2001

Wasnt having a go Kronas, just saying I didnt accept the point you made in the quoted per tof your post.
I put the with all due respect bit in because I didnt want you thinking I was jumping down your throat.

ok, i did clarify my position i was only commenting on this case, on a wider perspective i can fully understand and do sympathise with elderly people's misfortune, to sign such things.

There are currently various campaigns and proposals doing the rounds to enforce laws to prevent or, at least, limit such loan schemes.

At present there is no limit at all on the rate of interest that loan companies can charge, nor on the sort of "roll up" charges that can accrue which is why the man in this story ended up with such a large debt

[paulyoung666]

Originally Posted by Graham

There are currently various campaigns and proposals doing the rounds to enforce laws to prevent or, at least, limit such loan schemes.

At present there is no limit at all on the rate of interest that loan companies can charge, nor on the sort of "roll up" charges that can accrue which is why the man in this story ended up with such a large debt

and not before time

Originally Posted by kronas

its the consumers fault for signing such a contract in the first place.

If you read the article you will see he didnt sign anything. Im not sure he should have had to pay up. His wife died and thefore he was probably the executer for her estate. Who is liable for her outstanding debts? I would have thought her estate pays the debts and if they didnt cover the debts then tuff. Ok he might lose half the house but surely not all of it.

Im confused

Originally Posted by gary_580

If you read the article you will see he didnt sign anything. Im not sure he should have had to pay up. His wife died and thefore he was probably the executer for her estate. Who is liable for her outstanding debts? I would have thought her estate pays the debts and if they didnt cover the debts then tuff. Ok he might lose half the house but surely not all of it.

Unfortunately you can't just "lose half a house"!

When someone dies their estate (ie all their property, money etc) has to be used to pay of debts before anyone can inherit anything. The problem is that half the house was hers and since it was a mortgage the loan was secured against the property, so that value means that it has to go towards paying off the debt.

It's terrible that loan schemes like this should be able to rack up such huge interest charges, but at the moment they're not illegal