Repayment Plan on Overdraft and Loan

Grandad 11

New Member
Messages
2
Hi Folks,

I have to be honest, I did not give the letter from he bank warning of impending legal action much thought, until I received two mortgage retaining orders from the courts in 2013. First is a joint current account for € 4998 and second is a personal loan for about 15K.
I have a repayment agreement on each which equals about 12% of my Disability allowance each week, however with interest, I feel I will carry to the grave, for my children to resolve. I had a Stroke, and find it so hard to manage. I have never asked for advise on this issue
 

Brendan Burgess

Founder
Messages
38,133
I assume you have equity in the house? In other words, it's either mortgage free or the mortgage is less than the property?

So the house will be sold on your death and the loans discharged.

The lender could (and in my opinion, should) seek an order for possession, but they are unlikely to do so.

Why don't you sit down with your kids and ask them to clear the loan so that interest stops accruing? Having said that, I think that the interest is at only 2% a year.

Brendan
 

Grandad 11

New Member
Messages
2
Many Thanks Brendan.
Yes Mortgage has been paid off in 2004, the interest rate been charged is more than 2%, that is something I must check out, as I repay €1700 per year, and the amount is getting bigger
 
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