Nottinghamshire widow faces £165k repayment on 16k loan from 1990's
Nottinghamshire widow faces £165k repayment on 16k loan from 1990's
The Issue
Our story has been featured on BBC Radio 4's 'You & Yours' program, the BBC News Website and BBC East Midlands Today, to help my family and others raise awareness of this issue, to try to get support.
My 88 year old mother faces having to repay over £165, 000 on a bank loan of £16,250 taken out by my late father in the late 1990's.
We only became aware of the details of the deal my father had agreed with Barclays shortly before his died last year.
These loans were targeted at the over 60's only & the Barclays scheme apparently only ran for 3 months before it was scrapped.
The loan was initially interest free but was secured against any future rise in the value of my parents bungalow & didn't have to be repaid until the property was sold.
The bank now stands to take 75% of the bungalows appreciation when it is sold.
My concern is that should my mother need to sell her home to help pay for care in the future, there will be little left after the banks taken it's payment. In fact, as a stipulation of the loan is that the property must be maintained to the banks requirements and all valuations are at the property owners expense, there may be nothing left except debt.
Both my mother and I believe that my father, a former miner, did not fully understand the implications of the deal, called a shared appreciation mortgage, when he signed it.
And this is just our situation, there are potentially hundreds of families in a similar situation with this hanging over them and the same number who may have already suffered resultant of this scheme and lost their properties values.
We understand we have to pay back the loan amount and hope an agreement can be reached where we pay back a reasonable amount of interest. Which is something approx. 300 Barclays Bank SAM sufferers managed to get agreed when they joined together and challenged them via firm of solicitors. Barclays settled as this out of court.
Has this not set a precedent to those who have already paid out and those who may yet still be forced to?
Unfortunately, a single family legal route against such a large institution as Barclays Bank is just unaffordable.
Which is the reason for this petition.
Please sign it signifying your support to help us to continue to fight for an ethical solution.
2,730
The Issue
Our story has been featured on BBC Radio 4's 'You & Yours' program, the BBC News Website and BBC East Midlands Today, to help my family and others raise awareness of this issue, to try to get support.
My 88 year old mother faces having to repay over £165, 000 on a bank loan of £16,250 taken out by my late father in the late 1990's.
We only became aware of the details of the deal my father had agreed with Barclays shortly before his died last year.
These loans were targeted at the over 60's only & the Barclays scheme apparently only ran for 3 months before it was scrapped.
The loan was initially interest free but was secured against any future rise in the value of my parents bungalow & didn't have to be repaid until the property was sold.
The bank now stands to take 75% of the bungalows appreciation when it is sold.
My concern is that should my mother need to sell her home to help pay for care in the future, there will be little left after the banks taken it's payment. In fact, as a stipulation of the loan is that the property must be maintained to the banks requirements and all valuations are at the property owners expense, there may be nothing left except debt.
Both my mother and I believe that my father, a former miner, did not fully understand the implications of the deal, called a shared appreciation mortgage, when he signed it.
And this is just our situation, there are potentially hundreds of families in a similar situation with this hanging over them and the same number who may have already suffered resultant of this scheme and lost their properties values.
We understand we have to pay back the loan amount and hope an agreement can be reached where we pay back a reasonable amount of interest. Which is something approx. 300 Barclays Bank SAM sufferers managed to get agreed when they joined together and challenged them via firm of solicitors. Barclays settled as this out of court.
Has this not set a precedent to those who have already paid out and those who may yet still be forced to?
Unfortunately, a single family legal route against such a large institution as Barclays Bank is just unaffordable.
Which is the reason for this petition.
Please sign it signifying your support to help us to continue to fight for an ethical solution.
2,730
Petition created on 12 October 2023