Hello my name is ***** ***** I will help you with this.
Would the creditor agree to monthly repayments please?
I don't know yet, basically the loan was taken out by my step father from his mother in 1999, the loan was to be interest free during her life time, to be paid back to the estate upon the death of his mother (2002) out of his inheritance. The loan was never called in. The beneficiarys complained so they then approached my mother in 2005 and told her she was responsible... she had cancer and my stepfather was diagnosed with dementia the same year. My mother was sole owner of the property so agreed to an interest free charge of £40,000 being put on the cottage. The cottage now belongs to me as does the debt. I want to know if my stepfather/me could start to pay off the charge on a monthly basis. I know the trustees are negligent but it would take too long and be too expensive to take to court which is why i would like to try and pay it back during my step fathers lifetime. Is this possible?
and yes i think the trust would be happy with a monthly repayment deal
What you can do is allow a charge and then pay monthly.
Yes you can do this.
Once the debt has been paid then yes the charge can be removed.
But you must get in writing that they agree to a charge, will not execute it as long as you keep up payments of £x a month and will remove it at the end of the term
Can I clarify anything for you about this today please?
The charge was put onto the cottage in 2005, should i speak to the trustees and set up a monthly payment scheme? My step father would be in effect paying the loan back, i have power of attorney for him, does this matter?
Yes I would.
But generally once the charge is paid back then it should be removed.
I would speak to the trustees to see if the matter can be resolved.
If you have power, as long as payments are made in the interest of your father that is ok
Thank you that has helped.
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