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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 26070
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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I am 83 years old in 2008 two years after my wife died from

Customer Question

I am 83 years old in 2008 two years after my wife died from cancer after a short illness my step daughter Susan Bruce who had been doing most things for us since before my wife died asked me if I'd stand security for a loan she wanted as a security deposit for fixtures and fittings for a pub she wanted to take the tenancy of, at first I said no but she kept asking, she said I had nothing to worry about as if she left the pub she'd get the money back and eventually I said Yes, I feel sure at the time she told me it was for £20'000 but she now claims it was for £49,000 and she told me she'd have paid it off anyway within a few years, since having a heart operation twenty years ago I have some memory problems especially with the written words after a few paragraphs I forget most of what I've read and begin to get confused so I can no longer read books, I rely on other people to read documents for me and just sign where they ask me to, I trusted Susan and when she brought papers for me to sign, I just asked her if she'd read them and were they alright, and when she said yes I just signed them, I didn't hear anything more until she began to have financial problems with the payments and after talking to someone from the bank with her in my house I agreed to pay the Bank of Scotland by direct debit £232.65 each month from my account and Susan would pay that money into my bank account, but after a few months she stopped paying it, I then found out that the £49,000 was an interest only loan and the principal is due for repayment in April 2016, and the Bank were asking what provision I'd made for its payment, when I asked her she told me at first that she had an endowment policy to cover it the later she said that she'd let it laps, and it was now my problem, I have contacted the police on the advice of the rest of the family, and after some investigation they've told me to ask for your advise,
Peter Webster
Submitted: 2 years ago.
Category: Law
Expert:  Joshua replied 2 years ago.
Joshua :

Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.

Joshua :

I am very sorry to hear of your circumstances. I have ready your comprehensive initial post in detail. I assume what you were encouraged to sign was a deed of guarantee guaranteeing her loan. Have you been shown a copy of what you signed now? Was it witnessed? If so by who?

Joshua :

You mention you had a condition at the time which made it difficult or more for you to remember more than a few paragraphs at a time. In your view would this condition have prevented you effectively from understanding what you signed and would a GP be able to confirm the position?