Hello my name is ***** ***** I will help you with this.
For now please let me know if you you were aware of the required repayments?
as far as I know the payments were only for mortgage repayments.no information for repayment of the original mortgage at end of term
Did you know it was interest only?
So you knew the debt would be there at the end ?
Did you not make any provision for the repayment of the principal sum?
Yes but surely a degree of responsibility to be able to repay must be with the lender ?
So you knew it was interest only, you knew you had to make provision to pay it back at the end of the term. What are you saying the lender didnt do that they should have?
Are you seeking to have the £100k written off?
Not at all,I am only getting information for a third party who is now selling the property to repay the debt and being threatened with legal action
Ok, its bad news I am afraid.
If they knew it was interest only then they knew the capital would have to be repaid at the end.
If they made no provision for this, that is not the fault of the lender.
In short if they knew it was interest only then the capital sum would always be repayable at the end
ok that is all I needed to know
But a complaint can be raised to the Ombudsman.
They offer a free, independent service and can be reached at: www.financial-ombudsman.org.uk
I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest
thank you for your help
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