Life Loans are back

In fairness, Bronte - that last post is very funny - thank you!

Brannigan truly was a beauty. You can kind of rationalise where everyone else was coming from but that lad seemed happy just to be on the wireless. After that, I had the sense that the meaning and order of words were as much a surprise to him as the listener.
 
Case Study James Smith

- Partners mother borrowed 12K in 2002, died in 2012, 43K owed
- Tried to make a payment plan with bank, house had to be sold, brother with mental health issues had to move out
- Says Burgess is wrong about Part payment (I think James misunderstand
- BB says figures could not get to 43K over 10 years.

David Hall
- vulnerability, people need money, says you can waive legal advice. Except if you are geting a mortgage. Joe says it wasn't seen as a mortgage.

Case Study Ciara
45K borrowed, 137K owed, father in hospital, mother stressed about money owing to bank, Ciarra knew the day before they applied for the loan. House went below the amount owing and they were stressed about this. Needed help from CC for adapted bathroom. House sold. 45K is an awful lot for a bathroom. I'm guessing they also received money from the CC as why else did she mention them. Bank Morals..... House sold to pay off loan.
 
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House sold to pay off loan.

Under the Life Loan schemes with BoI and Seniors Money , the borrower never had to worry about selling the house if they were still living in it.

They had to repay the loan, only if they vacated the house.

Brendan
 
Under the Life Loan schemes with BoI and Seniors Money , the borrower never had to worry about selling the house if they were still living in it.

They had to repay the loan, only if they vacated the house.

Brendan
The thing that gets me is that the people who borrowed the money were going to be fine anyway. They clearly knew exactly why they were borrowing and the figures were clear as day. A 12 year old could understand the brochure. But it's an easy way to explain away their actions by saying it was the banks fault. Not one person on Joe, particularly David Hall, said what product people in their sixties needing renovations could access. Nobody mentioned that if people are stupid enough to borrow money to go on cruises it's not going to end well. Nodody said what interest rate would have been acceptable. We already know 6% wasn't really that high. A credit untion personal loan is 12%. Overdrafts and credit card interest rates are high.
Not one poster on here has been able to come up with a different solution for older people. There is no such thing as free money.

One thing I do know is needed, compound interest needs to be made compulsory in schools. The fact you had to tell James that all mortgages are compound interest sums it up the level of ignorance. And I wouldn't mind but he sounded educated.

My grandparents lived in a large old house, it needed massive renovation, they couldn't make it up the stairs to their bathroom and had an outside toilet. I stayed there for a time. The kitchen was a disgrace. A loan like one of these would have made a massive difference to their quality of life. Their adult children, my parent included, could have done something about it but never did. I know my grandmother was giving two of her adult children money when they visited. A tenner or 20 here or there. When they both passed away my aunt went digging the back garden to try and find money. And who got the house, the adult children who had not lifted a finger to help them live better. Those grandparents scrimped and saved all their lives to give their children a better future. Most genorous people you could ever meet. They didn't even realise their living situation was abysmal but I remember my grandfather using a plastic paint bucket to take out urine to the outside toilet from the bedroom as they didn't want to go outside at night. He was embarressed when I realised what it was.
 
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