Hi All,
I need some help with a problem that I have. I wanted to buy my first house a few years ago and I was going to get a mortgage from a bank. My grandad found out about it and told me that he would just lend me the money and I could pay him back £440 a Month for the next 25 years or until he died.
I fell out with him last year and I’ve not spoken to him since because he did something very unpleasant.
throughout this period I have always paid the money on time and in full.
I recently received a letter from his solicitor demanding that I repaid him immediately. I ignored it because I didn’t know what to do.
I have just had a letter threatening to take me to court if I do not repay the money in full.
There was no written agreement.
I have always paid it back in time and have never missed a payment.
is he entitled to sue for repayment of the money. Also would the loan come under the consumer credit act? It was not for a business purpose it was solely to purchase my home. There is no charge on the property as my conveyancing solicitors wouldn’t allow it.
I have some debts that I pay, and whilst I am on top of these, they will make it difficult for me to get a mortgage to pay him back. Any advice would be really welcome
I need some help with a problem that I have. I wanted to buy my first house a few years ago and I was going to get a mortgage from a bank. My grandad found out about it and told me that he would just lend me the money and I could pay him back £440 a Month for the next 25 years or until he died.
I fell out with him last year and I’ve not spoken to him since because he did something very unpleasant.
throughout this period I have always paid the money on time and in full.
I recently received a letter from his solicitor demanding that I repaid him immediately. I ignored it because I didn’t know what to do.
I have just had a letter threatening to take me to court if I do not repay the money in full.
There was no written agreement.
I have always paid it back in time and have never missed a payment.
is he entitled to sue for repayment of the money. Also would the loan come under the consumer credit act? It was not for a business purpose it was solely to purchase my home. There is no charge on the property as my conveyancing solicitors wouldn’t allow it.
I have some debts that I pay, and whilst I am on top of these, they will make it difficult for me to get a mortgage to pay him back. Any advice would be really welcome
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