About 5 years ago I arranged an increase and extension on my mortgage of £20k for my daughter and son-in-law to put a deposit on a home.
Despite us having had a massive fall out, they do continue to make regular payments into my account to cover the increased mortgage repayments.

I and my partner were made redundant earlier this year and because we have found no work and we are accumilating debts, we want to sell up, pay off my mortgage and put the remaining equity into a home and business.

We really need the money back that I loaned out in a lump sum but don't know how I can approach this as they are making the loan repayments.

I did ask them to sort out a way of paying me back but was told that they didn't have it.

Any sugggestions please.

Was there any written agreement on repayment?

What does this mean?

Quote:

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I and my partner were made redundant

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5 years, 20K, how much balance do they owe? I can't imagine someone paying less than 200/mo, so with no interest they would have paid off 12K.
(Made redundant I think means laid off.)
If there was no term (last month of final payment) set in the agreement, I don't see how you can pass your troubles on to them, sorry.
Also, how much planning has gone into selling one home and buying another? You might get a good deal on a cheaper home but might not be able to sell your current home. Have you listed it, at no cost to you, just to see what the market is like?

The loan was taken out in my name and is running concurrently with my own mortgage to expire when I retire in 12 years time. The monthly repayments (for their loan part) is appx £145 per mth. The balance outstanding now is £15, 500.

There was no written agreement for them to pay it back it was agreed between us verbally. And as I say, they are still making the payments.

Redundancy means that through no fault of our own, my partner and I are out of work.

I have lived at my home for more than 20 years so my mortgage is small and the equity released will cover some debts that we are accumulating and pay my mortgage. The money that is left will be used to buy a business with accommodation.


Hope that is a little clearer.

Without a written agreement you don't have very many options.