Case 38

Why don't the banks care?

My partner and I were finding it difficult to manage when the opportunity arose to take advantage of a SAM.

We thought it would make life easier as my partner was in his seventies and disabled, I am fifteen years younger but have health problems including diabetes, not in our wildest imagination did we realise how much interest we would have to pay, we had a thirty thousand pound interest only mortgage, the 25% realised Ł41,250.00 which after taking the outstanding mortgage gave us the Ł11K in cash.

Our property at the time was valued at Ł165K, it is now valued at Ł315K approx, taking 75% of the difference you can see how much interest we will be paying on top of the Ł41K. I am 61 now my partner 76 and I can't sleep at night worrying about there being any money to look after us, we worked all our lives and every penny has gone into our home, we feel Barclays have made a lot of money out of peoples misery. I do realise they have to charge interest but this is unethical.

Do hope someone can help.

Thankyou for listening

WILL THE BANKS LISTEN PLEASE