The real question that should be asked is who is the lawyer that explained and witnessed the guarantee documents. For those that don’t understand this is a mandatory bank requirement for all guarantee loans. Guarantor must see a solicitor of their own choice
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The Mother thought this guarantee was for a loan that the daughter said was to purchase a business. The business had already been purchased - the bank had docs to this effect and did not warn the mother, they also misrepresented her position to comply with COP. Bank was at fault.
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No malpractice here, however there is a dangerous obsession by the banks to obtain house based security. Banks are not business enablers, they are credit card & home loan issuers only. When the inevitable correction in home values hits the Govt will be the biggest business lender
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The banking rc did itself no favours with this one. While IMO banks are over-using guarantors to mitigate their risk, on the face of it there was no wrong-doing here. And my questions were the same - where is the daughter who talked mum into this and whose business failed?
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Was saying same thing to my partner last night. Bank staff and daughter as culpable as each other
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Banks are used as scapegoat for others foolishness & risk taking behavior.
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Its not the banks problem if the child pushes the parents to fund their small business just another sob story if you play the game you wear the pain or the gain they wouldnt be whinging if it made a million dollars
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And why is your new regular employer, the ABC, milking this case for all it's worth with total disregard of all the facts? News readers even commenting that " it's terrible to watch".
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As is often the case, people claim they didn't know what they were doing ONLY when things go bad and they lose money.
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I agree ... it amounts to elder abuse .. and should have consequences .. and what are the consequences of not reporting elder abuse in other industries?
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