C an I lose my home

I used my studio to get a small loan for my daughter of 2000 euros. I have found out be sheer chance that she did not pay it all off and still owed the bank 440. No one notified me for two years that she had defaulted even tho I was in the bank at least once. I have recieved no letters etc. It was just a staff member who told me a few months ago. My daughter said she had honestly forgotten but went in and was told that they had put it to the lawyers and that to stop it would cost her about 2500. She cannot afford this and neither can I. She asked them to phone her with all the details and if they could find a solution. They did not. Now the person I usually deal with has left the bank and the woman in charge is not at all helpful. I am frightened stiff they will take the studio. Can they. I am an old age pensioner and this is my only home. Thankyou. I would really appreciate some help as i am making myself sick with worry.

Hello Jacquie,

We recommend you to get to some kind of agreement with the bank in relation to that debt, otherwise the bank will claim it at court and an embargo will be put on your assets. We would need to check the documents that you signed when you applied for the loan to confirm if the bank is applying the correct interests and expenses due to the delay. However, it is possible that the bank will go against your property as a last resort. With the aid of a solicitor, you could get to an agreement with the bank so they reduced the amount.

The best solution would be that you tried and gathered that amount to finally pay, if possible. If you wish us to look into this in detail, send us an email through Lawbird´s website´s contact form.

Best Regards,