I'm not even sure that's the right title really
Mid 90s my aunt persuaded my gps to remortgage their house and used the money to pay off an outstanding business loan. Her business was struggling and before the first mortgage payment was due, the business was made bankrupt.
Gps bank knew what the funds were being used for and that neither of them had an income beyond pension.
They were lent £130k in 1993.
The bank allowed my gps to stay in the house until they died and froze the interest I believe.
No payments were ever made to the mortgage by my aunt or gps as nobody could afford to.
I've recently found out about this and am just so surprised the bank would lend money to pay the debts of a clearly failing business (was hundreds of thousands in debt)
And that they would lend the money to my gps who would have not been able to pay it back.
Have I cause to complain and ask the bank to explain where it's duty of care to its customers went that day? And if so, how do I go about it after all this time
I have statements and account numbers etc so that's a good start I suppose.
Thanks for reading - I'll try to answer any qs I can.
GPS were never involved in the business other than this loan.