Hi all.i’m posting for advice regarding my twin brothers financial predicament. I have his wife’s consent to post on here.
He’s my twin and we’re 42. He’s a great guy. A great brother, son husband and father.Sadly he suffers terribly with his mental health and this came to a Crisis point last year. Looking back he’s always suffered but it wasn’t something that was discussed in the 90’s. We ( him included) think that he may have some autistic traits.
in July 2022 he was struggling with his finances. He has a successful career but his wife’s business has struggled though covid and their income was reduced. They were already carrying some debt And this became less manageable. Unbeknown to us, this coincided with him suffering a massive Mental health crisis. Rather than ask for help he struggled alone. During thus time he took our two separate consolidation loans from a company called updraft for £8000 and £14000. Interest apprised 14%
all of this came to light when he reached breaking point and on the edge of taking his life. He got help and cognitive behavioural therapy , along with medication. He contacted updraft and told them all about his mental health issues and how these issues impair his decision making. They sent him some mental heaith support links But refused him any support as they seemed to loan affordable.
fast forward to Dec 2023. Brothers friend passed away and this triggered a huge breakdown. During this time he was offered, and accepted a further loan from updraft for £6000!! This has tipped him over the edge and he’s now missing payments and struggling. I became aware of this last month.
I am really angry that updraft allowed a third loan despite being aware of his mental Heath issues I accept that the first two loans were deemed appropriate, but surely they should have not lent further money to someone who they knew that as struggling?