There is a loan taken by my mother from a private creditor in the 90s. It was meant to be a financial assistance for my elder sibling, who decided to move abroad and settle there. The monthly payments were made with paychecks. When the creditor passed away, a loan firm took over the loan. Soon after that a new contract was made with a bank. I was 16 back then and me and my mother were moving to a new flat. There was a deal made that the loan will be listed as a housing loan. Since we lived pretty poorly, smaller monthly payments were a priority. One of the major conditions to receive the approval from the bank was that I, as a youngest person in family, signed the deal to secure payments of the loan in the future. The sum is listed as housing loan in my credit history and it will be activated after our mum passes away. Currently, mother pays almost 1/4 of her income for this loan and I still don't have a stable flow of good income to help with repayment of the loan either. My sibling assisted with monthly payments for some time and later ignores any discussions about this loan. Sibling has got a better living standard with own family and has sold three houses during the last decade. However, the discussion of this loan is sort of a tabu topic in her family. All pressure seems to be on me. Our mother has explained that no particular child is listed as a person to inherit the flat with the remaining loan. When it is actual, the housing unit can be sold and the remaining sum repayed to the bank according to her. Since we are two siblings, the elder one probably would get a share of inheritence, too. I wonder if there is a way to raise a question whether it was legal to pressure me to sign a contract as a teenager to warrant loan? Also, the name of my sibling doesn't seem to figurate in any documents despite being the major receiver of the loan. What can I do to avoid falling into the financial dump if I don't manage to get a better paying job and will be responsible for loan re-payment?
Submitted October 19, 2021 at 08:36AM by aim4harmony https://ift.tt/3DVURAw
