LloydsTSB have repaid the credit agreement between themselves and 49 year old Michael John. At age 18, Michael was serving in the Duke of Wellingtons Regiment on tour in Londonderry, Northern Ireland, when he was shot in the head at point blank range. He spent 4 months in a coma, and it was unsure whether he would survive.
31 years later, and Michael suffers from partial paralysis, slurred speech and occasionally confused thought processes. In 2003 he took out a £50,000 loan with LloydsTSB, secured on his previously unemcumbered property. It is not known what the loan was for, but has been speculated that he was a victim of a lottery scam. Every time he visited his bank manager, his debt problems increased. In 2004 he took out a further £25,000 loan. In 2005, he was offered a further £21,000, which he took. 2006 saw Michael take another £10,000 loan, as did 2007.
Michaels debt burden was increasing, to the point where nearly 75% of his benefit and war pension income was being spent on repaying LloydsTSB loans. But Michael never sought debt help. Unaware of his impending debt problems if he was unable to make the repayments, he eventually went to his local Royal British Legion for help in buying a lawnmower.
Major Paul Mulingani, from the Legion in Nottinghamshire visited Michael about his lawnmower and was shocked to find out that Michael had more pressing matters. "When I looked around at the house, I could see it was in need of redecoration. WhenI asked Michael why he hadn't done it, he said he couldn't afford it." Said Paul, speaking in the Evening Post.
Acting as a debt counsellor for Michael, Paul delved deeper and found the details of Michael's loans. Working with the Evening Post, the legion took LloydsTSB to task over the case, and have had a fantastic result. The injuries suffered by Michael had affected his decision making ability, leaving him open to abuse from the banking system. LloydsTSB have repaid the entire credit agreement, leaving Michael with his full income back and regaining control of his home.
If you are in need of any form of debt help, call MRA Debt Help on 01424 777156 to speak to one of our debt counsellors.
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