Uncovering Elder Financial Abuse? It’s Tricky.
Timothy Townsend offers loans for a living in north Alabama. It’s kind of like a middle ground between a payday lender and a bank. He remembers one time when a 19-year-old applied for a truck loan. The young man didn’t have any credit and had only been working a few weeks. So he got his grandfather to co-sign the loan application. “When I talked to the older gentlemen he was like ‘Well, I guess. I really don’t want to, but they’re saying it’s the only way he can get it,’” Townsend says. That hesitation was a red flag for Townsend, but it’s awkward because, as much as he wanted to do right by the young man and his grandfather — and follow the law — he’s in business. Read more. Read the first in the series: Seniors Find Opportunities and Challenges Trying to Return to Work