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loan docs or lack of them!!!
I have a loan with a bank for about £120k and we are in disput re the terms.
The loan was originally a 10 year repayment to purchase a business, with a charge over my house.
I sold the business and I was going to repay the loan when I had the second tranch of fund. This was agreed with the bank and the loan was converted into a bullet loan to be repaided on recieving the second tranch of cash.
We are now in disput over the loan as the company that was going to pay me the second tranch hasn't.
My question is this, the bank can't provided documentation for the bullet loan, they say it's not a new loan and refer back to the original loan doc. I say thats incorrect because it's a differnet loan ( term, interest only etc) and if it was the same loan, they would have had to have my wifes agreement to change the terms as it secured against a joint asset. Also the terms of the original loan state that, the loan have to be repaid on sale of the business.
What are peoples thoughts on this?
The loan was originally a 10 year repayment to purchase a business, with a charge over my house.
I sold the business and I was going to repay the loan when I had the second tranch of fund. This was agreed with the bank and the loan was converted into a bullet loan to be repaided on recieving the second tranch of cash.
We are now in disput over the loan as the company that was going to pay me the second tranch hasn't.
My question is this, the bank can't provided documentation for the bullet loan, they say it's not a new loan and refer back to the original loan doc. I say thats incorrect because it's a differnet loan ( term, interest only etc) and if it was the same loan, they would have had to have my wifes agreement to change the terms as it secured against a joint asset. Also the terms of the original loan state that, the loan have to be repaid on sale of the business.
What are peoples thoughts on this?
0
Comments
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Is the loan account number different now to the original - check the bank statements. This might give you a clue as to whether you or the bank are right.0
This discussion has been closed.
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