cosolidated business loan legit ?

yesteryearman

some time ago my limited company had 2 loans with the same bank.
as we had hit a sticky patch, bank suggested we combine both loans into 1 over a new longer term.
i did not object until now, some years on and with the company long gone.
i have been paying the loan up to now as i beleived they held a guarantee.
but finances are somewhat different today and i need to question the whole loan set up if i can
after an SAR to the bank, i discovered that they had filed the loan under a personal loan.
but i was trading as a limited company when loan was taken out.
apparently i had signed the agreement: -
mr X Xxxxxxxx
T/A xxxxxxxxxxxxxxxxx Limited
but,
the application form they used appears to be for business use only.
do i have any redress against the bank ?
would the CCA hold up in court ?
i will try to post as an attachment in next post.

jonesMUFCforever

Please confirm one thing - did they lend to the Limited company or to you personally who then paid in the money to repay the company's debt?

jonesMUFCforever

Since you have not responded I can only assume that they lent money to you in a personal capacity so it would appear that the loan agreement is correctly drawn up.

gordikin

I do so hate one post wonders!

yesteryearman

i suggest that you both read the post ( No 1 ) again.
~
we can not all be on line 24/7 and i do have other things to do, ie work.
so responding within 4 days of my first post is quite adequate !
~
so perhaps you will withold your critisism for a short period in future.
yym

inmypocketnottheirs

Did the bank at the time of the loan hold a personal guarantee?

jonesMUFCforever

yesteryearman wrote: »

i suggest that you both read the post ( No 1 ) again.
~
we can not all be on line 24/7 and i do have other things to do, ie work.
so responding within 4 days of my first post is quite adequate !
~
so perhaps you will withold your critisism for a short period in future.
yym

You bothered to reply but answered nothing.
My advice find another forum to waste your time with.

yesteryearman

jonesMUFCforever wrote: »

Please confirm one thing - did they lend to the Limited company or to you personally who then paid in the money to repay the company's debt?

~
some time ago my limited company had 2 loans with the same bank.
i therefore thought that the consolidated loan would be a company loan also.
consolidation action was instigated by the bank

jonesMUFCforever

Why it is not compulsory - in fact if they thought the company was going down the pan and held a personal guarantee from you then it is a nifty piece of work by the bank!
Perfectly legal.

See you about Tuesday or Wednesday with another waste of time reply?

yesteryearman

typical mufc supporter.
no brain & rude with it.
there are other sites you know
i shall leave you to fester in your own poison................

jonesMUFCforever

yesteryearman wrote: »

typical mufc supporter.
no brain & rude with it.
there are other sites you know
i shall leave you to fester in your own poison................

Bye then :rolleyes:

By the way - your signature - professional only has 1 'f'.