Enforceable loan agreement?

Rafter

Bit of a technical question this one.....

A friend of mine has been deceived by his former partner and ended up signing to a bank loan agreement in joint names.

The bank are now persuing him as his ex had gone personally bankrupt.

I know he should have read what he was signing - but that is the past.



The question is, he signed the agreement in the date space and the loan agreement is not dated by him, just by the bank in their section.

The loan was taken out in 2004 before new rules came into effect.

Does anyone know if a loan agreement signed which was not dated by the borrower is enforceable?

R.

Xbigman

You need to check with a solicitor really but I think it only needs to be individually dated if its of the type that does not need witnessing. If it needs a witness I think all signatories must date it.

I hope I'm wrong because if one half of a joint loan goes bankrupt the other person does owe all the money.
Regards


X

file_wizzard

Presuming that this is in relation to a standard CCA governed agreement then as long as both parties have signed the agreement, and it has been executed within the prescribe timescale then yes it is lawfully enforceable.

Aside from the CCA issue if an agreement was executed, and payments were made then the creditor would also be able to enforce repayment via common law.

However if it was the intention of all parties that the agreement was to be governed under the CCA, and it was not correctly executed then the creditor would find it very difficult to convince a court to enforce payment either under the CCA or a common law simple form of contract

Rafter

Thanks guys,

Thought it was a long shot.

R.