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Loan Loophole?
OberonSH
Posts: 1,792 Forumite
Hey guys,
A relative who prides himself on his 'legal knowledge' mentioned the other day that if a loan agreement isn't signed by at least a regional manager of a compnay or bank it isnt legal! Apparently that's because no-one lower has authority to lend the money.
Any comments? If it were true we'd all be laughing!
A relative who prides himself on his 'legal knowledge' mentioned the other day that if a loan agreement isn't signed by at least a regional manager of a compnay or bank it isnt legal! Apparently that's because no-one lower has authority to lend the money.
Any comments? If it were true we'd all be laughing!
This year I'm getting organised once and for all, and going to buy a house with my wonderful other half. And that' s final!
Current Pay Off Target : £1500 :mad:
Current Pay Off Target : £1500 :mad:
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Comments
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Sounds like a myth to me.
I suspect the regional managers delegate their authority to branch managers so it can be agreed at branch level. It would take longer to approve if everything had to get sent back up to the regional office for approval.
But I could be mistaken
Retired in 2015.
Moved to Ireland September 20170 -
Imagine if it were true though.........
As he's got time on his hands I'll ask the relative to bring me the proof. That would upset the apple cart, wouldn't it?!This year I'm getting organised once and for all, and going to buy a house with my wonderful other half. And that' s final!
Current Pay Off Target : £1500 :mad:0 -
we can all live in hopei have an intermittant connection so sorry if i dont reply straight away
Official DFW Nerd Club - Member no. 303
*Proud To Be Dealing With My Debts!*
*Learning to be a house proud flybaby*
weff level 59ish
you can't get a YES if you don't ask
:dance: :T :rotfl: :j :A :j :rotfl: :T :dance:0 -
It's not true, sorry - I have a £25k unsecured lending authority, and I'm not a manager of any kind!
"I wasn't wrong, I just wasn't right enough.":smileyhea97800072589250 -
awww party pooper.
Lend us a quid then....This year I'm getting organised once and for all, and going to buy a house with my wonderful other half. And that' s final!
Current Pay Off Target : £1500 :mad:0 -
Oh go on then......but don't leave the country!! "I wasn't wrong, I just wasn't right enough.":smileyhea97800072589250
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lol, would if I could! My pool in florida beckons......This year I'm getting organised once and for all, and going to buy a house with my wonderful other half. And that' s final!
Current Pay Off Target : £1500 :mad:0 -
If it was true I suspect lots of clever legal-eagles would have been able to take companies to court and got their debts cancelled....
Don't think that's happened somehow!Retired in 2015.
Moved to Ireland September 20170 -
lend me a quid as well snaggles?0
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In fact lend us all a quid. Or even better, £25k unsecured quids.....This year I'm getting organised once and for all, and going to buy a house with my wonderful other half. And that' s final!
Current Pay Off Target : £1500 :mad:0
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