bank loan question

davis_1

Morning,
I have a question about a loan I took out when I set up as a self employed electrician. I went to the bank where I have a current account and have had small loans in the past. I asked for a loan of ten thousand pounds to set myself up (tools, test equipment ext.) I was asked if I was still employed? My answer was no, I've just become self employed. I was then asked if I had two years of accounts? Again I said no, I've just become self employed.
I was told that if I said that I was still employed the bank employee would forget what I had told him and he could get the loan approved, didn't think much of it and agreed.
Now with the economic climate work has now taken an massive dip and money is extremely tight, is there any way of righting the loan off?
cheers Dave

Donki

Hmmmm I can't see this going down to well on here.

The bank employee did you a favour in getting your business set up, now that it didn't work out you dont wanna pay the loan back, is that correct? In answer to your question I would say no, it would be your word against the employee's and at the end of the day you signed the paperwork stating you were employeed.

[Deleted User]

So you lied on the application?

Good work. I think writing off the loan may be the least of your concerns.

Peelerfart

This is too difficult even for the workers of nid.

In short - No.

tell_it_how_it_is

Or to slightly reword that, don't be such a nid!

Think the best you could do might be to see if the bank would be able to restructure the debt, to allow you to pay less monthly over a longer period.