business loan illegal

somethingcorporate

robin3425 wrote: »

Suggestions for Somethingcorporate If you don't like reading these posts the answer is simple: Stop reading them but if you really find that you need to then, As my old mum used to say if you've got nothing useful to say then say nothing.

I do like reading them and I do like contributing to them.

I LOVE the reaction of people that cannot take personal responsibility for their own behavior and try and blame everyone but themselves who then go on the personal attack because they don't hear what they want to. If you want a pat on the head go over to mumsnet or talk to your dad or something. If you want a range of disintested opinions then welcome to the internet.

robin3425

yawn, yawn

somethingcorporate

Jog on then if this bores you. As you can see from the regulars we hear your story all the time.

robin3425

Rough calculation:
Had the loan been made by way of mortgage rather than business loan, to date I would have saved £14,000.00. Over the full term the saving would be in the region of £27,500.00. All things were equal my net earnings and the security taken by the bank is the same.

jonesMUFCforever

In answer to post 30 - business bank managers are no more trained to be mortgage/tax advisers than any personal manager in a branch.
If you asked for a loan and you got a loan I would have thought your accountant (if asked) would have advised you of the tax implications.

BillJones

robin3425 wrote: »

Rough calculation:
Had the loan been made by way of mortgage rather than business loan, to date I would have saved £14,000.00. Over the full term the saving would be in the region of £27,500.00. All things were equal my net earnings and the security taken by the bank is the same.

Then you've now hopefully learned a valuable (if rather expensive) lesson.

I hope that it means that you'll think things through more carefully in future.

dktreesea

You say the business, at the time you took out the loan, didn't exist, but wasn't that in 2007 and the company continued to trade through to at least 2009? In what sense wasn't it a going concern?

If the bank has lent you money on the basis that you are injecting that money into your company, surely that's a business, rather than a personal loan?

All aside from the technical aspects of the loan, you have had the use of the money. Why shouldn't you pay it back?

Thrugelmir

Never was an answer to the accountants advice given nor the over drawn directors current account. Probably for good reason.

Never ceases to amaze me the number of people who fail to seek advice before they set off. Only to find that they've dug themselves a hole. Then blame anyone else but themselves for what really is their own failings.

Crystallady

I used to work for the Corporate section of a bank though not Lloyds and from my experience I think you got close to the reason in post #30.
As a Business Relationship manager your manager was only able to sanction/agree business loans, he/she would not be able to agree personal loans and certainly not mortgages which are a regulated product.
As your Limited Company was no longer trading the chances were that you wouldn't have passed the lending criteria for a personal loan having little or no income, presumably you weren't taking a huge salary from the failing company.
She/he was probably trying to help you out - if the manager hadn't agreed the business loans how would you have found the monies needed ?

societys_child

somethingcorporate wrote: »

If you want a pat on the head go over to mumsnet

:eek: I've heard they can be a rough lot on there . . . :rotfl: