Fraudulent Partnership Loan

JackParker

I have just discovered that a loan was taken out in my name without my consent.  Is this allowed? The loan company called me at the time and asked if I agreed and I said no.  I have since discovered that the loan was granted and that my name appears on the agreement but not my signature. 

Is this fraudulent? 

The loan was to prop up a business that I was a partner in but not active as I had retired and moved away.  I wanted the business to be sold but the other partner wanted to continue to run it and I was persuaded not to end the partnership as he promised to buy me out but that never happened.  The business has now been sold and the loan has been paid off. 

Brie

Yes I'd say it was fraud.  

Assuming you now have no connection to the ex partner (not friends, not related) then I would suggest you report it to the police on the off chance that this is not just one of a number of frauds having been committed.  If you are friends/related then you may not want to go down that route.

You could lodge a complaint with the loan company but other than an apology if you haven't lost out in any way they are unlikely to give compensation.   

MEM62

JackParker said:

I have just discovered that a loan was taken out in my name without my consent.  Is this allowed? 

No, it is not.

JackParker said:

The loan company called me at the time and asked if I agreed and I said no.  

So why did they proceed with it?  

JackParker said:

The business has now been sold and the loan has been paid off. 

In that case you have no loss and are not exposed to any future loss and, whilst what happened certainly was not right, you are not likely to get the authorities or regulatory bodies interested.  Although you might be looking for someone to be held accountable, they may well view it as a non-issue in light of the fact that you have not suffered and loss as a result of the wrongdoing.