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Ltd Loans

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  • 14-02-2013 10:31pm
    #1
    alex23
    Registered Users Posts: 26 ✭


    Few years ago i was pushed by boi to apply for a loan of 28k.The money were sent to me in no time but my wife,who was an director of this company,wasnt asked to sign any paperwork.Now i have an different company and each time i get some type of finance i have to sign,my wife has to sign and then the money are sent to us.But in 2007 non of this have happened.But in 2008 without any notice the bank has stopped my 18k overdraft and the business nearly closed down.I wonder if i can challenge the bank for wrong paperwork for the 2007 loan?

    Thank you


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    alex23 wrote: »
    Few years ago i was pushed by boi to apply for a loan of 28k.The money were sent to me in no time but my wife,who was an director of this company,wasnt asked to sign any paperwork.Now i have an different company and each time i get some type of finance i have to sign,my wife has to sign and then the money are sent to us.But in 2007 non of this have happened.But in 2008 without any notice the bank has stopped my 18k overdraft and the business nearly closed down.I wonder if i can challenge the bank for wrong paperwork for the 2007 loan?

    Thank you

    So you got money in 2007 off the bank and now you dont want to pay it back as you consider the paperwork not done correctly? You can ask the bank what paperwork they have on the loan but you received the funds and would still have to pay it back.


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    #3
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,276 Mod ✭✭✭✭Jim2007


    alex23 wrote: »
    Few years ago i was pushed by boi to apply for a loan of 28k.The money were sent to me in no time but my wife,who was an director of this company,wasnt asked to sign any paperwork.Now i have an different company and each time i get some type of finance i have to sign,my wife has to sign and then the money are sent to us.But in 2007 non of this have happened.But in 2008 without any notice the bank has stopped my 18k overdraft and the business nearly closed down.I wonder if i can challenge the bank for wrong paperwork for the 2007 loan?

    Thank you

    Who said the paper work was wrong? So long as the company did not stipulate to the bank before hand that all loans granted to the company must be signed by a director before hand, is no requirement for a director to sign commercial contracts of a company, as long as the bank were satisfied that they were dealing with a competent representative of the company, which they were! If you are now going to argue that you did not have that authority, then you may admitting to a criminal offence - fraud!

    Overdrafts are always 'on demand' and can be called in at any time without notice. If you took the time to read the conditions you would have know this and you should also note that the account must be in credit for a certain number of days each year.


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