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Hi to all!
I am new member to this site and joined to get some answers about my re-mortgage that was used to pay back a business loan to the bank and would like to know if I have a case to reclaim it as I have been informed by friends and family the bank acted irresponsibly and should not have given me the money at the time as I was unemployed, will explain in more detail below:-
I was loaned 40,000 from my bank to get a franchise business up and running in the form of a 20,000 loan and 20,000 overdraft. Unfortunetly the main franchise was about to go under and decided to end the business before I went with them. My franchise was also in trouble and used all the overdraught and business loan. A meeting was held to discuss how the money would be paid back and it was agreed the debt would be split three ways between the bank my father and myself.
At the time I was broke and unemployed so the bank agreed to use my house and remortgage for 15,000 and since then I have struggled with the high cost of the mortgage and was also made redundent last year due to the lack of work in my industry.
Taken in mind the business was a Ltd company and my father acted as gaurantor to the loan did they act responsibly and is this a viable case to reclaim some back?
I am new member to this site and joined to get some answers about my re-mortgage that was used to pay back a business loan to the bank and would like to know if I have a case to reclaim it as I have been informed by friends and family the bank acted irresponsibly and should not have given me the money at the time as I was unemployed, will explain in more detail below:-
I was loaned 40,000 from my bank to get a franchise business up and running in the form of a 20,000 loan and 20,000 overdraft. Unfortunetly the main franchise was about to go under and decided to end the business before I went with them. My franchise was also in trouble and used all the overdraught and business loan. A meeting was held to discuss how the money would be paid back and it was agreed the debt would be split three ways between the bank my father and myself.
At the time I was broke and unemployed so the bank agreed to use my house and remortgage for 15,000 and since then I have struggled with the high cost of the mortgage and was also made redundent last year due to the lack of work in my industry.
Taken in mind the business was a Ltd company and my father acted as gaurantor to the loan did they act responsibly and is this a viable case to reclaim some back?
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