Do the bank have inform my Father of problems with a business account?
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I used to have a small business of which my father was a director. The business borrowed an amount from the bank. Due to familly problems ie disabled sons, I moved house. Unfortually due the the circumstances I had to cease trading and left an amount in the bank to cover repayments. I informed the bank of my new address and my personel current details came to the new address. However, two years on my Father has been contacted by a debt collection agency saying that this money is owed. My father is liable as he was the garantor for the loan. We have looked into the old statements and it is apparant that some money is out standing. However my father is 84 and getting very stressed at the situation. Yes I wish to pay the money in installment but only to the bank. Surely they should have written to i or my father (both directors) to bring this outstanding amount to our attention. What can I do ?? Have I got any legal rights to pay the bank back and not this debt recovery agency???
Do the bank have inform my Father of problems with a business account?The way debt collection agencies work is they buy debt from companies at a low rate and then go after the responsible party. The bank has already been paid by the collection agency and they are the new lien holders. You can still pay the debt back in installments and it will be interest free, so there is an advantage to it. Sorry about the situation.
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