credit agreement

[o8sp]

we took out a loan secured on our home in august and after signing about 5 different versions of the credit agreement we have recieved a letter to say they have lost the agreemeny could we sign another one witnessed by 2 people and send it back.
i have just about run out of people to ask at work because they all had a go the first time round and it is embarrasing asking people to witness you signing a credit agreement for a second loan on your home.
what would happen if i just ignore the request?

[graham1024uk]

Nothing....... they are liable for the loss not you.

Basically without that agreement they have no leg to stand on.

[o8sp]

so if i was not such a boring and honest person and decided not to make any payments they could do nothing???!!!! that's very careless of them.

[graham1024uk]

hehe.....well unfort im not a lawyer, but on a normal credit agreement, yes they could not do anything unless a signed agreement, but as its secured on your house theres prob. loopholes that they would use.

I would properly own up if it was on my house but if it was something else that was unsecured....I would plead ignorance.

[Mrs_Pegasus]

Unless they handed you the loan over in cash and you have never banked it then the chances are you would get away with it. They could still get their money back but you could call the shots on how quickly!!! i.e. �5 a month instead of the amount you agreed.

If you want to play it above board, ask them to send 2 people around to witness the signatory and ask for compensation for the inconvenience it has caused you. The stress blah blah blah! You never know they might be willing to let you off a few payments - after all they will be desperate for that signed agreement!