Originally posted by creativity
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2019 Loan Charge - Support Groups for best possible resolution
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Originally posted by WalterWhite View PostWhat if a loan was issued on commercial terms, so has to be repaid and also accrues interest?Comment
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The key aspects for being a commercial loan will include the usual interest rate, repayment schedule, etc.
In the context of loans made to contractors as part of a scheme however there are some difficult stages to overcome.
1. Were you assessed as to your ability to repay the loan?
2. Was that assessment based on the contract you had at the time?
3. In which case why was the loan not recalled when that contract ceased?
4. Otherwise how might you repay the loan?
In theory (and practice), unsecured loans are made all the time and the lender takes a punt on repayment. Here however no lender has ever tried to recover the loan.
My opinion is that there are some fundamental issues with trying to bring the loan up the "commercial" exemption and that those hurdles were set when the loan was drawn up and as such trying to change them now, is going to be a difficult task. not impossible and I'm sure some advisers would be willing to take it on.Best Forum Adviser & Forum Personality of the Year 2018.
(No, me neither).Comment
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