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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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We agreed part settlement on a loan. With a new agreement

Customer Question

We agreed part settlement on a loan. With a new agreement replacing the old one. My fellow director signed the new agreement but the loan amount was different to what was agreed beforehand. Can we request a revised agreement to take into account what we previously agreed.

Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Alex Watts :

my name is ***** ***** I will help you with this.

Alex Watts :

please let me know why he signed a document that was wrong?

JACUSTOMER-eyom44lz- :

He wasn't aware of the negotiated figure agreed beforehand.

JACUSTOMER-eyom44lz- :

I agreed 1.22m and the agreement was made out .264m

Alex Watts :

Its bad news I am afraid.

Alex Watts :

The contract is an express agreement between the parties and contains all the rights and responsibilities.

Alex Watts :

If he did not know or was not aware then sadly the contract should not have been signed or he should have checked.

Alex Watts :

It can now only be amended if the contract allows or the other side agree

Alex Watts :

But if it went to Court the Judge would say, well you saw the terms, you read them and you agreed to it

Alex Watts :

If the numbers turned out to be wrong you should have checked beforehand.

Alex Watts :

The level of detail a businessman has is expected to be greater than the average consumer

Alex Watts :

I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest

Alex Watts :

Can I clarify anything about this today please?

JACUSTOMER-eyom44lz- :

The other side agreed a settlement figure on a previous loan. The remaining outstanding after agreed settlement was 1.22m. They produced a document stating 1.264m. We must be able to challenge this somehow.

Alex Watts :

Only if the contract allows you to.

Alex Watts :

Or they agree.

Alex Watts :

Otherwise you are stuck with it.

Alex Watts :

As I said if it went to Court the Judge would ask did you read and understand what you were signing. I assume the answer is yes

Alex Watts :

If so, then you are stuck with those numbers.

Alex Watts :

I am sorry

Alex Watts :

It should not have been signed if both parties did not intend to be bound by it

JACUSTOMER-eyom44lz- :

I cant accept they cannot be bound by there settlement offer.

Alex Watts :

Why not? A contract was signed with the figures in it?

JACUSTOMER-eyom44lz- :

They are 2 different things. An agreed settlement figure. Then the new loan. If someone agrees a figure to settle a debt then surely that is legally binding.

Alex Watts :

If it is subject to contract, then nio

Alex Watts :

* no *

Alex Watts :

This was subject to a contract because there was a written agreement.

Alex Watts :

Its the same when you put an offer in on a house.

Alex Watts :

You can offer £100,000 but later phone up and say, well actually no, I want to change it to £90,000

Alex Watts :

Unless contacts have been signed, either party can change it

Alex Watts :

Here you have a mistake.

Alex Watts :

It is not a mistake as to the subject matter (ie you thought you were selling a Banksy painting when it was a fake).

Alex Watts :

The subject matter is correct, it is the details that are wrong.

Alex Watts :

that is why the person signing the contract, as a businessman is expected to have read the contract and understood it.

Alex Watts :

If the contract is wrong then the Courts are going to be unwilling to interfere in that.

Alex Watts :

If you were a consumer it may be a different matter, but this is a business transaction

Alex Watts :

I am sorry but case law is against you.

Alex Watts :

I have a duty to be truthful with you.

Alex Watts :

Can I clarify anything else ?

JACUSTOMER-eyom44lz- :

Understand. If I have a loan and agree a settlement figure of £100 and the bank then takes £110 is this acceptable.

Alex Watts :

Ordinarily no. But in this case there is a signed contract. That makes the difference

Alex Watts :

A significant difference

JACUSTOMER-eyom44lz- :

Forgetting the 2nd contract signed. Do we have a claim that relates to the agreed settlement but the amount taken.

Alex Watts :

If there was no contract yes

Alex Watts :

But you have a contract so that overrides this.

Alex Watts :

I am sorry

Alex Watts :

Any agreement was subject to the contract.

Alex Watts :

You can try and claim, but mu view sadly is that you would fail.

Alex Watts :

Only because of the above.

JACUSTOMER-eyom44lz- :

OK.

Alex Watts :

Can I clarify anything else about this?

Alex Watts :

If this answers your question could I invite you rate my answer before you leave today.


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