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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I borrowed money from a limited company (I am not associated

Customer Question

Hi, I borrowed money from a limited company (I am not associated with that limited company in any way) and have paid interest without fail monthly for 4 years. They have now asked for all the money back in one lump sum. I now find out that they do not have a consumer credit licence, nor have we ever had a written agreement in place. I have read that the debt is actually unenforceable as they have lent from a company to an individual without a licence. Do you know if this is true?
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Hello my name is ***** ***** I will help you with this.
What date did you sign the agreement? Just to be clear, you never signed anything whatsoever?
Customer: replied 2 years ago.

No, I have not signed anything, although it is clear that I borrowed the money and have paid interest every month. I borrowed the money from the company but the director has always insisted I pay him the interest personally, which I have done. It is the consumer credit link that I think could be particularly interesting as I understand that it is collecting the debt is not enforceable. I am happy to talk, but clicked the decline by accident.

Expert:  Ash replied 2 years ago.
I will offer you the service again.
Alex
Ash and 2 other Law Specialists are ready to help you
Customer: replied 2 years ago.

Hi, I have accepted the offer

Expert:  Ash replied 2 years ago.
Great. Do you have a contact number?
Customer: replied 2 years ago.

Hi, I have provided it in the private contact info section?

Expert:  Ash replied 2 years ago.
Ah yes I can see that. I am just on the train - when would be good to call?
Customer: replied 2 years ago.

Whenever you are free. I am available all afternoon

Expert:  Ash replied 2 years ago.
Ok. Let me do it when I get to the station. I will call you shortly.

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