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Obligation to pay back loan.

Dan133269 · 2011-01-17 14:32:57

Hello all. Consider the following hypothetical situation, If a person, John, took out a loan with a bank, and in the process of getting the loan, never signed any paperwork, and was never given any written loan agreement, would he in theory be legally compelled to pay that back if the bank were to take him to court? Say…

17-01-2011 2:32pm

#1

Dan133269

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Hello all.

Consider the following hypothetical situation,
If a person, John, took out a loan with a bank, and in the process of getting the loan, never signed any paperwork, and was never given any written loan agreement, would he in theory be legally compelled to pay that back if the bank were to take him to court? Say for arguments sake that there is a record of the money being put into his current account with the same bank, but no written and signed loan agreement.

Thanks.

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Comments

#2 17-01-2011 2:35pm

seamus

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Theoretically if the money was received on the understanding that it was a loan, then yes he is required to pay it back.

However without any documentation to back up the loan, it would be difficult for the lender to enforce any terms of that loan such as repayment periods or interest.

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#3 17-01-2011 5:42pm

coylemj

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This is a duplicate thread with the same OP, it's being discussed over in Banking Insurance and Pensions.....

http://www.boards.ie/vbulletin/showthread.php?t=2056150092

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#4 18-01-2011 9:15am

Dan133269

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Sorry for duplicate thread. I thought as it was a banking and legal issue I would throw it up in both forums.

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