-
New Member
Can a bank just cancel a bond agreement if they think that they lent recklessly?
I have a bond (bond A) that was obtained post NCA (2009) which as far as I can tell could constitute reckless lending.
At the time of application I revealed to the bank that I had a suretyship elsewhere, which would technically mean that by giving me this bond, that they definitely extended credit recklessly.
I recently again applied for credit with this same institution which was denied. I asked why and they cited the suretyship. I pointed out that this suretyship didn't pose a problem when obtaining bond A. They are now looking into this.
I am comfortably servicing bond A.
My question is: If the bank realizes that they shouldn't even have given me Bond A, and that it could technically constitute reckless lending, can the bank come back two years later and cancel bond A (thereby forcing me to settle the full balance, which I obviously could only do by selling the property)?
I don't want to sell the property, am affording it, and have no intention of pursuing a reckless lending case against them.
The suretyship cannot be released at this stage.
-
Tags for this Thread
Did you like this article? Share it with your favourite social network.
Did you like this article? Share it with your favourite social network.
Posting Permissions
- You may not post new threads
- You may not post replies
- You may not post attachments
- You may not edit your posts
-
Forum Rules
Did you like this article? Share it with your favourite social network.