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My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.
The type of loan you are referring to appears to be an overdraft.
If you are unhappy with the way the bank is dealing with your account you can report them to the Financial Ombudsman Service.
You should contact your bank tomorrow morning and ask what is going on and if you do not get any satisfaction then you should take it further.
I hope this makes sense?
You should look at having the loan as a separate loan. I have a business loan but it s not attached to my cheque account. It is a separate business loan and secured on the office.
I only have to pay interest and If I want I can pay capital. It is like a home loan but higher interest.
The FOS is toothless but if they make a decision the bank has to comply and you can enforce it through the courts if they do not.
I hope this is clearer.
Good luck with it.
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