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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 23058
Experience:  38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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Our business went in to Insolvency and my husband and I have

Customer Question

Hi our business went in to Insolvency and my husband and I have gone personal bankrupted. We have a house with a mortgage. The bank would now like to add the money that the business owes the bank witch was a overdraft and 2 loans and also our personal loan to either our mortgage or new personal loan lumping it all together. Can they do that.
Submitted: 1 year ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 1 year ago.

When you borrow money from the bank, the mortgage says it is security for all loans to you, and also for any loans which you guarantee, such as for a business. So when the business fails, the loans are still secured against the mortgage on the house. This applies to any lending including credit cards