I opened a line of credit loan 7 years ago. It was recently bought by a company who now says I can't borrow against it.

Asked 6 months ago - Kannapolis, NC

If I can't borrow against the amount that my statements still say are available, is the loan invalid with the new company since they are not abiding by the original terms of the loan contract?

Attorney answers (1)

  1. Kenneth Love Jr.

    Contributor Level 18

    1

    Lawyer agrees

    Answered . Unfortunately, we would need to see the contract to say. Most agreements like this, give creditors the right to end a line of credit for a bunch of reasons, some which may be arbitrary in nature.

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