Bank misinformation

[Stargazin]

If the bank knew that a person couldnt hold a minor to a contract when they loaned the minor money (in our name) but didnt inform us that it would be only up to us to pay amount back as well as the fact that we would have no legal recourse with the minor should they have been obligated to inform us. I called the bank ( a different branch) and they said it was their policy not to loan money to minors or put them on a contract. Was this misrepresentation or anything. WE never would have went into a loan if we thought there would be absolutly legal recourse.

 

[JETX]

Assuming the bank was the second party (lender) to both of you (borrowers), they have no obligation to advise you about conditions between you two. It was incumbent on YOU to know your co-debtor and his status (to you) before you agreed to co-party with him.

 

[ninalou]

If the contract is in your name, then the bank loaned you the money - NOT the minor. The bank's concern is that you understand the terms & conditions of the contract you signed between you and the bank. If you took this money and went into another contract (with a minor), they cannot be held responsible for your actions.