My wife and I signed Guarantee to the bank, using our property as security, to secure a #25,000.00 overdraft, This was done in 1989.(posted 8818 days ago)The business was closed in November 1996, during this eight year period, at which time the borrowing had increased to #110,000.00 when the business closed. The Bank have never keep my wife informed of any increases in borrowing. A five year business loan was taken out in 1994 for #50,000, to which she was not informed of by the bank.
Do Banks not have a legal duty to keep the spouse informed of any increases?