Blanket lien

[Hog Wild graphics]

Just went to purchase another piece of equipment everything was a go until I found out that my previous bank put a blanket lein on all equipment in business. The loan was for 9500 for a new conveyor dryer and they have all my equipment tied up. Including a roland 300, mutoh valuajet, 2 manual screen print machines, hpl25500, laminator, barudan 4-head embroidery machine and all computers and software. Unbelieveable.

Any suggestions? I think I'm going to just pay that one off and close all accounts with that bank.

 

[WildWestDesigns]

It would really depends on the conditions that you have with the other bank in terms of the loan with that bank.

Your easiest and most efficient method is just going to be to pay off the other bank. Although, you might want to double check that their records are accurate. I have had one friend that had actually paid off a loan to a bank and when they went to get a credit score, that bank that had that loan didn't update their records to show that the loan had been payed off. Just might want to make sure about that, weird stuff happens.

 

[Pat Whatley]

Not unbelievable, the first bank was just making sure they'd covered their *** in the case of a default. That should have been disclosed in the paperwork on the loan, typically on one of those 50 pages of stuff they slide over to you and tell you to sign that nobody ever reads.

 

[James Burke]

Bummer with a capital "B". Here's to hoping you can pay cash for your next puchase.


JB