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Business eventually failed and loan fell into arrears

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Sylvester Indet negotiated a loan from the EZY Bank of Canada for $300,000 to finance the expansion of his business. The repayment terms were fixed at $2,500 per month at 4% per annum. The loan was guaranteed by Horace Lowded. Sylvester's business took a turn for the worse and as a result he alone had a meeting with the loans officer of the EZY Bank and renegotiated the loan to be repaid at $2,000 per month but at 5% annum. All other terms remained the same. The business eventually failed and the loan fell into arrears. The Bank is now demanding payment of the entire loan from Horace Lowded.

Reference no: EM133410874

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