Your old bank contact still gives advice after the loan moves teams
Resolve bank relationshipmanager/workoutteam conflicting communications and documented authority rather than assuming old assurances bind.
Corporate Recovery Partners
01 / 06
Two bank contacts describe different next steps
A hypothetical borrower is told that a specialist team will now manage the business loan. The previous relationship manager says the familiar repayment approach should continue, while the new team requests a revised proposal. Confirm the communication arrangements and current position in writing. A helpful conversation is not enough to resolve conflicting instructions about a significant loan.
Use established bank channels to confirm the team, named contact and purpose of the transfer. Avoid sending sensitive business records to an unverified address merely because an email mentions the loan. Ask who should receive questions, financial information and urgent notices. Keep the contact confirmation with the facility records so staff use the same route.
Business.gov.au recommends clear contractual payment terms and written agreement to changes. Review the current facility documents with the adviser and identify whether any change has actually been documented. This article does not decide the authority of a particular bank employee or the legal effect of their statement. Have conflicting assurances assessed on the actual evidence.
In the hypothetical example, send the adviser the relationship manager's message and the new team's request together. Ask the bank to clarify the practical next step through the verified contact. Do not omit the less favourable message or quote only a fragment of a conversation. Record verbal discussions accurately and seek confirmation of material points.
Check payment and information requirements while the proposal is discussed. Do not assume the team transfer suspends an existing obligation or grants more time. If compliance is becoming difficult, raise the issue promptly with the adviser and bank. Keep the request for a concession separate from evidence that a concession has been approved.
Nominate an authorised person to manage the business's communications and maintain the document history. CRP can help organise the financial position for the discussion. The useful outcome is a clear channel and an evidenced understanding of the next steps, rather than parallel conversations that leave the borrower unsure which statements can safely be relied on.
