Director loan repayment?

Hi guys,

I have applied my tier 1 extension on 03/05/16 and still waiting for the decision. I have seen some people post that it should be a repayment period on a directors loan which I didn't do, I just mention in the terms that " This loan will be repaid on demand" I am getting a bit worried:( Is this fine? Is there any specific loan repayment period required by HO?

Thanks,

Doost

Based on the rules, your loan agreement must show the loan period but it is not anything specific. Wait to hear back from HO.

Thanks for the advice Zimba. Really appreciated.

The loan should be unsecured but no minimum or maximum term is specified. In your case, as long as the loan is with the business you should be O.K, but as Zimba said lets wait for HO