Dan Persfull
If the loan agreement does not specifically address this then what do you think would be your legal authority to do so?
Consult your attorney. Set-off rights generally do not extend to liability accounts.
John Burnett
What you propose sets the concept of setoff on its ear. Setoff presumes that two parties have reciprocal debts. Party A owes money to Party B, and Party B owes money to Party A. In your scenario, the customer owes you money on both accounts. Setoff isn't applicable.