It sounds like it's correct @GourmetGG 

The Director's Loan account is a debt owed by the company - so make sure it's a Liability account.

Payments from the company to yourself can be entered as an Expense or a Cheque with the Payment Account set as the company bank account & the Loan account as the Category.  The whole transaction should be NOVAT.

To check that the payments are moving correctly, go into Chart of Accounts.  Both the bank account & the Loan account should have decreased by the payment amount.

Hope this helps.