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Vulture_Bank

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  1. yes misread sorry WAS JUST HUNTING FOR Something when discovered this thread however let's re-paste this a "personal discovery" and ask the question do they need to attach a copy of the deed of assignment to the particulars of claim ???
  2. this statement "as it stands" is incorrect for an absolute assignment notification to the debtor is needed (from either the assignor or the assignee) -- the assignment does not commence until effectively the date of service of the assignation some of them out there are now moving towards absolute assignation
  3. Morley Funding Ltd. used to be at St. Catherines Court Herbert Road Solihull West Midlands B91 3QE ???????? check on the postcode B91 3QE yields Paragon Personal Finance, Secured Loan, Personal Finance, Debt consolidation, Personal Loan, Loan enquiries Paragon Personal Finance Ltd, St. Catherine¹s Court, Herbert Road, Solihull, West Midlands B91 3QE. Paragon Personal Finance Limited is an appointed representative of Mortgage Trust Services Plc which is authorised and regulated by the Financial Services Authority. Registered in England No. 3303798. Consumer Credit Act License No. 424954 =========================== COLLATERALISED MORTGAGE SECURITES (NO 12) PLC Registered No. 02153571 ST. CATHERINE'S COURT, HERBERT ROAD, SOLIHULL, WEST MIDLANDS, B91 3QE COLLATERALISED MORTGAGE SECURITIES (NO 1) LIMITED Registered No. 02173157 ST CATHERINE'S COURT, HERBERT ROAD, SOLIHULL, WEST MIDLANDS, B91 3QE COLLATERALISED MORTGAGE SECURITIES (NO 11) LIMITED Registered No. 02336802 ST CATHERINE'S COURT, HERBERT ROAD, SOLIHULL, WEST MIDLANDS, B91 3QE COLLATERALISED MORTGAGE SECURITIES (NO 2) LIMITED Registered No. 02021129 ST CATHERINE'S COURT, HERBERT ROAD, SOLIHULL, WEST MIDLANDS, B91 3QE COLLATERALISED MORTGAGE SECURITIES (NO 3) LIMITED Registered No. 02022810 ST CATHERINE'S COURT, HERBERT ROAD, SOLIHULL, WEST MIDLANDS, B91 3QE COLLATERALISED MORTGAGE SECURITIES (NO 4) PLC Registered No. 02173125 ST CATHERINE'S COURT, HERBERT ROAD, SOLIHULL, WEST MIDLANDS, B91 3QE COLLATERALISED MORTGAGE SECURITIES (NO 5) PLC Registered No. 02042458 ST CATHERINE'S COURT, HERBERT ROAD, SOLIHULL, WEST MIDLANDS, B91 3QE COLLATERALISED MORTGAGE SECURITIES (NO 7) PLC Registered No. 02173117 ST CATHERINE'S COURT, HERBERT ROAD, SOLIHULL, WEST MIDLANDS, B91 3QE COLLATERALISED MORTGAGE SECURITIES (NO 9) PLC Registered No. 02173067 ST CATHERINE'S COURT, HERBERT ROAD, SOLIHULL, WEST MIDLANDS, B91 3QE COLLATERALISED MORTGAGE SECURITIES (NO.6 Registered No. NV000254 COLLATERALISED MORTGAGE SECURITIES LIMITED Registered No. 02173051 ST.CATHERINE'S COURT, HERBERT ROAD, SOLIHULL, WEST MIDLANDS.B91 3QE ?????????????????????? any relationship to CABOT ???
  4. and finally this is what we want www.iclg.co.uk - Securitisation click on ireland then compare with England & wales then Jersey and naturally last Scotland to reveal any differences in the securisation laws
  5. http://www.francisbennion.com/pdfs/fb/1981/1981-009-lambie.pdf worth a mention
  6. http://www.totalsecuritization.com/PDF/PubPDF/GSGUIDElayoutFINALPROOF.pdf
  7. Irish Statute Book this might be useful in the future ?
  8. Bank of America | Investor Relations | UK Receivables Trust II CARDS 2001-A to 2004-1
  9. Bank of America | Investor Relations | Ownership Summary
  10. information on mbna securisation here Bank of America | Investor Relations | MBNA Europe Bank Securitzation just click on securisation on the left then mbna europe bank
  11. fc's work reveals this Irish Stock Exchange - Debt Securities regarding the irish stock exchange
  12. OK just discovered this thread by chance nice to see the name "fantasy charges" mentioned in dispatches British and Irish Legal Information Institute here is a good link just enter mbna and you get 28 cases have not checked any others (26 of them but you never know what gems are hiding) out apart from the vat people versus mbna and the appeal so just click away and learn one of the two vat cases explains securisation =============== this info is for people who have not seen Fc's earlier posts on this site
  13. in that case it would not have page 1 of 3 to the bottom left and if it was to be returned by post woul have folding marks etc -- because it would have had to be folded when sent out in the post and returned the assumption of a3 is a no-goer --theonly larger than a4 ( and we have seen smaller than a4) is a foolscap size form which sadly for the issuer was not practical to scan -- in fact using the word scan gives more support to how hard it is to photocopy etc just the page 1 and not a bit of the page 2 anyhow time for a fullstop on this matter we will agree to differ! we have see
  14. errrrrrrrrrrrr sorry for replying late as at 2005 style were behind these storecards a mere 13 storecards e Style D2 29.9 % apr Style East 29.9 % apr Style Envy 29.9 % apr Style FCUK 26.8 % apr Style HMV 29.9 % apr Style JD Sports 29.9 % apr Style Kwik-fit 29.9 % apr Style La Senza 29.9 % apr Style Mackays 29.0 % apr Style Open 29.9 % apr Style Original Shoe Company 29.9 % apr Style Select 29.9 % apr Style Ted Baker 29.9 % apr
  15. i was going to say -- if we could get hold of any old copy of any above agreement -- but even easier go into one of the above shops and try to get a copy of any unexcuted one -- to see if page 2 and 3 are personal
  16. have been thinking about the 3 page document ( pages 2 & 3 ) absent logically this page 1 must have a plain back and pages 2 and 3 are on the same piece of paper. this way effrctively the whole agreement consists of a part 1 which is just page 1 ...... to save money just print evans top left and the pages 2 and 3 refer to evans in particular ( however i have a very definite feeling that the pages 2 and 3 will not refer to evans --- because they never envisaged their authority to be questioned) do you know how many cards ge were behind in 2005 rather a lot and on the balance of probabilies i suggest their pages 2 aand 3 would never by personal meaning refer to evans GECF Asda 28.8 Combined programme* with two APRs (24.8% and 28.8%), depending on credit score. From October 2005 three store card APRs are offered (19.7%, [] and 28.8%).† depending on credit score, and the typical APR for the combined programme is 19.7%. GECF B&Q (‘You Can Do It' Card) 26.8 GECF Bentalls 27.2 GECF Bhs(Gold card) 29.0 26.0 GECF Boundary Mills 29.9 27.9 GECF Burton 29.9 28.0 GECF Country Casuals 30.7 28.7 APRs shown are for ‘Option’ card. APR for ‘Budget’ card is 28.3 per cent. From October 2005, store card no longer issued or used for payment. SBCC launched by Ikano in August 2005. GECF Debenhams 29.9 28.0 GECF Dorothy Perkins 29.9 28.0 GECF Evans 29.9 28.0 GECF Harrods 28.9 GECF House of Fraser 29.3 27.5 GECF Laura Ashley 29.9 28.0 GECF Monsoon 29.9 28.0 Single APR of 18.9 % from 1 July 2005. GECF Mothercare 29.0 26.0 Relaunched as a combined programme on 29 September 2005. Two store card APRs are offered (19.9% and 24.9%) and the typical APR for the combined programme is 19.9%. GECF New Look 29.9 28.0 Contract transferred to Ikano from 1 Sep-tember 2005 with APR of 25.9%. GECF Outfit 29.9 28.0 GECF Owen & Owen 30.7 28.7 GECF Principles 29.9 28.0 Contract transferred to Ikano from 15 August 2005 with APR of 24.6%. GECF River Island 29.9 28.0 Single APR of 17.9 per cent from 1 August 2005. GECF Russell & Bromley 29.9 28.0 GECF Miss Selfridge 29.9 28.0 GECF Topshop/Topman 29.9 28.0 GECF Wallis 29.9 28.0 that is 24 store cards
  17. we all know the following seasonal old chesnut i would write for the missing pages - S.A.R - (Subject Access Request) them so they can worry about the possibility of them being liable for charges refund (as the liability will also be assigned) point out that real documents are needed in any court case - point out to them cpr rules 16 and cpr 18 [ send them printouts of these] that you will instigate against them shpould they commence any court case and they will soon pass the alleged debt back and of course ask them what type of assignment they think they have had assigned to them making sure the word think is present thinking about it have you had any notice of assignment ?
  18. sorry for the delay the only reference to evans is in the top left corner - lets call it an agreement ( for now) -- this agreement is with ge ---- now ge do not have any shops ---- so it can't be a storecard agreement -- there is nothing ( pages 2 and three are awol) to relate this agreement to evans may it be suggested that a smart lawyer could prove this with case history --- so we have to find some !! my it be suggested this is to all intents and purposes an agreement for a credit card ---- is there anthing to rlate in the available documentation to suggest otherwise ?. it is often argued that statements are proof of a contract (easily refuted) in this case however the statements will show the name evans so you want an agreement showing details of the formal relationship between evans and ge ?? out of interest try comparing it with an agreement for an actual ge card.
  19. if any one of the like minded has an enquiring mind there are almost certainly many more trade secrets yet to be revealed at Store Card Credit Services just click on every link
  20. may it be suggested that one considers whether the above could realate to MBNA effectively taking over accounts from abbey halifax alliance and leicester halifax etc etc ........
  21. more secrets revealed here although strictly the information relates to storecards a lot of "trade secrets" and trade beliefs and uncertainty regarding the current legal situation is revealed
  22. Switching provider of a store card programme: providers’ approach and customers’ rights 1. This appendix presents the conclusions of the CC’s scrutiny of the legal requirements and the industrial practices relating to the transfer of a store card programme to a new provider. The CC drew these conclusions from the responses to questionnaires it sent to store card providers and the Consumer and Competition Policy Directorate of the DTI relating to the assignment of customers’ contractual rights and providers’ contractual obligations when a portfolio of store card receivables is transferred to a new provider. Store card providers were also asked about the different ways in which the switch of a store card programme from one provider to another can take place. Assignment of customers’ contractual rights and providers’ (including in-house providers’) contractual obligations when a portfolio of store card receivables is transferred to a new provider 2. The questions were based on the premise that the identity of the person/corporate entity with whom the customer contracts changes as a result of the transfer (and not a situation where a customer has a contractual relationship with a corporate entity and it is only the ultimate ownership of that entity which changes). Question 1: Is each customer required to sign a new credit agreement with the new provider or is this unnecessary in certain circumstances (eg, if the original credit agreement includes clauses on the right of the incumbent provider to transfer the rights to a third party)? Summary of responses • The CCA does not prohibit assignments of regulated consumer credit agreements. However, uncertainty exists on whether a customer is required to sign a new credit agreement with the new provider. • The uncertainty stems from the law of contracts and revolves around the effectiveness of consent to assignment, in fact, at common law, rights under a contract can be assigned, but duties under the contract can only be assigned with consent. Generally, consent can be given via a clause in the original contract or at a later date in which case a signature is usually required. • Two schools of thought exist on whether, in the case of Regulated CCA agreements, consent for the transfer of obligations to a third party can be given via a clause in the original contract or must be given in writing (ie, by signing a new agreement), failing which the agreements may become unenforceable against the borrower. • All providers have included in the terms and conditions of their credit agreements with customers’ clauses on their ability to transfer rights and obligations. Therefore, according to the view that consent can be given via a clause in the original contract, by signing the credit agreement, a customer gives his or her consent to the transfer of his/her duties to the new provider and there should be no need to sign a new agreement. However, if a provider agrees with the opinion that consent for the transfer of obligations to a third party for Regulated CCA agreements can only be given in writing, to avoid the risk that the agreements with the customers become unenforceable, the contract between providers may be structured so that the new provider acts as an agent for the incumbent. • Furthermore, ’clauses in agreements permitting the assignment of rights and obligations (like those in providers’ terms and conditions) may also be subject to challenge as falling within the ‘grey list’ of the Unfair Terms in Consumer Contracts Regulations 1999 (Schedule 2, paragraph 2(1)(p)) which states that a term which has the object or effect of ‘giving the seller or supplier the possibility of transferring his rights and obligations under the contract, where this may serve to reduce the guarantees for the consumer, without the latter’s agreement’ is deemed unfair and will therefore not be binding on the consumer’. • This risk, however, can be mitigated by wording such clauses in a way that clearly indicates that the transfer would not have a detrimental effect on the customer’s rights. Question 2: Is there any legal requirement for the customer to receive any notification of the transfer of their contract to a third party? If so, please specify. Summary of responses • Industry practice is to send customers notification of the transfer of a portfolio. Question 3: Are there any constraints/limitations imposed by the Data Protection Act or the Consumer Credit Act on the ability of the incumbent provider to transfer the portfolio to a new provider? If so, please give details. Question 4: Does either of the statutes in © affect the way in which the transfer is carried out? If so, please explain. Summary of responses • Neither the Data Protection Act nor the Credit Consumer Act impact on the ability to transfer portfolios of receivables between providers. However, providers must ensure that their data protection notifications permit the transfer and receipt of the cardholder’s personal data.1 Different ways in which the switch of a store card programme from one provider to another can take place Question 5: How does the process differ when the existing portfolio at the termination of the contract is not transferred to the new provider, who instead launches a new store card programme? Summary of responses Transfer of a portfolio: 1All providers’ credit agreements with customers analysed by the CC include such clauses. 2 This would not be the case if the retailer decides to continue accepting the cards issued by the incumbent provider as well as offering the cards of the new programme. This scenario, however, is unlikely to occur as current market practice is for providers to have exclusivity for the supply of a store card programme. The new programme needs to offer customers terms identical to, or more favourable than, the ones of the previous programme, otherwise customers must be issued with a new credit agreement and their written consent must be sought. • New provider does not commence recruitment of customers from scratch but instead sends customers a ‘notice of assignment’ informing them that the company servicing the account has changed. New programme without transfer of existing portfolio of receivables: • The new provider can design the product from scratch without concern as to whether changes could be described as having an adverse impact on customers and can issue entirely new product types. • New provider commences recruitment of customers from scratch either at point of sale or through mailing customers based on the previous use of a customer list, if available. This means that customers will be given/sent a new credit agreement to sign. • Incumbent provider usually2 ceases actively promoting the old programme soon after the launch of the new store card programme but retains the rights to collect outstanding debt and continues to service accounts in the same manner until balances outstanding are paid. • Incumbent provider gives adequate notice to customers that the facility to make further purchases using the card would be terminated from a given date. The new provider issues new cards to customers whether it acquires the existing portfolio or not. Question 6: On a change of provider, which is the more common occurrence, the acquisition of the existing portfolio or the launch of a new programme by the new provider? How would you account for this? Summary of responses • According to providers the more common occurrence is the acquisition of the existing portfolio. The advantages of this approach include: — a more seamless transfer from the retailer’s and the customers’ perspective; — enabling the incumbent to realize the value of the asset in advance; and — providing the new provider with an income-generating asset. • Providers have submitted that restrictive clauses in contracts can make the transfer of portfolios difficult. The CC’s analysis of contracts shows that older contracts tend to be silent on what happens to the existing portfolio when the contract expires. Lack of contract clauses on retailers’ or third parties’ right to purchase the portfolio, together with confidentiality clauses on customers’ credit data, might create issues for the transfer of a portfolio to a new provider. 2This would not be the case if the retailer decides to continue accepting the cards issued by the incumbent provider as well as offering the cards of the new programme. This scenario, however, is unlikely to occur as current market practice is for providers to have exclusivity for the supply of a store card programme. 3 Excluding receivables sold to debt collection agencies because considered uncollectible. More recent contracts, however, include clauses on the rights of retailers or third parties to purchase the portfolio of receivables. Question 7: Are receivables transferred only when a new provider is brought in? Or do transfers of receivables occur in other circumstances (eg securitisations)? If so, please describe these circumstances and provide an indication of the frequency of such transfers. Summary of responses • According to all providers receivables3 are only transferred when a new provider is brought in (be it an external provider or the retailer). Only one provider seems to have direct experience of securitization, having securitized its debt in the past. Overall conclusions 3. Switching between providers of store card programmes can take place in two ways: • by transferring the portfolio of receivables from the incumbent to the new providers; and • by launching a new programme without transferring the portfolio of receivables. 4. The first approach tends to be the most common and presents the following advantages: • it allows a more seamless transfer form the retailer’s and the customer’s’ perspective; • it enables the incumbent to realise the value of the asset in advance; and • it provides the new provider with an income generating asset. 5. Recent contracts between retailers and providers include clauses on transfer of portfolios that aim at facilitating the sale and purchase of the portfolio of receivables when a contract expires. Older contracts are often silent on this matter and that might have created problems in transferring portfolios. 6. Neither the CCA nor the Data Protection Act impact on the ability to transfer portfolios of receivables between providers. 7. Where a portfolio of receivables is transferred to a new provider, and the original credit agreement with the customers includes clauses allowing the incumbent provider to transfer/assign their rights and obligations under the contract, customers need to sign a new credit agreement only if the new store card programme reduces their guarantees and rights or they are offered a completely new product. 8. Where a new programme is launched and the portfolio of receivables is not transferred to the new provider, customers are notified that the old programme would be terminated at a certain date (after which it would not be possible to make purchases on the old card) and that only the accounts with outstanding balances would continue to be serviced by the incumbent provider until the balances are paid off. The new provider would start marketing the new store card to customers from scratch. 9. In all cases customers must be notified of the change in provider. source Store Card Credit Services
  23. look at the page 1 : what is ther to prove that this is not an application for some kind of ge money card credit card or whatever ok we have Evans top left but so what ???? shouldn't we expect just a little bit more rather than just one mention of "evans" meaning some of these alliances between "store x" and gr money would form a special company ..... but this on the single page presented looks like it has been done it on the cheap .
  24. why did you send the fax so early !!! only joking well done.
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