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Notice of Assignment question?

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I have a question about a secured loan.

 

Two loans secured against a property - the lender assigned one of the loans without sending the borrower a Notice of Assignment. Subsequently the lender served notice for repossession as if it was one loan, not two. The borrower lawyer picked up on the lack of NOA and filed that as part of the Defence.

 

The borrower/ lender came to a separate financial agreement to delay the whole process - but only if the Defence argument about lack of NOA was struck out of the Tomlin.

 

I have experience of fighting smaller credit card companies on the lack of NOA meaning the debt was unenforceable. The Defence lawyer said it was just a technicality and lender could still claim the whole debt.

I am just wondering how essential it is for a Lender to always follow the processes absolutely correctly? Its a lot of money, but the lender lawyer seems to be really pushing to remove this clause from the Defence. Makes me wonder if the lender is worried?

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" Subsequently the lender served notice for repossession as if it was one loan, not two "

 

But if he had assigned one then why would he need to refer to the second assigned loan in repossession ?

 

Andy


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That's kind of the point - they served notice as if it was one loan for total amount of two loans; but they hadn't sent the borrower the NOA. They just assigned the 2nd loan to the 1st loan - w/o telling the borrower they'd consolidated the 2 into 1

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:???:

 

They tried to repossess using the two loans.....even though they had sold one ?

 

How can they assign the 2nd loan to the 1st loan...they sold it to themselves ?


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Yes! It's a large company with subsidiaries. One company sold it to another company - separate entities but ultimately similar directors.

Then they used a lawyer to serve notice with the total of the 2 loans bundled up as 1.

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Then not technically an Assignment of debt more of an internal adjustment ?


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So - borrower went to a lender. The lender loaned sum of money but split the amount between 2 companies on separate signed contracts. But when they served notice they served notice as if it was 1 company. When borrower lawyer looked into it he saw they'd bundled the 2nd separate loan into the 1st loan - without sending borrower a NOA and no separate signed paperwork

The companies are 2 distinct separate companies. So internal adjustment is what they've done - but can they?

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That's the crux of my question - surely 2 companies can't just shift money between themselves if they are separate registered companies? The employees may all work in the same building but the companies are separate legal entities. Surely one company should have assigned the debt properly with a NOA and notified the lender?

If they didn't - would the debt be enforceable?

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sorry I meant ' should have notified the borrower'

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And have you been receiving 2 sets of statements over the years from each company ?


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Notification in writing about both 'accounts', yes. Not for many years but during the term.

Lender paperwork talks about 2 loans - but it appears they consolidated as one loan about 6 months ago w/o notifying borrower.

And they were separate contracts/ separate legal companies.

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Just following up on this.

When in the past I've looked at credit card debt being sold on to a dca - it's been clear to see where the card company has been at fault - ie they didn't issue a Default notice and didn't issue a NOA - and this made, in some instances, the debt unenforceable. In this instance, borrower was dealing with one team, but the loans were separate signed contracts, that were suddenly presented as one combined debt, for purpose of serving Notice for repo. But no Default notice and no NOA and no new signed contract for one loan for the combined debt.

Can the lender do this?

Or have they 'technically' made one of the loans unenforceable??

 

Are regulated loans charged against property different from credit card debt?

Or all loans are covered by same rules?

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Mortgages because of the values involved (over 25K) were exempt from regulation CCA1974.

 

" Are regulated loans charged against property different from credit card debt?

Or all loans are covered by same rules? "


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Ok - that's very useful Andyorch. Thank you for that clarity.

Then I guess despite the lender being in the wrong with consolidating 2 into 1, that borrower has no argument in saying it is unenforceable and should just let it be...

Thanks.

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