Promontoria issues
1. Have each of the individual loans transferred been detailed in the contracts?
Refer to Mr & Mrs Burns v One Savings Bank of 30th March 2017 :-
http://www.nabcustomersupportgroup.org/mr---mrs-burns-v-one-savings-bank-plc
2. Does Promontoria hold a banking licence?
Are those customers who have had current accounts transferred affected?
Was Promontoria able to purchase current accounts from Clydesdale Bank?
Was much of the transferred debt "packaged" as "non current account" when the
reality is that much of the transferred debt consisted of current accounts requiring
Promontoria to hold a banking licence?
3. Was the transfer of the customer's loan undertaken by a Deed of Assignment or via Deed of Novation?
What is provided for in the T&Cs?
Do the T&C's for overdrafts and TBL's allow the Bank to transfer facility agreements
under both assignment and/or novation?
Was the transfer of assets to Promontoria (Henrico) Ltd via novation?
Here is an extract from a Scottish charge in respect of a customer's loan :-
copy of Promontoria (Henrico) charge.pdf
https://www.netlawman.co.uk/ia/novation-assignment
"Novation and assignment are ways for someone to transfer his interest in a contract
to someone else. Whilst the difference between assignment and novation is relatively
small, it is an essential one. Assigning when you should novate could leave you in a
position of being liable for your original contract when the other party is not liable to
perform his obligations."
Redacted copies of the deeds of transfer :-
http://www.nabcustomersupportgroup.org/promontoria contracts
T&Cs in respect of a typical overdraft :-
overdraft T&Cs - (section 6.2).pdf
4. In the case of Tailored Business Loans, was the provision for transferring the loans
detailed in the T&Cs, a separate document to the Facility Letter? Were customers
provided with a copy of the T&Cs at the time of (or prior to) drawdown, or were
they provided only retrospectively, well after the issue of the loan, pehaps in response
to a retropspective request from a customer in response to the discovery of a
"Mark to Market" (market calculated) break cost?
5. Was your fixed rate mis sold?
6. Were you threatened with or charged an unenforceable break cost?
7. Will you request that Promontoria provides security for costs?
See :- http://www.nabcustomersupportgroup.org/security-for-costs