Thread: what would happen if your mortgage lender went under?
View Single Post
Unread 14 Mar 2007, 15:37   #13
Nodrog
Registered User
 
Join Date: Jun 2000
Posts: 8,476
Nodrog has ascended to a higher existance and no longer needs rep points to prove the size of his e-penis.Nodrog has ascended to a higher existance and no longer needs rep points to prove the size of his e-penis.Nodrog has ascended to a higher existance and no longer needs rep points to prove the size of his e-penis.Nodrog has ascended to a higher existance and no longer needs rep points to prove the size of his e-penis.Nodrog has ascended to a higher existance and no longer needs rep points to prove the size of his e-penis.Nodrog has ascended to a higher existance and no longer needs rep points to prove the size of his e-penis.Nodrog has ascended to a higher existance and no longer needs rep points to prove the size of his e-penis.Nodrog has ascended to a higher existance and no longer needs rep points to prove the size of his e-penis.Nodrog has ascended to a higher existance and no longer needs rep points to prove the size of his e-penis.Nodrog has ascended to a higher existance and no longer needs rep points to prove the size of his e-penis.Nodrog has ascended to a higher existance and no longer needs rep points to prove the size of his e-penis.
Re: what would happen if your mortgage lender went under?
Quote:
Originally Posted by Tomkat
You owe £100k to a company. You've arranged with this company that you'll pay off the debt in instalments every month.

The company then passes this debt on to another company.

Why should this second company care about your instalments and contract? They just want the money owed to them. Your contract was between yourself and the first company. They aren't inheritable.
They care about the the installments and contract because they are buying the debt, and the conditions under which the debt is repaid are defined by the contract. They can want whatever they like, but that isnt how the law works and nor should it be.

Look at it from another angle; suppose company 2 turned up on your doorstep and demanded the money. What legal claim do you think they have? How would they go about arguing that you have an obligation to pay them a $100000 lumpsum despite the fact you have never signed anything agreeing with this?
Nodrog is offline   Reply With Quote