Legal Updates

DEFAULT NOTICES DEMAND DILIGENCE (Abridged version)

Recent Court decisions have once again placed the spotlight on default notices – do the contents comply with the CCA and have they been served in sufficient time? As far back as 1998 the Court of Appeal (Woodchester Leasing Management Services Limited v Swain) ruled that a default notice needed to accurately state the amount of the arrears as the customer “needs to know precisely what he or she is said to have done wrong and what he or she needs to do to put matters right”. The ruling was accompanied by an unequivocal warning that lenders will not be afforded sympathy/leniency as they have resources to ensure the information on default notices is accurate.

CHANGES TO CHARGING ORDERS

“Lenders need to review their Charging Order strategy in order to maximise enforcement/recovery opportunities”.


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