The Bank Said It Was Ok!

The sale of the PTSB Finance Ltd Loan Book was previously mentioned on Thought and Action. We share with you this post from Awaken Longford. Do share with your contacts and friends.

http://awakenlongford.wordpress.com/2013/03/21/the-banks-said-it-was-ok-question-everything/

March 21, 2013 · by austbe · in Bankster News, The Courts

With regard to the former PERMANENT TSB FINANCE LTD which we know was the subsidiary of Permanent TSB whose business was , in the main, Car Loan Facilities.

Any person who had dealings with PERMANENT TSB FINANCE LTD would have received a letter in January this year which attempted to explain the effect of the sale of the Loan Book of PERMANENT TSB FINANCE LTD to DEUTSCHE BANK last year, in this letter you would have read, and I quote:

“We write to notify you that PERMANENT TSB FINANCE LTD has sold all rights, title, interests and benefits (including all present and future amounts owing to it) in respect of your Facility and all rights relating to you Facility to CONSUMER AUTO RECEIVABLES FINANCE LIMITED with effect from the 24 December 2012″.

This letter went on state that you the consumer, did not have to do anything, simply make your payments in the normal way.

Yesterday in Longford Circuit Court, at a Registrar’s Court, which for those who are not familiar with the Courts, is a Court which arranges cases to be heard at the next sittings of Longford Circuit Court which in this case is during the last two weeks of April 2013, a case between PTSB FINANCE LTD and a local person which has been ongoing for some time was called again, the solicitor for PTSB FINANCE LTD spoke first and expressed the wish that the case be called on as PTSB FINANCE LTD was very anxious to get the case on, the “defendant’s” representative, a lay person, expressed a serious confusion based on the wording shown above and PTSB FINANCE LTD’s failure to respond to any correspondence from the “defendant” despite repeated attempt’s to communicate. The “defendants” representative expressed concern that while the “defendant” was in no better a position to proceed due to the lack of communication with the “plaintiff” than and since the last appearance at a registrar’s court in 2012, the issue is now further compounded by the fact that the “plaintiff” does not appear to have any standing in the Court by virtue of the  statement made, in absolutely unambiguous language, in the letter referred to above, in short, why are PTSB FINANCE LTD pursuing this matter as an injured party when they clearly state that they are no longer an injured party!

The “defendant” maintains that while there might well be an entity out there who allege’s they are due money on the basis of this facility, that unknown entity was not in Court!

PTSB FINANCE LTD solicitor had to ask for some time to contact the solicitor in Dublin who was dealing directly with the case for instructions, he returns some ten minutes later to inform the Court that he was no wiser as neither he nor the firm in Dublin had any instructions on how to proceed based on the matters raised by the “defendant” and as such they were not ready,(as they stated some twenty minutes earlier) to proceed! The matter has been left in the list until at least October 2013 and we shall watch this one closely!

The following is, in layman’s terms, the situation following the sale of PTSB Finance Ltd Loan Book in 2012:

The loan book was sold to DEUTSCHE BANK who set up a Special Purpose Vehicle (SPV) called CONSUMER AUTO RECEIVABLES LIMITED where all the loans are located now, at the same time PTSB FINANCE LTD sold the business platform of PTSB FINANCE LTD to the former Managers of PTSB FINANCE LTD and they set up a new company called FIRST CITIZEN FINANCE LTD who were then appointed as the “servicer” (debt collector) of the loan book on behalf of CONSUMER AUTO RECEIVABLES LIMITED.

These loans were sold at a stated 18% discount and FIRST CITIZEN FINANCE LTD will continue to collect 100% of the outstanding Facility, therein is the financial incentive for all concerned.

It is worth noting that the sale of the loan book took place to improve the Tier 1 Capital Reserves of PTSB proper, this makes me wonder was the bottom of the barrel exposed again? and does it remain exposed regardless of their statements to the contrary.

Anybody who has received one of these letters should question the legality of these third parties to collect, after all they are simply debt collection agencies which you have not agreed or consented to do business with!

How many people are paying because they didn’t read the letter properly or only saw the ” you do not have to do anything” part and said to themselves “phew” thank god, I don’t have to do anything! This is what the bank relies on and you have given them tacit consent!

QUESTION EVERYTHING!!!