Quote Originally Posted by IanF View Post
OK now someone else has paid your loan (cession to this organisation) you still owe on the loan. This is then administered by the bank and you still owe it. Where can you show value paid. Isn't like financing a car you are the owner but the bank has the title to the car until you settle. How do you prove you have paid?
Then lets extend this to your company doing invoice discounting. After that how can you claim from your customer as you have been paid and then the customer refuses to pay the invoice.
1. It is not ceded, it is bought outright from the Banks;
2. The Bank is never appointed to administer the loan;
3. Your contract is between you and the Bank, not between you and the 'debt owner';
4.The Bank must answer the simple question whether your specific debt has been securitised or not - you don't have to prove you paid - they have to prove not paid (not securitised);
5. It is exactly like financing a car - often credit card debt and vehicle finance also get securitised;
6. For more in-depth legal information, please contact NewEra, as I'm not a legal boffin at all, I'm merely putting the info out there for everyone to make up their own minds - I have a hard enough time already getting simple answers from my banksters.
7. Securitization is a multi-billion dollar industry, also in SA, info is freely available on Banking Regulatory websites in SA.