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 :-
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?
Does a facility letter once accepted by the borrower constitute a contract?
Does the Deed not transfer obligations?
Is clause 2.2(b) not the key clause?
Does the Deed not state that the Buyer "shall assume, perform and comply with the
terms and obligations of the Lender under the Relevant Documents as if originally
named as a party in the Relevant Documents in place of the seller and / or
In the definitions, NAB is referred to as the seller and Promontoria is referred to as the
"Novated Buyer or Buyer"
By virtue of clause 2.2(b) and the definitions, can the Deed be anything other than a
novation, despite the fact that the Bank and Promontoria insist that the Deed is an
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
Does it refer to the sale and purchase agreement between NAB (the Seller) and
Promontoria Holding 93 B.V (the Initial Buyer)?
Does it refer to a novation agreement between the Initial Buyer and Promontoria
(Henrico) Ltd now referred to as the Buyer?
Does it refer to the rights and obligations of the Initial Buyer being novated to the
Was the Sale and Purchase agreement dated 15 December 2014 not between NAB
and PH93B.V ? Was this agreement then novated from PH93B.V to Promontoria
(Henrico) Ltd, novating the rights and obligations under the sale and purchase
Was the agreement between NAB and Promontoria (Henrico) Ltd by novation and not
Did Clydesdale, appearing to be a third party in this deal as is suggested in the
Assignment and Assumption Deed, then assign (with the consent of the seller) the
standard security to Promontoria (Henrico) Ltd?
Reading the Scottish charge together with the Assignment and Assumption Deed,
does it not suggest that:-
a) the relevant documents ie the facility letters (the contract) between CYBG/NAB
and the borrower were novated?
b) the securities supporting the loan were assigned?
Is there not a mis-match?
Is Promontoria (Henrico) Ltd not relying on the facility letters and their T&Cs to collect
a debt that has been novated without the consent of the borrower, having assigned
Is novation not the transfer of a contract requiring the consent of all parties to that
"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 :-
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