Cerberus -Do they need a Banking Licence to operate a bank account?

Thrugelmir

In broad terms the debt exists. The fact that it's been moved from a loan account to a bank account seems irrelevant. As that's merely an administrative process, i.e. numbers stored in a computer. As the debt remains unpaid, and as the borrower is therefore in breach of the T&C's . The lender can invoke the terms and conditions of the contract to seek a remedy. Selling the debt on being one option.

philjc

The debt exists (agreed)
The bank decided to settle the facility by debiting the current account by the outstanding amount at the expiration of the Term Loan.
The debt then sits as an unauthorised overdraft on a current account and must therefore be bound by the terms and conditions of that account and not of the expired facility. Do you agree?

Thrugelmir

philjc wrote: »

The debt exists (agreed)
The bank decided to settle the facility by debiting the current account by the outstanding amount at the expiration of the Term Loan.
The debt then sits as an unauthorised overdraft on a current account and must therefore be bound by the terms and conditions of that account and not of the expired facility. Do you agree?

No. The original contract still stands. You are in breach. The lender has the rights afforded under the contract. The contract stands as long as the debt is owed.