Lender undercharged me interest - do they have a right to charge me now?

C

Ciaranc7

Registered User
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4
Hi there

Just wondering my commercial mortgage was bought by pepper last year and there was uncharged interest discovered due to the previous owners of the loans - do pepper have the right to charge for this historical interest for a period when they didn’t own the loan legally? They serviced the loans for the previous owners…
 
When loans are assigned to the likes of Pepper (or Cabot etc), they are assigned on the basis that the exact same terms and conditions that applied pre-assignment apply post assignment. The only change is who owns the loan. So, if interest was chargeable before the assignment but wasn’t, then it is chargeable after the assignment.
 
Johnno75 said:
When loans are assigned to the likes of Pepper (or Cabot etc), they are assigned on the basis that the exact same terms and conditions that applied pre-assignment apply post assignment. The only change is who owns the loan. So, if interest was chargeable before the assignment but wasn’t, then it is chargeable after the assignment.
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Ok thanks for the reply - I had made representations that I was being undercharged over the period but pepper was only servicing the on behalf of Beltany who bought the loan from KBC and weren’t interested; - Pepper then purchased the loans from Beltany and started charging interest on the facility then…
Loans were always fully performing and I had a dispute with the basis of the tracker with KBC which I won; Pepper have ceded this as well…and have stated that they will not seek to recoup the under charges interest ….
 
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