"Confession of Judgment" - Not available in the UK? :-
Nov 21, 2018 11:35:33 GMT
sarahcount likes this
Post by ozboy on Nov 21, 2018 11:35:33 GMT
This is beyond fascinating if you read the story, albeit shocking and extremely sad for the victims.
Could be the end to P2Ps problems if enforceable here, but from a quick search it seems a "Confession of Judgment" is not available in the UK
"The lenders’ weapon of choice is an arcane legal document called a confession of judgment. Before borrowers get a loan, they have to sign a statement giving up their right to defend themselves if the lender takes them to court. It’s like an arbitration agreement, except the borrower always loses. Armed with a confession, a lender can, without proof, accuse borrowers of not paying and legally seize their assets before they know what’s happened."
"Confessions of judgment have been part of English common law since the Middle Ages, intended as a way to enforce debts without the fuss and expense of trial."
SOURCE: www.bloomberg.com/graphics/2018-confessions-of-judgment/?cmpid=BBD112018_BIZ&utm_medium=email&utm_source=newsletter&utm_term=181120&utm_campaign=bloombergdaily
Could be the end to P2Ps problems if enforceable here, but from a quick search it seems a "Confession of Judgment" is not available in the UK
"The lenders’ weapon of choice is an arcane legal document called a confession of judgment. Before borrowers get a loan, they have to sign a statement giving up their right to defend themselves if the lender takes them to court. It’s like an arbitration agreement, except the borrower always loses. Armed with a confession, a lender can, without proof, accuse borrowers of not paying and legally seize their assets before they know what’s happened."
"Confessions of judgment have been part of English common law since the Middle Ages, intended as a way to enforce debts without the fuss and expense of trial."
SOURCE: www.bloomberg.com/graphics/2018-confessions-of-judgment/?cmpid=BBD112018_BIZ&utm_medium=email&utm_source=newsletter&utm_term=181120&utm_campaign=bloombergdaily