I realised today that I struggled to explain the securitisation of Court Claims. In a nutshell it is this: a Law Firm flirts a portfolio of cases wrapped up in a pretty bow to a bunch of third party litigation funding providers, they all bid on them anonymously not knowing what’s
in the pot but knowing that from running the numbers and crunching the algorithms they can yield a good prospect of success on the portfolio of claims and that even with accounting for a good number of losses that they will make a considerable return on their investment.
Especially if their law team can obtain and bamboozle the odd litigant in person defendant with indemnity costs orders and other quite unethical practices such as running litigation with their client becoming a vehicle or economic weapon of mass destruction.
They know the litigant defendant will appeal the unfairness at every turn. They are happy because this suits their agenda of racking up costs orders which they know the defendant cannot pay and so they ask the court to grant a charging order against the defendants assets
Then they can apply for an order forcing a sale of the home. Often the judge is tied and bound by Civil Procedure Rules that govern this area and the judge has no discretion in the matter. The sale is ordered. The claimants legal team handle the sale, the disbursements are paid
To high court enforcement companies, vacant property services, locksmiths, various agents, marketing agents, auctioneers, conveyancers, surveyors, valuation officers, oh and more legal costs, and the defendant gets little or nothing.
Now the defendant and their family is left homeless. No home and the contents of their home are now in a storage facility 40 miles away and they have no where to go and no ability to collect or arrange for delivery of their house contents within 30 day time limit set by
The other sides lawyers. There’s a clear bold line that says if you fail to collect or arrange for delivery by such date we will dispose of the items and add the disposal costs to the outstanding balance.
So now you know, this is the current Civil Legal System in the UK designed to asset strip you, take your home, leave you destitute but here’s something their mate won the sealed bid at auction. He got a buy to let Mortgage on the property days before it was sold, how? Well....
That’s a story in and of itself and one for another day. @HMCTSgovuk are facilitating asset stripping & putting peoples homes into corporations balance sheets. The company gets a good business transaction ie. low capital acquisition cost but an asset at market value on its books
@threadreaderapp unroll please
