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P2p account - Deed of Assignment

including wills and probate
Fluke
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P2p account - Deed of Assignment

#285436

Postby Fluke » February 19th, 2020, 3:35 pm

I have a P2P investment account with Funding Circle in my company name, I am making preparations to close the company and would like to transfer this account into my own name. All good loans have now been repaid and all that is left is about £1600 of bad debt across 17 loan parts, I've had the account since 2012. I contacted FC today and they told me I needed to send them the email below (with the blanks filled in) and attach to it a 'Deed of Assignment'. Can anyone help with with the Deed of Assignment, is this a form that they should be able to send me? (I asked they didn't seem to understand the question), or is this something I need from a solicitor? Or is in fact the email itself the Deed of Assignment?

If I have to pay a solicitor to draw up some sort of legal document to enable the transfer (I also have to provide them a letter from my accountant giving his consent), it would be a case of rubbing salt into the bad debt wound.

Incidentally and by contrast the company also has an investment in a fund which has done very well, I put the same question to the fund manager, ie re transferring it into my own name, and they said no problem just fill in this form, nothing else required, and that's worth £50k. So why all the hoops from Funding Circle?

Thanks.

RE: Closure of [BUSINESS NAME] : [LENDER REFERENCE (this can be found on your Funding Circle profile)]

[BUSINESS NAME] is being liquidated and as such it needs to divest all of its assets. The Funding Circle account will therefore need to be divested.

From [date of assignment] I wish to assign the rights, obligations and interests of the Funding Circle account to [name of assignee] as an individual and request your permission to do so.

DrBunsenHoneydew
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Re: P2p account - Deed of Assignment

#285691

Postby DrBunsenHoneydew » February 20th, 2020, 3:14 pm

The Deed of Assignment is one of those Legal Forms you can buy and fill in yourself, such as seen here
https://www.thelegalstop.co.uk/Business/Deed-of-Assignment--Assignment-of-Contract.html

victorvector
Posts: 1
Joined: May 26th, 2021, 10:22 am

Re: P2p account - Deed of Assignment

#415245

Postby victorvector » May 26th, 2021, 10:30 am

Hi,
Did you ever get this resolved ? I have exactly the same situation with Funding Circle.

Fluke wrote:I have a P2P investment account with Funding Circle in my company name, I am making preparations to close the company and would like to transfer this account into my own name. All good loans have now been repaid and all that is left is about £1600 of bad debt across 17 loan parts, I've had the account since 2012. I contacted FC today and they told me I needed to send them the email below (with the blanks filled in) and attach to it a 'Deed of Assignment'. Can anyone help with with the Deed of Assignment, is this a form that they should be able to send me? (I asked they didn't seem to understand the question), or is this something I need from a solicitor? Or is in fact the email itself the Deed of Assignment?

If I have to pay a solicitor to draw up some sort of legal document to enable the transfer (I also have to provide them a letter from my accountant giving his consent), it would be a case of rubbing salt into the bad debt wound.

Incidentally and by contrast the company also has an investment in a fund which has done very well, I put the same question to the fund manager, ie re transferring it into my own name, and they said no problem just fill in this form, nothing else required, and that's worth £50k. So why all the hoops from Funding Circle?

Thanks.

RE: Closure of [BUSINESS NAME] : [LENDER REFERENCE (this can be found on your Funding Circle profile)]

[BUSINESS NAME] is being liquidated and as such it needs to divest all of its assets. The Funding Circle account will therefore need to be divested.

From [date of assignment] I wish to assign the rights, obligations and interests of the Funding Circle account to [name of assignee] as an individual and request your permission to do so.


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