If yes, you are at the right place. Here, we will share with you some of the critical issues that have to be ascertained in order to stop an auction.
By the time of auction, the relations between the lender and the borrower are not good. Various notices and demands for payment have been issued. There is very little or no tolerance for negotiations. It is only the courts of law that have the power to stop the sale process BUT with reasons that MUST be well demonstrated. This is where the Interest Rates Advisory Centre [IRAC] assists.
IRAC immediately analyses your contracts against the activity on the loan statements to determine whether a fundamental term of the contract or law that governs the lending contract, was breached by the lender thus rendering the repayment of the loan more difficult. Examples of these would be;
- If the interest rates were varied without proper notification to the borrower
- If penalty rates were applied contrary to the agreed terms
At times, the lender may rely on clauses within the contract that are not clear and thus, are subject to various interpretations. IRAC checks for such ambiguities, especially when they touch on some fundamental aspect of the contract terms. According to the Contra Proferentem Rule, if such unclear terms exist, interpretation will be done against the party that drafted the contract, in this case, the lender.
Did you know that Letters of demand and Statutory Notices of Sale have to be issued procedurally and within the provisions of the law? If a creditor/chargee mishandles the process, it could form grounds for questioning the legality of the sale and as such, support the claim for an injunction.
When the arrears are proven to be unjustifiably excessive, it provides solid grounds to stop an auction
The best case is an outcome where it is clearly established that the account is not in arrears. Where arrears indeed do exist, the causes are determined and the facts are laid down clearly to show that lender-induced issues have rendered redemption of the loan virtually impossible. We have recorded various successes on this.
The best move from here will be to Get in Touch with us NOW. Let us discuss your particular issues and move forward together, swiftly.