Debt Transfer

[liroyb]

I hold securities and Lombard loan with private bank and I wish to close the account, move to another bank and transfer both the debt and my securities as collateral - How the debt can be transferred to the new bank? What is the common way such debt transfer is usually done?

 

[JohnnyDoe]

liroyb said:
I hold securities and Lombard loan with private bank and I wish to close the account, move to another bank and transfer both the debt and my securities as collateral - How the debt can be transferred to the new bank? What is the common way such debt transfer is usually done?
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It can't be done, the loan is an agreement you have with the current bank. You need to close it and reopen with the new bank.

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[liroyb]

JohnnyDoe said:
It can't be done, the loan is an agreement you have with the current bank. You need to close it and reopen with the new bank.
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Are you sure that there's no possibility for new bank to buy my debt from the old bank?

 

[Houdini]

You should ask the new bank about this. Generally, it might be possible for the new bank to pay off the loans you have with the old bank and then set up a new loan for you. Why don't you check with your new bank to see if they'd be willing to do that?

 

[JohnnyDoe]

liroyb said:
Are you sure that there's no possibility for new bank to buy my debt from the old bank?
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Unless you are talking of tens or hundreds of millions, no bank will bother.

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