DRAFT Project Heritage Update January 2021

Update on Project Heritage

Project Heritage is divided into 3 stages:

  • stage no. 1 is "the root of all evil" - Lampert v Lloyds established the toxic combination of 2 banking hours is enough to call on the overdraft that triggers default on the loan & lender can go straight to the guarantor for recovery bypassing everyone else, including the borrower;

    update from Action Fraud:

ActionFraud1.png

  • stage no. 2 is recompense process for the victims - any case that suffered the same fate came under the Lampert v Lloyds malpractice "umbrella" can use this process to calculate their claim figure and that is forwarded to the other side;

    update from BBRS after 4 years:

BBRS update.png

  • stage no. 3 is the way forward - Areopa suggests an alternative to the Personal Guarantee-based securitisation model which is based on the company`s Intellectual Capital.

    update from Areopa:

areopa update.png