Help : Advice on possible repossed flat and old debts

gottasavecash

Hi,

I bought a flat in 1993 with my ex-partner. We separated after marraige in 2000, got divorced in 2001. At the time when we got divorced my ex signed an extra piece of legal paperwork to say that any money due from the endowment policy that went with our mortgage would come to me. I am pretty sketchy about the details as i had a nervous breakdown at this point and tried to commit suicide. The flat we owned apparently had structural damage and was unsellable, i had a 5000 pounds loan, a credit card of 5000 pounds and other debts of around 4000 pounds. I say i but the debt was in my name and i had always paid bills etc.

It was a really tough time for me and as cowardly as it seems, i packed my job in (another story in itself) and left the country and stayed with friends in Holland. I ended up staying in holland from 2001 until 2006.

Anyway, i remember having received a cheque at some point during this episode which was never cashed as i had changed all of my bank accounts etc to my maiden name immediately and when i had received cheque i couldnt cash cheque and couldnt see any way around it.

I am now in the situation that i feel i should broach this situation and find out exactly where i stand. I did take some advice from a debt councillor who said that if intended to leave the country for more than 6 years then i shouldn't worry about the debt and just bin all the paperwork. I basically did exactly that. I don't feel great about it but was in a really dark place. Living abroad was no fun time either.

I find myself now back in the country, working part-time, am single parent, my daughter has a disability. I feel that i need to find out how i stand and what action i should take. I am currently in rented accommodation but have moved now 5 times in the 3 years i've been back and we both need some stability and i need some peice of mind. We need to build a future but i don't really know how to go about dealing with it with this hangin over me.

The only detail i have, which is quite bazaar, is the name and policy number of the endownment, which was Royal Sun Alliance, it seems difficult to find details of them for contact. I also have the date of purchase.

I went to a lawyer today to get some advice but he really didnt know much about this area. I felt really stupid because i knew so little.

I have 2 envelopes ready to send to experian and equifax and am trying to get a contact number for Royal Sun Alliance.

Would anyone be able to point me in the direction of legalities regarding statute barring, i live in Scotland, and if repossesion is included in statute barring. I did pass the keys of the proeprty to my husband to deal with, he was pretty hopeless in this area but he may well have sold it. I have no way of contacting him.

Any advice anyone could give would be much appreciated.

Thanks

silvercar

By 1993 most endowment policies weren't assigned to the mortgage, even though the intention was that you use the proceeds of the endowment to pay off the mortgage.

Assuming that they were completely separate entities, if you received a cheque it suggests that someone informed to provider to cash in the endowment. Odd that, if you were the sole beneficiary, it wasn't your sole right to do this. So you now need to track down Royal SUn alliance and see if there is any money due.

As for the flat and mortgage. Do you know if it was repossessed? Or sold by your ex? If it was in joint names your ex may have handled the sale. If it was repossessed the lender can chase you for 12 years for any shortfall on the mortgage.

gottasavecash

silvercar wrote: »

By 1993 most endowment policies weren't assigned to the mortgage, even though the intention was that you use the proceeds of the endowment to pay off the mortgage.

Assuming that they were completely separate entities, if you received a cheque it suggests that someone informed to provider to cash in the endowment. Odd that, if you were the sole beneficiary, it wasn't your sole right to do this. So you now need to track down Royal SUn alliance and see if there is any money due.

As for the flat and mortgage. Do you know if it was repossessed? Or sold by your ex? If it was in joint names your ex may have handled the sale. If it was repossessed the lender can chase you for 12 years for any shortfall on the mortgage.

I think the lawyer i used for the divorce organised that my ex signed over any monies from endowment to me.

Will keep trying to track Royal Sun Alliance although am worried that this will trigger off repossession debt if indeed it was repossessed. I really have no idea. Is there any way i could look at records for sales of properties. Someone had mentioned a Record through Sasines.

My mortgage was with the Bank of Scotland and i currently bank, and have for 3 years since returning to country, with the Halifax which of course are amalgamated. It's an account i've had for 10 years and i did think this would alert the bank of scotland but so far it hasn't if there is a debt. I have not applied for any credit in my time back in scotland so i don't know if that makes any difference.

Would me applying for my credit records from experian and equifax possibly trigger any old debts ?

Thanks

silvercar

Try downloading the deeds from the land registry website. Before you get to the "pay £3" point it will tell you the last time the deeds were changed.

If an old debtor was looking for you, they could use the electoral register to find you.

Trying_to_be_good

You could get your credit reports from Experian and Equifax to check any entries - I think they're £2 each.

gottasavecash

Trying_to_be_good wrote: »

You could get your credit reports from Experian and Equifax to check any entries - I think they're £2 each.

I've sent off for the reports today so i hope to hear back soon, don't know how long they take.

I'll have a look at land registry site tonight, thanks for the direction.

I contacted Trading standards at the local council and they said to google 'your property', 'my property'. Check the land registry site as was advised here and to contact the Financial services authority re endowment. They also said that mortgage debts remain for life, not sure if this is true.

Thanks for all of your advice, it really is appreciated.

gottasavecash

silvercar wrote: »

Try downloading the deeds from the land registry website. Before you get to the "pay £3" point it will tell you the last time the deeds were changed.

If an old debtor was looking for you, they could use the electoral register to find you.

I am searching just now but seem to come up with so many companies these details at a much higher price and asking for payment before search is carried out. Could you point me in the right direction please ?

Thanks

fatbelly

The Prescription and Limitation Act (Scotland) is explained in this factsheet.

However, the Council of Mortgage Lenders, of which BOS is a member, has said that anyone whose property was repossessed and sold and who has not been contacted by their lender within six years from the date of the sale will not be asked to pay the shortfall.

This is all explained in this factsheet.

Please note that the law for England and Wales is different.

Kez100

Could the cheque have been some sort of demutualisation one? I've no idea if RSA went that way but some did and hopefully others may know.

silvercar

gottasavecash wrote: »

I am searching just now but seem to come up with so many companies these details at a much higher price and asking for payment before search is carried out. Could you point me in the right direction please ?

Thanks

Try here:

http://www.landregisteronline.gov.uk/servlet/TitleSearchServlet

You want the register details rather than the plan.

silvercar

Just noticed that is E&W. Try here:

http://www.ros.gov.uk/productsandservices/copydeeds.html

Much higher prices though!