Secured Loan not collected for 8 years?

Sidekick_2

Hi all

I wonder if anyone can help with any advice?

I took out a ten year secured loan in december 1988, due to financial difficulties within the recession and the fact that i got divorced i had to take over the loan myself, some years later I becam un employed for a time.

The loan company took me to court and because of negative equity in the property the judge would not grant a posession order, and fixed a rate of £50 per month, this was set for 12 months and the only correspodance with the company since was a settlement figure offered after the arrangement had finished.

I could not afford this settlement figure at the time and I have not heard from them for at least 8 years.

Do they still have any claim against my property or are they time barred?
There is no evidence that this is still on my credit file.

Trollfever

Statute of Limitions for land and property debt is 12 years in England & Wales and 20 years in Scotland.

Expect to hear from a debt collection agency in the next couple of years.

HelpWhereIcan

http://news.bbc.co.uk/1/hi/england/manchester/7243246.stm

http://www.guardian.co.uk/uk/2008/feb/13/law.mortgages

will be an interesting case for yoou to be aware of.

Under 'adverse possession' Natwest basically lost all rights to repossess the house as they did not actively collect the account or repossess and allowed the debtor to remain in the home.

BUT - do not count on it. Probably at least 4 years before this applies to you.

gizmo111

Presumably this loan is still secured?
Did you have a CCJ? or a charging order?
Who is the lender?

Sidekick_2

gizmo111 wrote: »

Presumably this loan is still secured?
Did you have a CCJ? or a charging order?
Who is the lender?

I think it is still secured and i believe we had a CCJ.
The lender was The Associates but can't find them ? Don't know if they are still trading.

Thanks for reply

Sidekick_2

Trollfever wrote: »

Statute of Limitions for land and property debt is 12 years in England & Wales and 20 years in Scotland.

Expect to hear from a debt collection agency in the next couple of years.

Thanks for imformation :eek:

Sidekick_2

HelpWhereIcan wrote: »

http://news.bbc.co.uk/1/hi/england/manchester/7243246.stm

http://www.guardian.co.uk/uk/2008/feb/13/law.mortgages

will be an interesting case for yoou to be aware of.

Under 'adverse possession' Natwest basically lost all rights to repossess the house as they did not actively collect the account or repossess and allowed the debtor to remain in the home.

BUT - do not count on it. Probably at least 4 years before this applies to you.

My loan should have finished in 1998 and there is no revised schedule to pay but they did offer a settlement figer.
Thanks for the advise;)

HelpWhereIcan

Sidekick wrote: »

The lender was The Associates but can't find them ? Don't know if they are still trading.

Thanks for reply

The Associates is now Citi Financial

http://www.citibank.co.uk/personal/banking/loans/loans/citifinancial.htm

and are no longer offering new loans but are still trading to collect loans

Radiantsoul

Sidekick wrote: »

Hi all

I wonder if anyone can help with any advice?

I took out a ten year secured loan in december 1988, due to financial difficulties within the recession and the fact that i got divorced i had to take over the loan myself, some years later I becam un employed for a time.

The loan company took me to court and because of negative equity in the property the judge would not grant a posession order, and fixed a rate of £50 per month, this was set for 12 months and the only correspodance with the company since was a settlement figure offered after the arrangement had finished.

I could not afford this settlement figure at the time and I have not heard from them for at least 8 years.

Do they still have any claim against my property or are they time barred?
There is no evidence that this is still on my credit file.

They still have an interest and might very well be "resting on their security". This means they will have made a diary note to contact you before the 12 years are up.

I am not sure in your position if I would contact them or not. Conceivably you may have fallen off their radar. But when you come to sell the charge will still be registered and you will need to get it removed.

simpywimpy

would it show on your land registry record whether anything was secured on your home? Think it costs £3 to get a printout.

Sidekick_2

simpywimpy wrote: »

would it show on your land registry record whether anything was secured on your home? Think it costs £3 to get a printout.

Yes it does, just checked