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Repossession-average time to be chased for shortfall if i got assets?

Hi,

Can someone tell me what the average time a bank will chase you for a mortgage shortfall after repossession if they are aware you have assets? (i realise its upto six years but what is the average time?)

thanks
«1

Comments

  • loveandlight
    loveandlight Posts: 1,200 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    Its 12 years not 6 years.
  • nrsql
    nrsql Posts: 1,919 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Are you asking how long it would be before the bank sells the debt on? I think if they know you have assetts they will take court proceedings - possibly through a separate company.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    They can come after you forever if they do it right.
  • nrsql wrote: »
    Are you asking how long it would be before the bank sells the debt on? I think if they know you have assetts they will take court proceedings - possibly through a separate company.


    Yes, i mean how long from repossession till court proceedings?
  • geoffky
    geoffky Posts: 6,835 Forumite
    IF you go missing then year in 10 they have a very concerted effort to try at finding you.. a tracing agency are used.. they found me in year 10 and i done a full and final this was after the 80s crash..and people were harder to find then...now days they will just look at facebook.
    It is nice to see the value of your house going up'' Why ?
    Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
    If you are planning to upsize the new house will cost more.
    If you are planning to downsize your new house will cost more than it should
    If you are trying to buy your first house its almost impossible.
  • Anytime they will keep in touch and up date you on the debt you owe them. If you do the lottery make sure you don't celebrate your win too much.
    I am a Mortgage Advisor
    You should note that this site doesn't check my status as a Mortgage Advisor, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • By the time i agree with them that i owe the debt and back and fourth surely that would be about six months, maybe?

    can they put a charge over my other asset until this is all agreed? surely not!

    if i agree to pay in instalments over time (how many years is the maximum) does this "prevent" them from obtaining a charge while this "negotiating" is going on and even a final settlement offer to them?
  • Sounds very much like you are looking for ways to wriggle out of your commitments, or hide assets from your creditors.
  • Radiantsoul
    Radiantsoul Posts: 2,096 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    The bank can seek a charging order over any other assets or a freezing order on your other bank accounts.

    If you try and dispose of assets they will probably go for bankruptcy and a trustee will pursue you for a transaction at undervalue/preference and unwind the transaction. If they agree a repayment plan they are going to want some security if you have other assets available and will probably ask for you to give a voluntary charge over those assets.

    I am surprised the bank is not already requesting your proposals for clearing the shortfall.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    geoffky wrote: »
    IF you go missing then year in 10 they have a very concerted effort to try at finding you.. a tracing agency are used.. they found me in year 10 and i done a full and final this was after the 80s crash..and people were harder to find then...now days they will just look at facebook.

    AFAIK, They don't even have to find you, they can serve court papers(with court permission) other ways and that will stop the time barring.
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