Help with 17 year old Mortgate debt.

And1962

Hi can anyone PLESE help with advice.

In 1994 my home was repossessed, then resold in 1996, it was sold for approximately two thirds of its value in our opinion, but we do appreciate that the market was VERY poor at the time.

I have always said whenever they have contacted me in the past that I will not pay the £17,000.00 they are claiming as they undersold the house and paid themselves the interest before paying the capital owing.

I have now received from the county court a claim on behalf of Lloyds bank for the £17,000.00 plus over £8,000 in interest owing since 1994.

I still feel VERY unhappy about my repossession and the final sale price.
I have no assets so could never pay.

Is this debt still recoverable?
:mad:

McKneff

Why do you say they undersold the house, they sold it for what someone was willing to pay for it. full stop.
So they were within their rights to chase you for the shortfall. Thats the norm.

I dont know whether 'statute barred' applies but Im sure those with more knowledge than me will be along.

OBrother2001

Hi

You can find the answer on the National Debtline website - in particular the fact sheet called "Mortgage Shortfalls".

The rules on this as very specific so you are best having a read of this and calling one of the advisers for further help if you need it.

Thanks