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Money From Repossessed Flat
fatcat168
Posts: 34 Forumite
My 2 bed flat was repossessed by the Abbey in April 2000 and was later sold by the bank for £97000. As my original mortgage was only £65000. Can I claim £32000 back from the Bank now. i am worried as this happened nearly 7 years ago,
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Comments
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You should have received the difference between the sale price less costs of sale and settling your mortgage - so yes, you probably should have got something but not £32k - more likely nearer £25k but you might be looking at interest as well if they havent made any effort to pay this to you - did you "dissappear" after the repossession.
Iwould suggest you look out all papers and seek some proper advice0 -
niallmitch wrote: »You should have received the difference between the sale price less costs of sale and settling your mortgage - so yes, you probably should have got something but not £32k - more likely nearer £25k but you might be looking at interest as well if they havent made any effort to pay this to you - did you "dissappear" after the repossession.
Iwould suggest you look out all papers and seek some proper advice
I did disappear ... so it was my fault I did not chase up before. What are my chances now.. Many Thanks...
Also now I have a new mortgage.. with the Abbey as well..0 -
Its still your money so bank cant just stick in in their profits - get in touch asap and let them know where you are0
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Sadly i think you'll find the claims period is within six years so yours has expired.
You can probably wave goodbye to that juicy 32K!
(Hope i am wrong though)0 -
Well its your money regardless of where you were. I'm not sure the 6 year time limit will apply.
As previous post said - get some advice0 -
I think you are, this isn't a claim, it is the OP's money and was from the start. You should get the money back from Abbey once they've tracked it down, maybe even plus some interest. However, it will be minus all their costs from selling the repo, legal costs, court fees etc. etc. So the £25k someone suggested may be nearer the final figure.Sadly i think you'll find the claims period is within six years so yours has expired.
You can probably wave goodbye to that juicy 32K!
(Hope i am wrong though)A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
Because your mortgage was only 65k doesnt mean you only owed them 65k you would probably be owe them an awful lot more in charges and compound interest.
You might well be due something tho so no harm in contacting them and asking.0 -
I believe the statute of limitations on secured loans is 12 years - ie if there was a shortfall they can chase you for 12 years so if you think they owe you money I dont see why you cant chase them for it.Any spelling mistakes are entirely on purpose to check you're paying attention
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Don't know the answer but Good Luck!(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
I have managed to contact the litigation solicitors and will need to write a letter to raise the inquiry as the case in in their archives now. Thanks for all the advice. I am hoping to get around 25k out of the 32.. does that sound realistic?0
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