We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Mortgage repossession

Options
Not sure if this is the right place to be or whether anyone can offer any assistance or point me in the right direction.

In 1991 our property was repossessed that had a mortgage with National Home Loans. Over the years we had had many threats to take us to court for the repayment of £43000 which we say we dont owe. We have either not replied to these or advised them that we had an MIG and that should cover it.

However today we have received a letter from a solicitor suggesting that we settle or court proceedings are likely. This is the first correspondence we have had on the subject since 2004 and the previous letters were from Debt collectors in Benfleet.

Is there not a 6 and 12 year rule for debtors? so surely they cannot chase us for ever?.

Any assistance you can give would be gratefully appreciated.

Comments

  • silvercar
    silvercar Posts: 49,528 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    12 year rule for repossessions.
    We have either not replied to these or advised them that we had an MIG and that should cover it.

    I would guess they are taking your response as an acknowledgement of the debt.

    The MIG will cover the lender for the loss, it won't protect you from them chasing you for the money.

    Not sure where you go from here.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.