Large default nearly 6 years?

christopherroper

yer having my immediate family die in a car accident and me in a coma is a lame excuse im sorry

jamesd

The Limitation Act limit for secured loans is twelve years, not six. You're liable for the capital shortfall after repossession for that long. For any interest, only for six years. But apparently the FSA and Council of Mortgage Lenders accept six years. So if both the original property purchase loan company and the secured loan company are members of the CML you should not face action after six years. There's more detail at the link.

malkyh

christopherroper wrote: »

yer having my immediate family die in a car accident and me in a coma is a lame excuse im sorry

No, please don't try to make me look bad here. It won't wash.

I said, if you would care to put your dummy back in, that using the 'banks swindle money from people all the time' was my reasoning of a lame excuse.

I am sorry for the loss of your family, and for you being in a coma. However, you haven't been in a coma for 6 years so why didn't you try sort this out rather than dodging it so you could hide behind the statute barred clause?

MentalMinnie

malkyh wrote: »

No, please don't try to make me look bad here. It won't wash.

I said, if you would care to put your dummy back in, that using the 'banks swindle money from people all the time' was my reasoning of a lame excuse.

I am sorry for the loss of your family, and for you being in a coma. However, you haven't been in a coma for 6 years so why didn't you try sort this out rather than dodging it so you could hide behind the statute barred clause?

Well said.

Twisting peoples words to work the sympathy vote won't do you any favours here.

Like I said, I would expect the loan company to persue you through the courts to reclaim their money.