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Statute barred
Trishstoy
Posts: 1 Newbie
My house was repossessed 4 years ago with a shortfall on the mortgage of £45000 I have never been contacted by the the mortgage company, it is currently on my credit file as owing £250,000 which would have been the original debt before it was sold and no Ccjs has been issued, does this mean in 2 years I would come under the 1980 statue barred.
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My house was repossessed 4 years ago with a shortfall on the mortgage of £45000 I have never been contacted by the the mortgage company, it is currently on my credit file as owing £250,000 which would have been the original debt before it was sold and no Ccjs has been issued, does this mean in 2 years I would come under the 1980 statue barred.
No. Because under s20 of the 1980 act mortgages only become statute barred after 12 years, rather than 6.0 -
The time limit for mortgage debt is 12 years not 6 so it will be another 8 years I'm afraid (not 2).0
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Both the above posts are technically correct however it will depend on the lender. If they are a member of the CML they have an agreement not to chase after six years.0
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Hi Trishstoy
If I dare say so myself, our fact sheet on mortgage shortfalls offers a useful recap of the above points and more:
https://www.nationaldebtline.org/EW/factsheets/Pages/11%20EW%20Mortgage%20shortfalls/Default.aspx
Dennis
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0
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