Statute barred

Trishstoy

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.

antrobus

Trishstoy wrote: »

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.

TrickyDicky101

The time limit for mortgage debt is 12 years not 6 so it will be another 8 years I'm afraid (not 2).

Hanky_Panky

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.

National_Debtline

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
@natdebtline