Old Secured Loan

bennydordy

I had my house repossessed 11 years ago.I am only looking into this 11 years later because of a letter i found recently in attic about a CCJ.
My mortgage had a surplus of £14,000...my mortgage company told me that a certain loan company were next in line for a secured loan i had with them which i know is far more than £14,000.I know that my surplus mortgage has gone to them but i still owe them a few thousand.
This loan company had taken out a CCJ about 12 years ago but i have had no contact with them at all in this time.Can i still be chased for this debt?
Thanks in advance.
PS..I am in N.Ireland

sourcrates

Hi,
Mortgage shortfall debts are usually quite a sum of money, lenders know most people, especially those subject to a repossession, don`t have wads of cash stashed under the bed, it`s mainly for this reason these kind of debts are not chased with much vigour, if they haven`t been in touch with you, they have another 8 years in which to do so.

The further time advances, the less the likelihood there is of that happening.

bennydordy

thanks for that @sourcrates...but why another 8 years?...that would make it 20 years,is that right??..or is it 8 years since repossession took place?.....I havnt a clue about these things...

sourcrates

The limitation period on a mortgage shortfall debt is 20 years.

The clock ticks down from the date the debt became due, so yes, the repossession date in your case.

Edit, sorry, just noticed you mentioned a CCJ, in that case the limitation period no longer applies, but the judgement ran out of steam when it hit the 6 year point.

If they wanted to enforce now, they would have  to go back to court, as they have not done that by now, its unlikely they ever will.

bennydordy

The mortgage lenders got all there money.There was a 14,000 surplus which went to another lender for a secured loan.I still owe them a few thousand on top of the 14,000 that they already got.Its this loan I am worried about.Is that just treated the same as a mortgage?....sorry for all the questions...

bennydordy

@sourcrates sorry pal,i misread your last message.I see you answered about the CCJ....thanks for taking the time to answer,its much appreciated...

gizmo111

sourcrates said:

The limitation period on a mortgage shortfall debt is 20 years.

The clock ticks down from the date the debt became due, so yes, the repossession date in your case.

Edit, sorry, just noticed you mentioned a CCJ, in that case the limitation period no longer applies, but the judgement ran out of steam when it hit the 6 year point.

If they wanted to enforce now, they would have  to go back to court, as they have not done that by now, its unlikely they ever will.

When did the limitation period get raised from 12 years to 20?

sourcrates

gizmo111 said:

sourcrates said:

The limitation period on a mortgage shortfall debt is 20 years.

The clock ticks down from the date the debt became due, so yes, the repossession date in your case.

Edit, sorry, just noticed you mentioned a CCJ, in that case the limitation period no longer applies, but the judgement ran out of steam when it hit the 6 year point.

If they wanted to enforce now, they would have  to go back to court, as they have not done that by now, its unlikely they ever will.

When did the limitation period get raised from 12 years to 20?

Apologies, the post i answered previously mentioned a 20 year limitation period, and I still had this in mind when I responded, it is of course 12 years for mortgage capital debts, and 6 years for mortgage interest debts, thanks for pointing that out.