Old buy-to-let Shortfall

Apfelbaum

At the time of the Financial Crisis of 2008, I had a number of buy-to-lets which for various personal reasons, including the death of my wife in an accident, I could not keep up repayments on and these were repossessed.

The mortgages were with Mortgage Express (Part of Bradford and Bingley).

Subsequent to this, I had the expected correspondence from the company but the last correspondence from Mortgage Express was in February 2012.

In November 2023, I received a series of letters, telling me that the accounts had been transferred to Hyalite. I did not acknowledge these letters.

Today, I have received a letter, dated 15 October 2024, referencing my "outstanding debt of £155,966.35" and stating "we have yet to agree a repayment plan". Along with the usual "it is very important you do not ignore...."  etc

Does anyone have any advice or experience of anything similar, particularly since it is over twelve years since I corresponded with regard to this.

Thanks in advance.

housebuyer143

Apfelbaum said:

At the time of the Financial Crisis of 2008, I had a number of buy-to-lets which for various personal reasons, including the death of my wife in an accident, I could not keep up repayments on and these were repossessed.

The mortgages were with Mortgage Express (Part of Bradford and Bingley).

Subsequent to this, I had the expected correspondence from the company but the last correspondence from Mortgage Express was in February 2012.

In November 2023, I received a series of letters, telling me that the accounts had been transferred to Hyalite. I did not acknowledge these letters.

Today, I have received a letter, dated 15 October 2024, referencing my "outstanding debt of £155,966.35" and stating "we have yet to agree a repayment plan". Along with the usual "it is very important you do not ignore...."  etc

Does anyone have any advice or experience of anything similar, particularly since it is over twelve years since I corresponded with regard to this.

Thanks in advance.

This might help, assuming you are in England. Sounds like it depends on whether a money judgement was issued with the repossession or not. 

https://england.shelter.org.uk/housing_advice/repossession/mortgage_shortfall_debts_after_repossession

silvercar

When was the last repossession? From that date the loans were unsecured, and assuming you haven’t acknowledged them since, they would only have 12 years to chase you from then. My understanding is that you still owe the money but no longer have an obligation to pay the debt.

silvercar

https://www.citizensadvice.org.uk/debt-and-money/help-with-debt/dealing-with-your-debts/check-if-you-have-to-pay-a-debt/#:~:text=Taking%20action%20means%20they%20send,them%20or%20made%20a%20payment.

12 years on the main mortgage, 6 years on the interest. The clock starts when you make a payment or replied to them.