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Mortgage shortfall


Comments
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Generally, the Limitation Act 1980 applies, which states that most claims, including those related to debts, are subject to a limitation period of 6 years from the date of the last payment or the date when the debt was due.
If the repossession occurred in 2013, it would be highly unlikely that a company can claim a shortfall more than 6 years later (i.e., after 2019), unless:
- The debt was acknowledged in writing or by a payment made after the 6-year period, which would reset the limitation period.
- The company obtained a County Court Judgment (CCJ) for the shortfall within the 6 years, in which case they could still enforce the judgment after the 6-year limit has passed.
If a company is still pursuing the shortfall after 6 years without any of the above conditions being met, you could potentially argue that the debt is statute-barred and no longer enforceable.
Although you may want to seek some advise from a legal expert
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Its 12 years for mortgage shortfalls section 20 (1) of the limitation act."You've been reading SOS when it's just your clock reading 5:05 "1
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Oh, didn't know that, as I googled. So guess its within the 12 years.1
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Trying to find legal experts to help is difficult. They all seem to work for the otherside0
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i suspect they are sniffing around because the 12 year deadline is drawing near. Your choice whether you duck and dive for another few months or tackle it head on. Bear in mind they would have bought the debt for pennies to the pound, so may be prepared to accept a small amount in percentage terms in full and final settlement.tabbycats4321 said:Trying to find legal experts to help is difficult. They all seem to work for the othersideI'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1
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