old repossession debt

budgie69

hi petermb, yes I think I did use a broker. Please could you explain why this makes difference? Thanks

budgie69

nobblyned wrote: »

Note it only says they have 6 years to make contact. Doesn't say how long they can pursue for once they have made contact, or started 'proceedings'.

The OP doesn't say whether he is in touch with the mort. co. or not, or whether they have started any procceedings against him.

Yeah they have been hounding me for years, and as my health is not so good I'm not able to work, but it seems that as they've got me, they ain't letting go!

budgie69

petermb wrote: »

I dont hear sirens....just alarm bells....and quite rightly so...

I don't think I was missold the mortgage, just missold a marriage!

budgie69

Ian_Griffiths_Halifax wrote: »

Sorry to be the barer of bad news, but they COULD hound you to death. I have known lenders find ex-clients many years after repossession and after re-marriage and they can still come to you. What's more, If there was a claim by an Insurance Company against a Mortgage Guarantee Indemnity Policy, an (Insurance Policy which the lender often takes out to insure them selves in the event of a repossession, and which covers the difference between 75% of the value of the property and the loan amount given at the time), then the Insurers can come after you too.

Ok, but for how long? My circumstances havn't changed in all these years, aand the mortgage co know that. I simply cannot repay the debt. Will they ever write it off?

mightymouse

Hi

Your repossession took place before the cml (fsa) agreement was in place so when did your lender contact you.

Usually something triggers off the contact such as a house purchase where there is now equity available.

Is the lender threatening Court action for recovery of the shortfall or are they chasing a Court order?

Any payment made by insurance companies is usually included in the shortfall recovery and repaid from that.

budgie69

mightymouse wrote: »

Hi

Your repossession took place before the cml (fsa) agreement was in place so when did your lender contact you.

Usually something triggers off the contact such as a house purchase where there is now equity available.

Is the lender threatening Court action for recovery of the shortfall or are they chasing a Court order?

Any payment made by insurance companies is usually included in the shortfall recovery and repaid from that.

Hi mightymouse,
I think they're after the shortfall, but threatening all sorts. This is the fourth solicitor to contact me, but my financial situation hasn't changed in all that time. Three kids, on benefits etc! The first contact was years ago, & I certainly haven't bought a new house!!

mightymouse

Hi

Are you renting or do you own the house you live in now?

If you are renting and do not have any assets it is unlikely they will issue proceedings for the shortfall.

Another year or so and they will be out of time.(12 years)

Harassment might be something to complain about ie they know where you live and have all details but do nothing about it, personally I would leave it.

If you own your house then you need to reconsider you position.

Gangstabird

I understood that all of the banks/building societies agreed that after 13 years, they would bow out gracefully and accept that the money would not be repaid. I also understand that this is for mortgages only. Please, feel free to educate me if I am wrong in this.

mightymouse

Hi

The position for shortfall recovery is as Silvercar has set out above.

nobblyned

mightymouse wrote: »

Hi

The position for shortfall recovery is as Silvercar has set out above.

Silvercars timeframe only details how long after which they cannot pursue if they have not made contact already.

If they have already tracked you down and are pursuing you for the debt, I'm not sure if there is a time limit. Unless anyone knows of one?