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  • FIRST POST
    • mijesan1
    • By mijesan1 16th Jan 20, 12:06 AM
    • 2Posts
    • 1Thanks
    mijesan1
    Nram
    • #1
    • 16th Jan 20, 12:06 AM
    Nram 16th Jan 20 at 12:06 AM
    Hello,


    In 2004, I had 2 buy-to-let mortgages with Nothern Rock and the properties were taken back by the bank.


    It was eventually sold. Now, 15 years later, NRAM is writing to me saying that I am liable for some shortfall.



    I have not heard from them since 2005, and all of a sudden, these letters started to appear.



    As fas as I know, they cannot ask me for funds after so many years.


    I need help because I need them to give me a letter stating that the debt is no longer my responsibility.


    Can anyone help me with the course of action I can take.



    Thank you very much.
Page 1
    • Lover of Lycra
    • By Lover of Lycra 16th Jan 20, 1:27 AM
    • 833 Posts
    • 1,785 Thanks
    Lover of Lycra
    • #2
    • 16th Jan 20, 1:27 AM
    • #2
    • 16th Jan 20, 1:27 AM
    Hello,


    In 2004, I had 2 buy-to-let mortgages with Nothern Rock and the properties were taken back by the bank.


    It was eventually sold. Now, 15 years later, NRAM is writing to me saying that I am liable for some shortfall.



    I have not heard from them since 2005, and all of a sudden, these letters started to appear.



    As fas as I know, they cannot ask me for funds after so many years.


    I need help because I need them to give me a letter stating that the debt is no longer my responsibility.


    Can anyone help me with the course of action I can take.



    Thank you very much.
    Originally posted by mijesan1
    If it is capital you owe then the lender has 12 years to pursue you for the money and just 6 years for the interest. You need to be clear about when the clock started. You mention 2004, is that when you first took out the mortgage or when the properties were repossessed by NRAM?

    https://www.nationaldebtline.org/EW/factsheets/Pages/mortgage-shortfalls/mortgage-debt.aspx
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