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Liz T | House repossessed.? |
In 1997 our house was repossessed, and was sold by the building society. We heard nothing from them until my ex husband got a letter in april 2006 and i recieved a letter in aug this year. so i need to know whether the 6 year rule applies and also we we"re never notified of what the house sold for and if there was a shortfall. So we have been contacted by a debt agency who have told us that there is £15000.oo outstsaning but they have reduced it to £3500.00 as long as we dont default on any repayments. we were told to pay or be taken to court for the full amount. Could someone please tell me excactly where we stand as far as repayment is concerned.
Additional Details
further to my question on house repossesion, The house was owned by me and my ex husband and i understand that we are liable for the debt, so can anyone explain why the debt agency have insisted on taking my ex husbands new wifes wages into conscideration when they where working out what he could repay. surely the debt belongs to us and she shouldnt be made to pay for our debt. It just doesnt seem fair. Any help would be appreciated. and many thanks to the people that replyed to my initial question on house repossesion.. You were all very helpful. |
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micheleamanda
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The Limitations Act in relation to land or property is 12 years not 6.
The fact that they are writing off nearly 80% of the debt is fair.
It would be worth contacting your local Debt Advisor at Citizens Advice Bureau who can help you evaluate your income and expenditure and can write on your behalf a letter stating what you can afford to pay. Don't waste any time going to these internet or TV advertised Debt companies. Th Citizens Advice Bureau is recognised and respected by financial institutions and debt collection agencies and it is likely they will take any repayment offer made via CAB seriously. The Officeof Fair Trading demands this!
They can't just take you to Court as soon as you default as they have to, by law, notify you of your default and wait for a set time before issuing proceedings in Court. This gives you time to make up any defaulted payment. If it got to Court you may be able to ask the Judge to set judgement aside on the grounds that you are no longer in arrears.
In cases like this it is likely that the debt collection agency have purchased the debt from the building society. If this is the case they are solely interested in getting as much money as they think they can so getting CAB to try and negotiate the debt down is worth trying. Most of the time they don't want to waste time, money and man hours getting "blood out of a stone".
It is definitely worth your while getting hold of your credit reference file. Look on the internet for "Experian" or "Equifax". They are the two major Credit referencing agencies in UK. Credit referencing agencies should only hold information about your repossession for 6 years. If it still appears on your credit file you can ask for it to be removed. It is however a default and they don't have to legally remove it but there is an option for you to add notes to each default that gives information to people viewing your file. This will help ensure your credit reference is not negative and you can still get credit.
Good luck- I hope you get it sorted. |
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Nutty
 |
Simple answer is dont worry!
Contact your local Citizens Advise Bureau.
They will take all the pressure off you and sort everything out.
Good Luck |
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rachel b
|
Your lawyer, a financial advisor, or a debt specialist should be able to help you out. |
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Big Momma Carnivore
|
Talk to a lawyer. Collection agencies will try to collect on old debts whether you still owe them or not. Don't pay until you consult an attorney. If your house was repossessed, you don't get anything from it iof there was a profit. If you were no alerted to the 15000 until now, it's probably no longer a valid debt. Ask for back-up paperwork and a full accounting for your lawyer to review. |
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Ask M
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have them validate the debt
www.creditinfocenter.com |
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president poodle
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contact your solicator to find out where you stand on the matter |
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morwood_leyland
 |
Ask more questions - I am very suspicious of this for reasons given later. It is true that when your house is repossessed and sold and there is still an unpaid balance then you are liable. You should have been told of this amount as technically you retained a proprietary interest. Usually there is a mortgage protection policy which pays this balance off but, even then, technically the insurance company has a right of recovery against you (but they do have to tell you this).
If none of these notifications were sent to you then the 6 year rule probably does apply but you should get legal advice.
As to the agency - debts can be sold by one creditor to another (novation) and you may not be able to prevent this - it depends on the original mortgage contract. But it is usual that the new owner of the debt advises the debtor (and the FSA insist on this as good practice to prevent later disputes).
But perhaps the agency is not a debt agency as such but a collections agency - ask them for their authority to act and what notice you were supposed to have been given originally of the £15k alleged to be owed - the original request for the full debt is not really good enough.
Whatever happens get a solicitor, debt management agency or citizens advice bureau to help with this - it is unusual as described. |
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Pete J
 |
'claimbankchargesback' needs to check his or her information prior to expressing an opinion. the Limitations Act in respect of mortgage arrears is 12 years, not 6! You owe this money, and they are entitled to ask for it back. Micheleamanda's answer is correct, and represents your best chance, you can't fight this if you owe the money; you can enure that what you pay back is fair, and in line with what you can reasonably afford |
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claimbankchargesback
|
The 6 year rule is called the statuate of limitations, and comes into effect if there is no contact between a debtor and a lender for a continuous period of 6 years.
If this is the case, you cannot be taken to court for the debt, but they can still and try and make you pay. However, without being able to take court action, if you don't pay there isn't much they can do about.
Because of the timescales in your question, I would think that the debt would definately be statuate barred, and they are trying to scare you into pay. What normally happens, is that once debts are close to, or after, the 6 year period the lender sells them onto a debt recovery company for peanuts, for them its better than nothing. The debt recovery companies then try and bully you into paying as pretty much anything you pay is pure profit for them.
However, because of the large sums in question, I would definately get further advice from the Citizens Advice Bureau or a solicitor. You need to give them the all the facts, as they happened, and then you can get the best advice. |
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Vasoula
 |
No sorry |
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Martin K
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Claim inability to pay.. |
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crispy
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me neither |
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