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Response to is it fair to chase after 6 years 2

from Cheryl Grant (chaz@vas-net.net)
I think this may be of interest to many visitors. 26/1/00 The Council of Mortgae Lenders reports today that the limit on shortfall recovery falls. Quote "In future lenders have agreed voluntarily that they will being all recovery action within the first SIX years after the sale of a propery in possession.

The change takes effect form 11 February, and means that anyone whose property was taken into possession and sold more than six years ago, and who has not been contacted by their lender for recovery of any outstanding debt by that date, will not then be asked to pay the shortfall. The new time limi applies only tonew cases, and does not affect anyone with existing shortfall debt repayment arrangements or where the lender has alrady begun recover procedures. The new policy has been agreed following consultation with the National Association of Citizens' Advice Bureaux and the Federation of Independent Advice Centres, who had both asked the CML to consider the chang"

My personal answer is therefore to keep them talking as long as possible until you are past 6 years and then through this at them hard.

Please let me know if you would like a copy of this Press Release.

(posted 8780 days ago)

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