Response to Need help quoting Acts for 6 year rule please.

Melody, I wonder what they would do then, if the property was never sold? Happens with ex-council houses a lot (no disrespect intended to anyone btw). Thinking along those lines...sustained default mentioned in another post above is a well known concept. If the Lender can claim on a MIG after sustained default is proven...then the "right to receive" point has to be there. Which means that the balance not covered by the MIG, if proven to be due in a court of law, can only be chased for 12 years from the date of sustained default, regardless f when the property was actually sold. In most cases that is well before the sale date (in my case over a year before). If that Lender is abiding by the voluntary code...then in all good faith the six years must start from the date of sustained default too. Which, I think, helps the original poster on this thread. Good thinking you two, I needed to stir up the grey matter this afternoon.

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