Hello all, I've just found this site today and there's so much valuable information ....(posted 8104 days ago)I have a friend ( she has no internet access) who bought a flat witha boyfriend around 1990 . I have to simplify the story but the relationship foundered, ex disappeared , She warned Nationwide that she was in trouble but was passed from pillar to post for ages. Flat went in to -ve equity . She tried to sell but the flat above her was 'maintained' by an estate agent. Their water pipe burstand the ceiling of her flat collapsed . All this made her ill so she left the flat ( is this voluntary repossession ?) in 1996. Before she left (after accident) she had the place valued (£44K). Nationwide ultimately sold it for £18k.
Since then she has rented but recently managed to get a loan on a flat in the name of family members ( she pays them) . However one of them has died ( loan not covered by life insurance) and she wanted to take over their share in her name.
She was told by Chelteham & Gloucester that she was blacklisted by the Mortgage indemnity people for the rest of her life and that C&G would not give her a mortgage for the rest of her life.
Now she will need to get this sorted urgently. These are my questions:
1) Is it true thatthe 6year rule only refers to the lender beginning recovery action, irrespective of the resale of the property .
Therefore if the NBS wrote to my friend at her old address for instance and she never acknowledged it , the 6year ruling goes out of the window?
2) One idea we had was to get the name of the Mortgage Indemnity people and sort it out with them. So I asked Nationwide BS who they were (I have a mortgage with them since early 90s) and was told that they have stopped MIGs - including on my mortgage. I asked about what they did about people in repossessed in the past and they said that they will chase them thro' other means ( but vague & I did not want to give anything away).
3)Does this mean that there is no MIG on my friend ? I am certain that the BS will have recovered the money from the MIG at that time -but how can we prove it? Ideally we want to havethe MI people to clear her record. How can we find out who they are without admitting liability?
4) isthere a law about the the BS selling the flat at such a low price?
5)I haven't read much on this site yet but I can see we're about to start a long bloody battle . Where , in your wisdom do we start?
Sorry for long mail - thanks in anticipation
Elvie ( thks D for letting me use your email addr)