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Response to Been Away

from M Amos (idgroms@hotmail.com)
Nicholas,

Bear in mind the following taken from the CML website:

Following the sale of a property in possession, lenders often find it difficult to contact the former borrower to advise them of any surplus monies or shortfall debt. Lenders use a variety of measures to identify where the individual is now living. This might include using tracing agents. Situations can arise where a lender or its third party agent is trying to contact the individual (for example, by letter or telephone) to discuss repayment of the shortfall, but the individual simply chooses to ignore such contact. This is despite the fact that the contact is being made at the individual's new address. In these cases, lenders will consider that contact has been made for the purposes of the new six year limit. If an individual is unclear whether contact has been made within the six year period, the lender will be able to confirm the position.

Also remember that the CML 6 year code is voluntary. What is there to stop them too from selling on a debt to a debt collecting agency to avoid this limit, or just saying they made contact with you? You should read their webpage as there are other exclusions too, see: http://www.cml.org.uk/servlet/dycon/zt- cml/cml/live/en/cml/pub_info_dept Furthermore, as I understand it, if the CML agreement can be applied, this is no basis for defending a claim (although it could be added to any other defence that is made). With regard to the start of the 12 year limitation period see previous postings. Read the Home Repo advice thoroughly, especially the Do's and Dont's. As far as I know, your fiance's assets should be safe if they are in her name, and she wasn't a joint mortgage holder with your previous repossessed property. I would be very careful, though, about taking out any joint account or joint mortgage until you get this sorted out. If you have any assets I would investigate putting them into the name perhaps of a trusted family member. I am not a legal professional, so please check this out with one, CAB, NAMV etc. Good Luck.

Mark.

(posted 7689 days ago)

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