[ Post New Message | Post Reply to this One | Send Private Email to M Amos | Help ]

Response to advice wanted

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

I'm afraid the lender has 12 years in which to pursue you, usually from the 2nd or 3rd missed mortgage payment (subject to the mortgage terms & conditions), it might be from the first missed payment for example in some. If a Money Judgment Order was issued they (in theory) can pursue you indefinitely, so it's obviously important to find this one out. If you buy a property in the future without resolving this problem first the lender could place a Charging Order on it and claim their money back. I would not let this situation drift on as interest will still be accruing. I would follow the advice on the Home Repo's "Do's & Dont's" . Read as much as you can of the rest including previous postings. Put the lender to strict proof. Did they sell your property for a fair price? Was this a joint mortgage? In ANY communication with the lender it is essential to state that you deny liability and that you dispute their claim. Failure to do so can restart the 12 year limitation period. If it is a joint mortgage the other partner could acknowledge the alleged debt for both by making a part payment (see previous postings on this). Do not speak to them by telephone, get everything in writing.

Personally, I wouldn't make any offers for repaying on a monthly basis, this would cost you far more in the long run and interest may still continue to accrue. Furthermore, you would also renew the limitation period each month by doing so. It would be better to agree a one lump settlement (which should include any possible third party) if this is realistic.

If you have no assets, are on benefits, or have a low income I would seriously consider insolvency, this would also clear your other debts and give you a fresh start. Next year the Enterprise Bill comes into force which will mean that discharge is quicker, between 3-12 months, even now there are transitional arrangements in place. Sorry there isn't better news. Let us know how you get on. Good Luck.

I am not a professional advisor so please check all this with one, or even better two.

Mark.

P.S. If you're interested in the insolvency option you could contact Simon Wiggins (Debt Advisor) on his forum www.debtquestions.co.uk he is well genned up on this.

(posted 7607 days ago)

[ Previous | Next ]