I owned a property with a mortgage through the Halifax. Although i did what i could, when my partner left me I was unable to keep up the mortgage payments. I did attempt, with my fathers assistance, to come to some agreement with the HAlifax but to no avail.Ultimately I had no alternative but to hand back the keys. Feb 1997 approx.Somewhat annoyed at the lack of co-operation from the Halifax I resolved to make it difficult for the Halifax. I moved in with friends and then rented for a while. In Feb 1998 I went to Eire, liked it and found a job. I stayed until Jul 02.I had a bank account over there and took out a mortgage which I repaid when I left to move back to the uk to live with my fiance. I have had no contact from the Halifax in this 6 year period.I assume that repossession took place sometime soon after Feb 1997. How does this situation stack up when considering the 6 year/ 12 year debate? How does it affect my fiances assets now and in the future?

-- n lofthouse (nicholaslofthouse@hotmail.com), March 10, 2003

Answers

Lie Low then! They have 12 years to claim from you legally. The CLM code is from when the property was sold, that could have been a further year from when you handed in the keys.

-- Geoff Winters (Geoff-winters@supadooper.com), March 10, 2003.

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.

-- M Amos (idgroms@hotmail.com), March 10, 2003.