I have only recently learned of the CML press release in Jan 2000 and until then have been contemplating making an offer to settle - reason being that i am in a situation i am finding extremely difficult to accept in that our house is in my wife's name only ,although our contribution was equal - hence my desire to clear my name and get on with my life. Reading through previous posts encouraged me to start thinking about making an offer and have been speaking to several solicitors in an effort to find one with experience of this area. In doing so learned of the press release, however it is some 15mths until 6 yrs from the date of sale by the N Rock have lapsed!!

My question is, does anyone know of any case where this voluntary code has been successfully tested ?? If not is there therefore an argument for making an offer now as there is no guarantee of success and bringing the matter to a conclusion once and for all?

I would be grateful for your thoughts.

-- sid whelan (sdd.whelan@cwctv.net), July 29, 2003

Answers

The 6 year CML policy is not case law and therefore cannot be really tested.

Remember that where in the policy it refers to commencing recovery it doesnt mean court action - it could simply be one letter from a debt collector!

The policy is a farce as there is no real appeal process - the lenders word is final. The CML is a friendly front that lenders hide behind under 'self regulation'

It can be pointed out to the lender (but be careful of acknowledging the debt - see this site) if you have never received any letters within the 6 years and hope for the best. It does occassionally work.

-- who (who@idontwanttosay.com), July 29, 2003.

I used it and was told it is of no concern to the court as it isnt law.

-- Neil (neilaw_uk@yahoo.co.uk), August 07, 2003.

like i said the policy is a farce

-- who (who@idontwanttosay.com), August 09, 2003.