what exactly is the 12 year rule

greenspun.com : LUSENET : Repossession : One Thread

can someone please explain to me in plain english just what the 12 year rule is? If i have been contacted by eversheds by phone but never actually wrote back to them does this prolong the cycle. If 12 years have passed since my house was reposessed does this mean that its all over and we can get on with our lives?

-- (Ronatstagfarm@aol.com), March 04, 2002


Basically, a contract under seal can be pursued upon for 12 years, but the building societies have agreed among themselves not to pursue after 6 years.

If 12 years has now passed, and you have not acknowledged the debt to them during that time, you will be definitely OK. The problem is that phone call - which could have started a six year stretch all over again but I doubt it - you did not write back to them, they have no evidence that they successfully got you to admit the debt.

As you say, get on with your lives.

-- David J. Button (davidjohnbutton@supanet.com), March 05, 2002.

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