Limitations Act -still confused : LUSENET : Repossession : One Thread

Thanks to Mark for last answer. can any one advise me on whether length of time to sell repo property can be taken into account when calculating 6 year limitations rule.

My property was not sold until over 4years after repo, so I have been contacted just under 6 years from sale but nearly 10 years from handing keys back. Can they still chase me?

-- nick andrews (, May 25, 2002



I'm afraid they still can chase you.The length of time to sell repo property isn't counted under the voluntary 6 year code. I think the CML are clear on that one Lee "the Council of Mortgage Lenders have agreed voluntarily that they will begin all recovery action for the shortfall within the first six years FOLLOWING the sale of a property in possession", however they also say " lenders are committed to fair and sympathetic treatment of people who have suffered repossession, and accept that individuals should not face long delays before lenders contact them to discuss repayment of the shortfall." Personally, my non professional opinion is for you to follow the guidelines on the repo site. Send out SARNS, establish whether they sold your property for a fair price etc. Also try and find out what they were doing with your property for 4 years,were they renting it out for example. You can also go to your local CAB for professional advice. I think, given the amount of time that has passed to first contact you have a good case though. I think it would be a good idea for you to take your case to your local MP too. When did you take out your mortgage ?


-- M Amos (, May 25, 2002.


Further to my previous message. Sorry if I've repeated myself a bit. Find out also if an MOJ was issued, that may be relevant too,I'm still investigating that one myself.


-- M Amos (, May 25, 2002.

Take a look at the recent postings on this subject. There is one in the last week to which I contributed that has a bout 20 replies. First step you should take I think though is to SARN your lender and others to get maximum information to use to your advantage. If part or all of your shortfall is made up of a mortgage indemnity insurance payout then you may be a ble to argue that this is a simple debt and as such has only a six year shelf life. Consensus still is that we need a definitive court ruling however.

-- Gordon Bennett (, May 26, 2002.

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