contacted after 8 years : LUSENET : Repossession : One Thread

My house was repossessed in 1994. I had initial contact from the Halifax stating that their "present condition valuation" was 30% less than I had paid for it 6 months previous in a rising market. I threatened legal action and heard nothing until March 2002. It was a demand for a payment proposal from a debt collection agency. I contacted a debt advice agency and they corresponded on my behalf. They offered a settlement figure and submitted a income and expenditure statement. I have now received a letter from their solicitor demanding full payment within 7 days.

I have no spare cash and my income bearly covers my outgoings. However, 4 years ago I bought a house with my partner (now wife), which does have some equity although my income is insufficient to borrow any more.

How do I stop further action from the Halifax or how do I come up with a final settlement. The Halifax is looking for 129k. Please help!

-- neil hill (, October 15, 2002


You mention inital contact when was that?They have 6 years to contact you.If this first letter was infomation letter giving you the market information then this does constitute a demand for money! Hwever make sure of the date they sold the house then add the 6 years and then ask if they are whithin the time limit.I have been fighting these sort of demands for 8 years gone quiet 10 months now. Look at the advice on the siteDid they have an MJO? Ask for strict proof of the debt. Are they adding on interest to this alleged debt Dont panic they want you to panic!

-- Keith Norton (, October 15, 2002.

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