The Three Appealsgreenspun.com : LUSENET : Repossession : One Thread
Can anyone explain the implacation of the three appeals which were read on the 31 July 2002 ? As far as i know, two were refused because they included interest, which is now statute barred after 6 years and the other Paragon-V-Banks was allowed because they were only claiming principle which is a "speciality" debt and therefore can be persued for up to 12 years. Paragon applied all the income they received from the sale of the property to interest, so that they were only claiming the principle sum outstanding. - Clever eh!!
As i see it, the above now leaves the door open for all lenders to do the same, or maybe it is only NHL/Paragon who can do this due to the wording on thier contract deed ?
The appeal decision would seem to have far reaching implications for us all. I now have a county court summons to appear early in the new year, which has been pending awaiting the outcome of the appeals.
-- (email@example.com), December 02, 2002