Interest Claimedgreenspun.com : LUSENET : Repossession : One Thread
I had a property Repossessed in August 1996, It was sold in April 1997. No contact from lender until April 2002 when they demanded shortfall. Correspondence has been exchanged with them up until January 2003 when they got fed up with my requests for information, they issued a court claim for the shortfall amount PLUS INTEREST in February 2003.
Are they entitled to the Interest??????????
Your Comments most welcome
-- Mathew (firstname.lastname@example.org), May 20, 2003
Yes, they are entitled to interest.
BUT they have to prove their claim. Follow the advice on this website.
-- Chris (email@example.com), May 20, 2003.
Have you got a copy of the original mortgage conditions? If not, get one from a local branch of your lender. They reserve the right to add all interest accrued on the shortfall to the capital loan? It will be very small in the print, or in lingo us mere mortals just don't understand. I assume this is what they are claiming. As far as information is concerned, have you served them with a Subject Access Rights Request? You are entitled to do this by law, it is your right to see these documents under the Data Protection Act 1998. If you need any more info., please don't hestitate to get in touch. Am having the same problem. My court hearings, (2) in total, have been adjourned by the Judge due to no information being given.
Hope this was helpful,
-- Monika Murphy (firstname.lastname@example.org), May 21, 2003.
PS- they can only claim interest if its not 6 years or older, in this case they cant sue for interest pre 1997 I would presume. Not sure if that helps your shortfall?
-- Neil (email@example.com), May 22, 2003.
Also, have a look at my last posting on "Appeal Court case - Adamson v Halifax" a short time back, re interest.
-- M Amos (firstname.lastname@example.org), May 22, 2003.