Is this statue barred?

IdaInFife · 1st March 2008, 16:24

Hi Folks,

I went bankcrupt nov 01. House was repossed.

Me and ex had a secured loan on the house at that time.

My ex mother in law received a letter at her address for my ex (hasn't lived there for over 10 years) from (i think) macdonald rankin and partners chasing the loan.

She has returned the letter NOTA.

Does this 'secured loan' become and unsecured loan when the house was repossed?

Idax

tiglet · 2nd March 2008, 15:36

Hi there.

Are you now an undischarged bankrupt? Did the OR deal with this debt?

IdaInFife · 2nd March 2008, 15:49

Hi Tiglet,

Yeah this debt went thru my trustee and i was discharged a couple of year ago. It was only me as me and my ex had seperated prior to me going bankrupt.

The letter is in my ex-husbands name so they are persuing him for the money. I am trying to find out for him on what the situation is with this.

There were more creditors and 2 chased him for payment, council tax which he has paid off and a bank loan from bos, but at the time he had no income and the bos wiped the debt ( amazing i know and he still banks with them too).

This loan was a secured loan in joint names. The last payment made to them was in 2001. I went bankrupt and this is the first my ex has had any contact from albeit he does not live at the address so his mum returned to sender as i thought it would give him some time to find out what to do if they do come across his correct address.

Idax

tiglet · 2nd March 2008, 21:37

If the OR dealt with your part of the debt, harsh as it may sound, it is your ex's problem.

I would suggest he speaks to the CIB or a debt counselling charity about his part of the debt.

IdaInFife · 4th March 2008, 18:08

Thanks Tiglet,

I know and as we are still good friends i said i would ask on her for him,

idax

tiglet · 4th March 2008, 19:06

Someone may come along with a bit more knowledge than me - all I can suggest really is that he calls a debt counselling service or the CAB.

rory32 · 5th March 2008, 06:36

I would suggest he contacts either National Debtline
FREEPHONE: 0808 808 4000
Monday to Friday 9am to 9pm
Saturday 9.30am to 1pm

or Scottish Debtline (who are part of CCCS) 0800 138 3328.

As it was a secured loan they will have 20 years to pursue it. Who applied for the initial writ and the section 24 notice? Was it the mortgage company?

IdaInFife · 18th March 2008, 21:18

Hi rory and thanks.

As it was a secured loan they will have 20 years to pursue it. Who applied for the initial writ and the section 24 notice? Was it the mortgage company?

If you mean the bankruptcy I did a self sequestraiton.

My ex had left 6 months prior to that

idax

rory32 · 18th March 2008, 21:41

Okay that clears that up. The problem with joint loans is that they can pursue either party as you are both jointly liable. Although the loan is no longer secured on anything it still legally has the status of a secured loan as far as The Prescription and Limitations Act is concerned, so it's 20 years for the capital of the loan and 5 years for any interest on the loan.

IdaInFife · 18th March 2008, 21:47

thank you very much rory,

I asked this way back last year and got a few different answers but after a little reasearch that is what I got but wanted to make sure.

I'll let him know.

Idax

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