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Good luck claiming your bank charges. We strongly suggest that you register under a UserID and not your own name |  | 
4th June 2008, 15:10
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#1 (permalink)
| | Classic Account Customer |  CML Code of Conduct and the 6 year rule for mortgage shortfalls
As we all know the lenders are flouting their signature to the CML code of conduct by contacting people after the 6 years and asking for the shortfall back....Anyone have any thoughts on the defence of Estoppel by Representation of Fact...
Estoppel by representation of fact
Estoppel by representation of fact is a term coined by Spencer Bower. This species of estoppel is also referred to as "common law estoppel by representation" in Halsbury's Laws of England, vol 16(2), 2003 reissue.
In The Law relating to Estoppel by Representation, 4th edition, 2004 at para I.2.2, Spencer Bower defines estoppel by representation of fact as follows:
where one person (‘the representor’) has made a representation of fact to another person (‘the representee’) in words or by acts or conduct, or (being under a duty to the representee to speak or act) by silence or inaction, with the intention (actual or presumptive) and with the result of inducing the representee on the faith of such representation to alter his position to his detriment, the representor, in any litigation which may afterwards take place between him and the representee, is estopped, as against the representee, from making, or attempting to establish by evidence, any averment substantially at variance with his former representation, if the representee at the proper time, and in proper manner, objects thereto.
or alternatively - promissory estoppel:
Promissory estoppel requires (1) an unequivocal promise by words or conduct, (2) a change in position of the promisee as a result of the promise (not necessarily to their detriment), (3) inequity if the promisor was to go back on the promise.
I'd be interested in people's views.
Jody
__________________
Jody123
Please note I have no legal training - the information I have has been gleaned from too many hours on this site!  | 
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8th June 2008, 15:44
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#5 (permalink)
| | Platinum Account Customer | Re: CML Code of Conduct and the 6 year rule for mortgage shortfalls
Quote:
Originally Posted by jody123  ...What I don't understand is why they don't go for a monetary judgement as soon as they know there is a shortfall... | That's not hard to work out...think about it... If the Creditor has just had their home repossessed cos of their failure to pay their Mortgage Arrears of ££x's, they are hardly going to be in a financial position to be able to repay ££y's straight away are they?? ...Especially when ££y's can be far more than ££x's. A simple analogy would be... If a honest householder was burgled + all their valuables were stolen, what profit would there be to the burglar if he/she returned the VERY next day to steal the honest householders replacement valuables?? It would make more sense for the burglar to wait a while wouldn't it?? ...The longer the burglar waited, the MORE chance that the honest householder would have had of replacing EVERYTHING back to the honest householder's original status etc...  Quote:
Originally Posted by jody123 ...with no statute of limitation of obtaining payment then there is no reason why the banks/bs shouldn't apply for the judgement... | Yes, EVERY reason, from their point of view (...see above). They legally have 12 years to be able to start a Claim...unfortunately...: cry: Limitation Act 1980 - Sect 20 Quote:
Originally Posted by jody123 ...unless of course the shortfall is made up of underselling/illegal charges etc... | Don't forget that a hefty M.I.G. sum of monies could ALSO have been paid out to the Mortgage Lender... ... | |
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