My endless Quest again Northern Rock

[caro]

Can you provide some context for your question please.

[emanevs]

A mortgage is security for a loan.

If there is no security for a loan, and no mortgage contract - what is it?

Does it become a simple contract for a debt? and statute barred after 6 years.

[citizenB]

I think you have answered your own question. If there is no security, it is an unsecured loan - therefore a simple contract and would be statute barred after 6 years.

 

I would think the only exclusion to this would be where a loan was originally a secured loan - the asset for security was then repossessed and there was a shortfall. I suspect the shortfall could still be pursued for 12 years.

Edited October 12, 2014 by citizenB
correction

[Dot1]

CitizenB,

Does it mean if a loan is secured on a property and paid off. Can one still claim charges after 6 years from the time it was paid but less than 12 years or does it become SB? Apologies for hijacking the thread.

Thanks Dot

 

 

I think you have answered your own question. If there is no security, it is an unsecured loan - therefore a simple contract and would be statute barred after 12 years.

 

I would think the only exclusion to this would be where a loan was originally a secured loan - the asset for security was then repossessed and there was a shortfall. I suspect the shortfall could still be pursued for 12 years.

[emanevs]

I think you have answered your own question. If there is no security, it is an unsecured loan - therefore a simple contract and would be statute barred after 6 years.

 

I would think the only exclusion to this would be where a loan was originally a secured loan - the asset for security was then repossessed and there was a shortfall. I suspect the shortfall could still be pursued for 12 years.

 

A simple contract is statute barred after 6 years:

5 Time limit for actions founded on simple contract.

 

An action founded on simple contract shall not be brought after the expiration of six years from the date on which the cause of action accrued.

 

A loan cannot be a secured loan, if never secured.

Edited October 12, 2014 by citizenB
correction

[citizenB]

My apologies.. I put SB after 12 years.. that was meant to be 6.. I will amend..

[citizenB]

CitizenB,

Does it mean if a loan is secured on a property and paid off. Can one still claim charges after 6 years from the time it was paid but less than 12 years or does it become SB? Apologies for hijacking the thread.

Thanks Dot

 

It is my understanding that any penalty charges can be reclaimed 6 years after the point at which you became aware they were not permitted. I will have to ask one of the other site team members to confirm that for you.

[Dot1]

OK Thanks.

It is my understanding that any penalty charges can be reclaimed 6 years after the point at which you became aware they were not permitted. I will have to ask one of the other site team members to confirm that for you.

[citizenB]

Dot, apparently my answer is correct

[Dot1]

Many thanks for that.

Dot, apparently my answer is correct

[emanevs]

Anyone know where I can view this online?

 

many thanks

[BRIGADIER2JCS]

Anyone know where I can view this online?

 

many thanks

Google Sweet & Maxwell you will find it on that site I think.

[emanevs]

cant view it there sorry

[BRIGADIER2JCS]

cant view it there sorry

 

 

I believe you will have to purchase the 8th Edition.

[rdm2006]

I thought that as a mortgage has a limitation period of 12 years (not 6) then you have the same 12 years to reclaim excess fees

[rdm2006]

an offer is just that "an Offer" you do not have to take up that offer and that offer usually lasts a month or two, however, if you did take up that offer then it is from when the offer is "drawn down" ie completed by both parties.

 

or at least that is what it used to be.

 

If you understand any of that can you explain it to me please ha ha

[Ell-enn]

I thought that as a mortgage has a limitation period of 12 years (not 6) then you have the same 12 years to reclaim excess fees

 

Yep, they can pursue you for 12 years so it works both ways

[emanevs]

an offer forms part of the mortgage contract once signed.

[rdm2006]

A mortgage is security for a loan. a mortgage is a loan to purchase property and the property is the security

If there is no security for a loan, and no mortgage contract - what is it?

Does it become a simple contract for a debt? and statute barred after 6 years.

 

 

If you took out a mortgage on a property which has subsequently been sold (for what ever reason, repossession for example) and the sale has not satisfied the mortgage debt the remaining balance is a mortgage shortfall and has 12 years before being SB, however, if your lender is a member of the mortgage council then they will not begin actions after 6 years.

[emanevs]

Hi,

 

Notwithstanding, an IVA, Bankruptcy and 8 years a company is still reporting to credit reference agencies that I owe them money.

 

The CRA will not remove the information, and the ICO are a waste of time.

 

What can I do to sort this out???

 

Angry is not the word........they are ruining my life.

[dx100uk]

was the debt part of the iva and/or BK

 

 

and is it defaulted?

 

 

dx

[emanevs]

yes, all part of IVA and BR.

 

BR was in 2007, over 7 years ago.

[dx100uk]

have you got proof

if so it should be removed forthwith.

 

 

assuming ofcourse each did not fail?

 

 

dx

[emanevs]

yes i know it should, and yes i have the proof of IVA and BR.

 

How do I sort this?

[dx100uk]

sent the creditor a copy and demand they remove it