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Not sure if anyone can I help. I lost my business a few years back and had to declare myself bankrupt but 2 months before doing this Northern Rock managed to get a restriction order on my property for an unsecured loan with a value of £19k.

 

They sold this debt onto Link Financial Services a year later. In the 5 years since the restriction has been placed I have only been sent a letter twice from Link regarding the unsecured loan and I approached them to see if we could get the restriction lifted if we made a reasonable offer to clear the restriction.

 

They wanted 90% of the debt to clear the restriction. I have since found out that the restriction order is still in the name of Northern Rock and my credit expert file states that this debt is now settled with Northern Rock, I do not have anything on my credit file for Link Financial relating to this debt. Land Registry will not lift restriction without Northern Rock sending them a RX3 form. I contacted Northern Rock and they confirm that the debt is settled with them and if I need to lift the restriction call a number which happens to be for Link.

 

1. Should the restriction order now legally be in Links name?

2. How long can they have a restriction order on a property without making efforts to recover the debt

3. When I come to sell, do I just inform Northern Rock of the sale as it is there name on the restriction and not Links

 

Any advice would be great as they way I read it is as long as I inform Northern Rock of any impending sale then Link will not be notified and by the time they find out the sale may have already gone through. As this is an unsecured loan do they have any other course of action.

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Hi Barnesy71 and a warm welcome to CAG.

 

I would assume that the judgment has not been transferred to Link as the debt owner with the courts, have you continued to make payments to Link?

Is the judgment showing under the register :- http://www.trustonline.org.uk/ ?

 

Regards

 

Andy

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Under what creditors name?

 

Andy

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Very strange that the debt has not been transferred to links name, did you ever make any payment to NR?

 

Regards

 

Andy

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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  • 2 weeks later...

So what?

 

 

1. Should the restriction order now legally be in Links name? Should be

2. How long can they have a restriction order on a property without making efforts to recover the debt Indefinitely until the money is recovered

3. When I come to sell, do I just inform Northern Rock of the sale as it is there name on the restriction and not Links Yes

 

Regards

 

Andy

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group The National Consumer Service

 

If you want advice on your thread please PM me a link to your thread

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