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Mortgage Shortfall Second Legal Charge of Property


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]Hi everyone

 

I handed back the keys to a property in 1993 when the proceeds from the subsequent sale failed to even cover the amount owed to the first legal charge holder.

 

This company relinquished their claim to money owed in favour of the second mortgage company in 1999.

 

I have had letters from various debt collection agencies from time to time, one offering to agree a settlement but have never responded to any of them.

 

I have today had a further letter this time from Asset Recovery Ltd asking about my identity but my question is this

- I know the magic time limit is 12yrs for mortgage shortfall, but what is the situation if 2 providers have a charge on a property

- did the second company's time effectively start in 1993, or when the first company relinquished their claim in 1999?

 

I'd be very grateful if anyone has an answer to this and any advice on how I should best proceed?

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Even if it started in 1999, it has still been more than 12 years !

 

Does a 2nd charge mortgage have the same time to collect ?

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Thanks for the reply

 

having edited my question before posting, it no longer reads as it should....I no longer have the letter to show exactly when the transfer of legal charge took place, based on where I was living when I received it it was probably the end of 1999 but having thought more about it, it could have been any time up until Jun 2002.

 

If anyone can shed any light on whether or not this debt is now Statute Barred I'd be massively grateful!

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I will flag for others on the Site team :)

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Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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What I would like to establish is.. was this a 2nd mortgage proper or was it simply a loan that was secured on your property ?

 

If the 1st, then I imagine there will be no SB for 12 years (although I simply don't know if that applies to 2nd mortgages). If the 2nd, then this will be 6 years only.

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Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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I think you'll find the mortgage lending council [is it?]

deemed shortfalls outside of 6yrs cannot be chased.

 

as belt and braces get your cra file.

 

IMHO I would not be responding if at all .

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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have a read of natioal debtline fact sheet no11, mortgage shortfalls

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EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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have a read of natioal debtline fact sheet no11, mortgage shortfalls

 

 

You will find the fact sheet referred to above in the link below - thank you oldrouge :)

 

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=11_mortgage_shortfalls

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

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Many thanks for the replies

 

Updated info:

 

I have found some paperwork including a copy of the original agreement - it looks like it was a indeed a 2nd mortgage.

 

The first letter I have is from a firm of solicitors dated 1997 - even earlier than I thought, all other letters carry the same ref no so I assume the debt has not changed hands.

 

Two make reference to me having failed to keep up with agreed payments I have NEVER entered into ANY communication whatsoever.

 

The original loan was for £14 K approx, the amount they are claiming is £23K+

 

 

 

I had been intending to buy a property within the next 12 - 18 months without a mortgage, if anyone has any advice on how I might best proceed I'd love to hear views...

Edited by whatapal
Updated some information
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did you mention MIF before you edited it..

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Hi, no I didn't...

 

I edited my post because a few Google searches led me to feel I may be offering too much personal info in a public forum.....

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Hi again everyone,

 

It looks as if the bank relinquished their claim mid 1997, it was sold on in April 1998, again around 2001 and the current holder has been seeking repayment off and on since then. I have been unable to trace any details of the original 2nd charge holder, I have letters from 3 different legal/servicing companies none of which are still trading and the current "owner" of this debt is a company which appears to be a sole trader with assets approx equal to the amount I am supposed to owe!

 

If I had seriously thought this wasn't statute barred I'd have done some research before, I am amazed by what I have found - I am going to do nothing for now but should I be concerned?

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sounds like it gone right down the feeding list

to a lowlife chancer

 

IMHO you owe nowt!

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites
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