Jump to content


House Repossesse should we have a default notice


Recommended Posts

Hi

 

Our home was repossessed in September 2014.  

On our credit file it says Default Date 10th September 2014.  

Should we have been sent a Default Notice?

 

I did SAR the mortgage company and I felt the price they accepted for the property was low.

 The SAR indicates that they only had 1 estate agent value the property.

 

 Also the SAR shows no Default Notice was ever issued.  

They wrote to us after the house sold with the final balance and their intention to chase the balance.

 I know they can chase for 12 years but we’ve not heard from them since 2015.

 

Many Thanks

Link to post
Share on other sites

it's not 100% true they can chase for 12yrs on a  shortfall after repo.

 

 

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... 

 

 

Link to post
Share on other sites

If you have a secured loan or second mortgage that is covered by the Consumer Credit Act 1974 , your lender must send you a default notice before they can start the standard repossession procedures. This page explains what to do if you are sent a default notice.

Is my loan covered by the Consumer Credit Act 1974?

If your secured loan or second mortgage is covered by the Consumer Credit Act 1974, it should state at the top of the loan agreement, 'Consumer Credit Agreement regulated by the Consumer Credit Act 1974'. Your loan will probably be covered if:

  • you took the loan out after 6 April 2008, or
  • you took the loan out after 1 May 1998 and before 6 April 2008 and your loan is for no more than £25,000, or
  • you took the loan out before 1 May 1998 and your loan is for no more than £15,000.

https://scotland.shelter.org.uk/get_advice/advice_topics/repossession_of_your_home/arrears_on_secured_loans_and_second_mortgages/getting_a_default_notice

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

Link to post
Share on other sites

dx100uk

 

i thought it was 6 years for the interest and 12 years for the capital.

 

Andyorch

 

Due to our situation we advised the mortgage company we were moving out to rented accommodation.  We gave them our forwarding address.  As we needed to apply for housing benefits we couldn’t until the house was repossessed.  I rang the mortgage company who advised they’d repossess straight away.  I’m pretty sure we moved out of the mortgaged property on the 31st August 2014 and the property repossessed 10 days later and the default notice was recorded on the 10th September according to our credit file.

 

We also had a secured load on the property which was for £25,000 started on 7th Jan 2007.  That fell off our credit file a while ago.  I receive yearly letters

Link to post
Share on other sites

Your main mortgage would not be covered by the CCA1974 as it would be over the 25K threshold....only secured loans up to this amount  which are regulated by the CCA 1974 would require a DN.

 

Interest is 6 years and capital 12 years.

 

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

Link to post
Share on other sites

So there is no requirement to issue a default notice for the mortgage.

 

Im unsure of one issued for the loan as it fell off the credit file a while ago.  So the mortgage company can chase the £50,000 shortfall for another 6 years and the same with the secured loan which was for £25,000

Link to post
Share on other sites

https://www.financial-ombudsman.org.uk/businesses/complaints-deal/mortgages/mortgage-shortfall

 

Mortgage capital is the money you originally borrowed. For this part of a mortgage shortfall debt, the lender has 12 years to use court action to make you pay. This is under section 20 (1) of the Limitation Act.

 

If you owe interest

Mortgage interest is the interest you were charged to borrow the money. Your lender may also charge interest after your home is sold. For this part of a mortgage shortfall debt, the lender has six years to use court action to make you pay. This is under section 20 (5) of the Limitation Act

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

Link to post
Share on other sites

don't poke the sleeping bear then!

 

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... 

 

 

Link to post
Share on other sites
  • 1 month later...

yesterday I had a notification from Clearscore that my mortgage was to be removed from my file as it’s been 6 years since it defaulted.  

 

I then get a notification today that it will be re added.  

Now I know they have 12 years to chase the capital but can it stay on my credit report for 12 years?

Link to post
Share on other sites

A default...for any debt only shows for 6 years.....the details of your Mortgage borrowings should remain for the term of the mortgage providing your payments are up to date.

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

Link to post
Share on other sites

So if the house was repossessed and no payments have been made since July 2014 (default date on credit report is 10th September 2014) it will always show on my report as defaulted for the term of the mortgage.

Link to post
Share on other sites

No it will show the details of the mortgage....not the default....that can only show for 6 years.

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

Link to post
Share on other sites

once a defaulted date reaches it's 6th birthday the whole account will vanish

that doesn't necessarily mean the associated debt is not still owed mind..

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... 

 

 

Link to post
Share on other sites

And if an account is closed that was in good standing it can show for up to 10 years

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

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...