jobless Report post Posted September 25, 2005 I want to know under what circumstances our lenders can call in debts. Usually this is where there are chronic repayment defaults or bankruptsy. What I really want to know is whether they are allowed to call in a debt from a debtor who has never missed any mortgage repayments ? A possible scenario being if a bank gets into difficulties. If this is the case, then I would be rather wary of taking out a mortgage in the future given the problems we face. Quote Share this post Link to post Share on other sites
Saving For a Space Ship Report post Posted September 25, 2005 I want to know under what circumstances our lenders can call in debts.Usually this is where there are chronic repayment defaults or bankruptsy. What I really want to know is whether they are allowed to call in a debt from a debtor who has never missed any mortgage repayments ? A possible scenario being if a bank gets into difficulties. If this is the case, then I would be rather wary of taking out a mortgage in the future given the problems we face. I cannot answer your specific question re: Banks going down, but off the top of my head, I would have thought it depends on the contract you have signed with the bank. I would have thought that if you keep paying you repayments, you are keeping to your side of the contract & the bank cannot do anything. No doubt some othe hpc member will have an answer. Theres a thread here with a lot of links on debt advice generally http://www.housepricecrash.co.uk/forum/ind...?showtopic=7454 Quote Share this post Link to post Share on other sites
jobless Report post Posted September 25, 2005 I cannot answer your specific question re: Banks going down, but off the top of my head, I would have thought it depends on the contract you have signed with the bank. I would have thought that if you keep paying you repayments, you are keeping to your side of the contract & the bank cannot do anything. No doubt some othe hpc member will have an answer. Theres a thread here with a lot of links on debt advice generally http://www.housepricecrash.co.uk/forum/ind...?showtopic=7454 thanks for that. i will have a look through. to clarify my position, i am not an OO at the mo. i am scared of buying into the market at a later date if i run the risk of having my mortgage debt called in by a struggling lender regardless of my repayment record. Quote Share this post Link to post Share on other sites
