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JBeau

10 Yrs On Lender Still Chasing Debt.

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A friend was telling me about a relative of hers. Didn't get all the details but,,he was reposessed about 10 yrs ago after the last property crash. Recently the lender have been in contact asking for payment on an outstanding £20 K mortgage. Is this possible after all this time? Anyone having difficulty having overstretched themselves with a large mortgage take note......the lender has come back for its money. :o

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I think Mortgage debt can be pursued for longer than 6 years... Is it 12?

I remember seeing a lot of newspaper articles around 2000 about people suddenly being contacted for previous negative equity defaults from 89/ 90...

Does anyone else have more details? The only reason I remember this is that I saw some old school friend being interviewed on breakfast TV who had just started being chased for a £15K debt after hearing nothing for yonks...

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at the time i bought i had to take out a MIG (mortgage indemnity guarantee) - sold to me as mortgage protection, it actually protected the lender which would receive payment if i was repossed (the house that is) and not sold for a great enough cost to recover the loan - now you would think that would be it, but apparently, despite this, the guarantor could actually come after you which seemed to defeat the point of having taken out what was effectively an expensive insurance policy

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WWW.HOME-REPO.ORG

Sadly, a lot of info was not updated recently on that site. Couldn't see if the deadline period was 6 or 12 years for chasing mortgage debt.

The dialogue the site had with the CIFAS (Credit Industry Fraud Avoidance System) was interesting

http://www.home-repo.org/blacklis/cifas.htm

Edited by Saving For a Space Ship

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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