Our house was repossessed in 2009 and sold at auction to recover the outstanding mortgage balance.
The sale left a shortfall of £25K+ which the lender came after me for,
and being in our late-60s with no savings, assets or investments following a business collapse
this is being repaid at £5 per month from Pension Credit sole-income.
At this rate it would take over 400 years to settle.
I have twice formally requested that this be written off,
as it is clear that there is now no expectation in retirement of there being a substantial income
or a radical change of circumstance that would make settlement a possibility.
My first approach 4 years ago was made direct to the lender,
and shortly afterward a response came from the DCA advising that their client was not willing to do so.
A follow-up request restating the realities and requesting reconsideration was never replied to.
My second approach 2 years ago, and two subsequent chases, have never been replied to.
I believe that the mortgage lender’s code of conduct has something to say in such a regard,
particularly that a lender should not, or may not, pursue recovery of a mortgage shortfall debt
where it is clear that recovery is impractical or unachievable.
Is there a mortgage-debt expert on CAG who can confirm or deny this?
I intend to request a write-off again, and want to leave zero wiggle-room
because clearly 400 years is idiotically silly to enforce at age 68 or indeed any age!
Any clarification will be greatly appreciated,
thanks!