Home reposessed in 1994 - still being chased for negative equity

[submariner]

In 1994, three days before I went into Frenchay Hospital for neurosurgery, bailiffs acting on behalf of the Bradford & Bingley ( Leamington Spa Building Society), reposessed my home and evicted myself, wife and three young children. Our house was boarded up and the locks changed. It went for auction and was sold for just £105,000. A 4-bedroom farmhouse in half an acre, it was in good repair but had been left to deteriorate, by the B&B, for almost 2 years. The last valuation we had on the property was £320,000, and that was three months before we were reposessed. The demands for repayment of negative equity of £125,000 started almost immediately and have continued for 17 years, the latest being from Clarity. I have refused to pay anything, stating that the B&B failed in their 'duty of care' in securing a proper price for my home. Six different debt collectors have tried harrassment, threats etc, and one even masqueraded as a publisher, telling me he had an offer on a book he had heard I was writing! He pestered me with calls from an unoccupied office in London EC3. He was acting on behalf of a 'client' and I tracked the calls, via friend in the city. Over the years I received several 'settlement offers' - the first at £20,000 and the latest, this week, from Clarity, offering me a settlement at £94,000. I am 68, partially disabled but not claiming any benefits, living off my state pension and £297 per month private pension - the rest of my money having been 'lost' in the Equitable Life debacle. My modest capital has all gone, paying rent these last 17 years.

[silverfox1961]

Hi and welcome to CAG. Sorry your post was missed.

 

Now, others will hopefully give you some advice but I was under the impression that mortgage shortfalls had a statute of limitation period of 12 years. If that is the case, then you can tell them to go forth.

 

Hold off doing anything for now until there is some confirmation

[Ell-enn]

Hi there, have you at any time acknowledged in writing that you owe this shortfall ?

 

If none of those chasing the money over the last 5 years have tried to take you to court then it's plain that they all know it's stature barred. While they can't enforce the debt if it's statute barred, they can still contact you to see if you're daft enough to pay up.

[newstarter]

12 years for the outstanding balance and six years for intrest added,after these dates the debt is stat barred as long as the o.p has not admitted the debt or made any payments within that 6 or 12 year period.If that is the case you do not need to pay a penny

[Ell-enn]

12 years for the outstanding balance and six years for intrest added,after these dates the debt is stat barred as long as the o.p has not admitted the debt or made any payments within that 6 or 12 year period.If that is the case you do not need to pay a penny

 

Only for properties repossessed after 11 February 2000

 

Give National Debtline a ring - they are fantastic at dealing with mortgage shortfalls 0808 808 4000