Repo 15+ yrs ago...advice needed please

[4thnametried]

Hi all,

 

I'll try to keep this as short as I can to avoid boring you all!!!

 

As mentioned in the title my home was repossessed in December 1998 following my splitting with my first wife and losing my job.

The bank wrote to me in March 1999 saying there had been a shortfall of £15k.

 

I was consulting a solicitor at the time about divorce and she wrote to the bank querying the shortfall

( house had been valued at £20k more than they sold it for 18 months previous)

and advising that as I was now a Single Parent family,

it was unlikely that I would be able to pay much more than a token gesture for a number of years.

 

She also wrote to two banks with whom I had unsecured loans and explained the same.

She also cheekily suggested that wouldn't it be better if they just wrote the debt off due to Admin costs etc.

I have heard nothing since

 

In the early years I moved house three times and admittedly failed to tell any of those who I owed.

 

I have now lived at my current address for over 10 years with my 2nd wife

although I am not registered on the Electoral Roll and haven't been for as long as I can remember.

I have also not had a Bank Account since and my wages have been paid into my wife's account for the past 11 years.

 

My life now is a complete contrast to previously.

I'm going to register on the ER and we're opening my wife's bank account into a Joint Account.

Tbh, I'd make arrangements to pay back the debts but

 

the bitterness over my exwife getting away with it and the fact the house was sold far too quickly to a 'developer'

for WAY below market value just makes my blood boil.

 

My wife and I would like to buy the Housing Association house we have been living in

and although we would have a decent deposit I don't want my past wrecking what we currently have.

 

I realise it would be very unrealistic to think the banks involved simply wrote off the debts at the time

but i don't even know about Court Orders etc for the unsecured loans and obviously details of any would have disappeared of my Credit File anyway.

 

What are the chances of these debts rearing back up?

 

Do I have to declare the repossession when applying for a mortgage?

 

Would banks still hold details that I had loans and a mortgage I never paid back?

 

Sorry for waffling but hopefully some of you folks can give me the advice I need.

 

Thanks in advance.

Edited October 1, 2014 by citizenB
formatting for easier reading

[4thnametried]

Sorry, I tried to split this into paragraphs but can't. Hope you can bear with it!!!

[citizenB]

It is my understanding that they cannot pursue you for any monies to do with the mortgage/shortfall after 12 years.

 

I will ask others on the team if they have any other information/advice.

[dx100uk]

under MLC guidelines its 6yrs.

 

 

as long as they have not continually tried to contact you

[the original creditors that is]

 

 

dx

[dx100uk]

having read the post properly now

 

 

you have no issues there at all.

 

 

go get on with your new life

 

 

PS I suspect you are already shown at your address

on your credit file years ago.

 

 

go get it and see

noddle below is free

 

 

dx

[citizenB]

http://www.consumeractiongroup.co.uk/forum/showthread.php?387506-Mortgage-shortfalls-Lender-should-not-pursue-under-CML-policy

 

Here you go... in the template letter above - it contains the statement..

 

“Lenders are committed to fair and sympathetic treatment of people who have suffered repossession, and accept that individuals should not face long delays before lenders contact them to discuss repayment of the shortfall”.

 

“From 11th February 2000 lenders who are members of The Council of Mortgage Lenders have agreed voluntarily that they will begin all recovery action for the shortfall within the first six years following the sale of a property in repossession. Anyone whose property was taken into possession and sold more than 6 years ago, and who has not been contacted by their lender about recovering any outstanding debt will not now be asked to pay the shortfall”.

 

[dx100uk]

thanks CB

 

 

dx

[citizenB]

[4thnametried]

Thanks for all your excellent advice folks...very much appreciated.

 

I was worried that they may be able to take me back to court to reinstate any CCJ's etc claiming that since I haven't been on the ER they haven't been able to trace me. I've worked, paid taxes , council tax rent etc since this all happened so surely they should have contacted me by now?

 

Once again, thanks for taking the time to reply