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Response to Debt collection and legal action

from Eleanor Scott (eleanor.scott@btinternet.com)
Indeed, don't make the mistake (in my humble opinion) of thinking that the CML's voluntary code supercedes the Limitation Act. The CML code is a useless piece of voluntary tat, whereas the Limitation Act is *law* and has yet to be tested in the Court of Appeal. There is even a suspicion that the CML adopted its voluntary code last year as a cynical piece of 'spin' designed to divert attention from the very real possibility that a lender might lose on the 6/12 issue in the Court of Appeal, especially with regard to some older (pre-1993) mortgage deeds.

It is probably significant, therefore, that Abbey National backed off against the Holmans (see under Repossession, this site); this was a lender's Big Chance to prove in the Court of Appeal that it did have the right to pursue alleged shortfall debts for 12 years.

(posted 8402 days ago)

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