Response to how long have they got?

When the lender has obtained a money judgment order then their is no time limit for the recovery of the debt (i.e Twelve years).Lenders usually treat shortfalls as capital debt so they can chase you for twelve years, however it has been argued that when the property is sold any monies owed, whether Capital or Interest, it becomes an unsecured debt and should therefore be subject to the six year ruling. Whether the twelve or six year applies the time limit runs from: The date the money was first owed, the last time any payment was made however small, this starts the time limit off all over again,and the last time the debt was acknowledged by the client but this must be in writing and signed by either the client or his agent,ie solicitor acting on your behalf or CAB etc

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