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Response to 6 Year Rule HELP!!!!

from Guy (guy@skipwith107.freeserve.co.uk)
Hi there

If by the 6 year ruke you mean the CML agreement, the 6 years starts from the date of sale of the property.

Under the Limitation Act (12 years fpr principal and 6 yeras for interest) the starts to run from the furst default that allowed the lender to demand repayment of the whole mortgage debt 0 need to look at terms of the mortgage - will usually be after 2 or 3 missed payment.

However, any signed, written acknowledgment of the debt or part payment towards it restarts time running afresh

Hope this is the info you needed.

All thge best

Guy

(posted 7862 days ago)

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