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Response to Advice Plese Re B&B

from fairer financial world (fairerfinancialworld@hotmail.com)
Lee is right.

First off though remember the CML agreement - Council of mortgage lenders

The time limits you state could make the following applicable Bradford and Bingley are a member of the CML - do your dates roughly follow this statement?

"the CML also announced today that its members have agreed to a change of policy in recovering debts from former mortgage borrowers. While the law allows lenders 12 years to begin recovery procedures, in future lenders have agreed voluntarily that they will begin all recovery action within the first six years after the sale of a property in possession.

The change takes effect from 11 February 2000, and means that anyone whose property was taken into possession and sold more than six years ago, and who has not been contacted by their lender for recovery of any outstanding debt by that date (i.e did Hammond send first letter later than the 6 years date), will not then be asked to pay the shortfall. The new time limit applies only to new cases, and does not affect anyone with existing shortfall debt repayment arrangements or where the lender has already begun recovery procedures."

Sarn both the lender whilst ignoring Drydons standard threat letters (only important ones are from a court and if you do as this site suggests their client will look incompetent and unfair if they proceed to court without supplying you with all the Docs to prove their claim, which they will undoubtedly fail in as 11 years means a lot of storage costs and legally they are only required to hold data for 6 years).

- check B&B SARN for confirmation of the sale date and first attempts at recover (should be listed in either collection log data sheet(s) or copy letters from the lender or their collector)

Dont fill in one of their own proprietry forms for the SARN if they say they can't find you - it may possibly (not likely but not impossible) be used to acknowledge the debt if they ask for further info send them one of their collectors debt letters.

Incidentally Drydens took over from Hammond Suddard Edge earlier this year and what legal talent they had (debatable) has now gone - these guys are - in my opinion - ignorant, abusive, greedy and are not legally compliant.

WARNING - if you have any assetts that are searchable on the land registry i.e. a mortgage or have a decent credit rating watch out for possible nasty tricks with Statutory Demands. - most stat demands will be thrown out if you dispute the debt (within 14 days!) enclosing copies of your document request letters in defence and the lender hasnt a Court Judgement for the shortfall.

Good luck

(posted 7569 days ago)

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