house repossessiongreenspun.com : LUSENET : Repossession : One Thread
In 1990 my wife received an overdraft of #20.000 for business use.later that year she was put into bankruptcy.This laon was secured on our jointly owned dwelling.In 1993 I followed also into bankruptcy. All our financial dealings were put into the hands of receivers.Over the course of both bankrupcys we serviced our outstanding indebtness to the lenders,whom also are the mortgage lenders.In 1995 we are requested the lenders an update on all our account confirming total monies owed.This was received in writing.On the basis of this letter,we serviced the account with an agreed sum each month.In 1998 the official receivers passed back the property to our names,as there was no equity.In the same month the lenders sent my wife a demand for the sum of #51.489.38.in regard to the overdraft back in 1990.The lenders are now taking possession action for the debt. We contend that as the lender has never sent a formal demand,notifications or any corrospondance whatsoever in those 9 years (and we have demanded that thay send copies,but cannot do)we have a defence in relation to neglegence,and a the lenders had a duty of care.My wife agrees to the original capital but not to the excess interest on that sum,where the account had been mis-placed for 9 years.Does not the lender have a duty of care.Can anyone give their opinion of this?.The lenders made no claim to this amount to the trustees as thay were secured.Has my wife any claim.
-- david ives (temple8861@AOL.Com), June 17, 1999
I'll be interested in the outcome of this. It's a common type of complaint but one rearely sees the eventual outcome.
-- Lee (email@example.com), June 25, 1999.