has anyone else heard of this agreement please?greenspun.com : LUSENET : Repossession : One Thread
I was recently told when consulting a well known Advice Centre that provided a house owner was paying at least the interest portion of their mortgage every month, then the "big" Building Societies and Banks would not start repossession proceedings as they had some kind of written agreement with some organisation to this effect. On seeking confirmation of this today, nobody else had heard of it, including our lenders. Does anyone out there have any knowledge of this? I would be very grateful.
-- (firstname.lastname@example.org), February 07, 2001
I have never heard of this but feel that there is some kind of voluntary agreement in place. A visit to the council of mortgage lenders web site should be the place to go. I think it is www.cml.co.uk.
-- Matt (email@example.com), February 08, 2001.
The CML's Handling of Arrears and Possessions (CML statement of practice) is actually in the FAQs and links section NOT the Mortagage Code section. Take note that it is only a statement of practice not a 'code'. Watch out as well for their use of very 'flexible' words such as "should", "usually", "may" etc. within the statemment of practice.
-- Tony Hayter (Tony@Hayter.com), February 08, 2001.
Please see Bryan Turner's response (a few threads above this one) to 'Where do we stand - legal advice please'. I know you'll already have seen this, Sue, but it might help someone else looking at this thread.
-- Eleanor Scott (firstname.lastname@example.org), February 11, 2001.