Redemptiongreenspun.com : LUSENET : Repossession : One Thread
WHEN NORTHERN ROCK STARTED CHASING ME FOR A SHORTFALL OF £18000 THEY SENT ME STATEMENT OF ACCOUNT WHICH SAID AT THE BOTTOM AMOUNT OWED AT REDEMPTION. MY QUESTION IS I THOUGHT REDEMPTION MEANT LOAN IS REPAYED IN FULL OR HAVE I MISSUNDERSTOOD THE TERMINOLOGY. CAN ANYBODY CLARIFY THIS?
-- Gary Ausley (email@example.com), August 15, 2002
I suspect it merely means the point at which the mortgage or mortgage account was closed.
-- Gordon Bennet (firstname.lastname@example.org), August 15, 2002.
If redemption meant the closure of an account then then it must also mean the account was redeemed (payed back) So if they say you owe at redemption then it does not make sense.
-- gary Ausley (email@example.com), August 19, 2002.