secured loans

greenspun.com : LUSENET : Repossession : One Thread

can anyone tell me please do the 6 and 12 year limitation periods apply to secured loans.Property was repossessed in 1995,(small loan of 2000.00 under consumer credit act, in arrears, caused the repo to occur).no payments or acknowledgements for 9 years (because of negative equity there was a shortfall). could lender contact us and legally be entitled to interest since 1995 on the shortfall.Am I correct in thinking that demands for legal costs would be statute barred now,because more than 6 years have passed? Has anyone else been repossessed in similar circumstances,if so what did you do about the shortfall?

-- feeling sick (hanselsoreeyes@aol.com), November 10, 2003

Moderation questions? read the FAQ