mortgage shortfall

greenspun.com : LUSENET : Repossession : One Thread

in 1993 my property was repossed and then sold at a loss of nearly 8000 i then heard nothing until 1997 when i was chased for payment i was offered a reduced one off payment which i could not meet but agreed to a monthly standing order of 20 which i have been paying since . 2 months ago my bank told me that the debt recovery agency had cancelled the standing order and i have not had any letters from them explaining why is this because it is now 12 years since the debt occured? and can they still chase me for the balance after 12 years or did i start the 12 year period again when they cancelled my standing order?

-- simon kelsey (simon_kelsey@yahoo.com), July 12, 2004

Answers

I am afraid the 12 cycle will start from when you made your last payment by standing order.

-- Robert Norton (RNorton398@aol.com), July 13, 2004.

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