OLD CCJ and Shortfall mortgage

[Danielle]

Good Morning All,

I am not legally savvy, but here goes:-

1. I had 2 CCJ in 2013 for credit card and personal guarantee for company as director. These have fallen off CRA. Natwest repossessed the company freehold business and sold very cheap in 2014 (compared to their valuation of 2007.)

2. Due to business collapse my house got repossessed in 2015 by Mortgage Express with a shortfall of 50k

3. I had no fixed abode, but I did update my DVLA drivers licence in 2015 with current address

As I lost business and subsequently my income was gone and I then lost the house and have been lucky to have family at current address take me in on ad hoc basis.


Q1. I have not received any letters or enforcement action from CCJs since 2012 (and I have not corresponded with them since). Does this mean they cannot take enforcement action in future?

Q2. I have not received nor made any correspondence with The Mortgage company since Jan 2015. Can they still pursue me or are they out of time?

Thanks

[The Tech Clerk]

Time limits for action to recover debts


Action to recover mortgage debt is governed by the Limitation Act 1980, which sets time limits for the issue of court proceedings. An action to recover the mortgage principal (the actual amount borrowed) should be started within 12 years of the date the debt accrued.[6] That date will be determined by the mortgage deed. It will often be provided in the deed that the mortgage money is deemed to become due shortly after one default in payment.

Proceedings must be issued within 12 years (the limitation period). Lenders cannot argue that the limitation period starts with the date when they regain possession of the borrower's home or when there is a formal demand for payment.[7]

A claim to recover interest charges and any other costs the lender may have should be issued within six years of the date that the right of action arose.[8]

It is very common for borrowers not to be contacted in relation to recovery of any mortgage shortfall debt for many years. The FCA regulations state that a borrower must be informed of the decision to recover any shortfall within six years of the date of the sale of the repossessed property.[9]

[Danielle]

Hi TTC,

Thank you for your reply in relation to the Mortgage Shortfall.

I forgot to mention I did take out a Mortgage indemnity guarantee insurance policy at the beginning of the Mortgage in 2006.

Based on what you have written I am confused with point 9.
Does this mean I won't be pursued as I have not received any correspondence for over 6 years and I have not paid anything since end of 2015.?

Kind Regards,

Danielle

[The Tech Clerk]

Roger might be able to answer

[The Tech Clerk]

Colin G Quinn maybe be able clarify