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F E Smith
F E Smith, Advocate
Category: Property Law
Satisfied Customers: 14503
Experience:  I have been practising for 30 years.
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I have been in trouble with Northern rock since 2004. I was

Customer Question

JA: Hello. How can I help?
Customer: I have been in trouble with Northern rock since 2004. I was mis sold an expensive mortgage
JA: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: i stopped paying the mortgage in 2006. the property was sold after that
JA: Where is the property located?
Customer: but nram is chasing me now after 12 years northampton
JA: Anything else you want the lawyer to know before I connect you?
Customer: i need to know whats nram position on this. I now at that time most nr mortgages were illegal
Submitted: 7 months ago.
Category: Property Law
Expert:  F E Smith replied 7 months ago.

Good morning. I will assist with your question - be aware this is an email not chat service therefore maybe delayed in replying.

what was the mortgage you think you were mis sold please?

what the property repossessed?

what are they chasing you for?

Customer: replied 7 months ago.
They want the£71000
It was an interest only mortfage
Expert:  F E Smith replied 7 months ago.

People seem to think that if the house has been repossessed, the debts die with it. That’s far from the truth.

However the Limitation Act 1980 may help you because there is a time limit for which a creditor can pursue a debtor. In respect of “normal” debts that period is 6 years.

In respect of a mortgage which comes about by deed, that period is 12 years.

The timescale runs from when the debt was last acknowledged and that means either promising to pay or making a payment.

That could be why it is now flagged up after 12 years.

If it’s been 12 years since your last payment, then you may consider ignoring this to see if they go past the 12 years and then tell them that they are out of time.

If you have not admitted that you owe any money and you haven’t made any payments in the interim, then in my opinion, the timescale would run from when you last made a payment.

Can I clarify anything else for you?

I am happy to answer any specific points arising from this.

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Thank you.

If you still need any points clarifying, I will still reply because the thread does not close.

Best wishes.