statute barred

[undine]

Question If an Ancient Mortgage Shortfall caused by repossession is sold on to DCA Debt Purchaser, and the original creditor ie; the Mortgage Company was a member of the CMA who agreed not to chase down Shortfalls after 6 years will this agreement apply,to the debt purchaser,after all he purchased the debt with all the agreements attatched????

Any ideas please

[nemesis45]

Re: statute barred

Question If an Ancient Mortgage Shortfall caused by repossession is sold on to DCA Debt Purchaser, and the original creditor ie; the Mortgage Company was a member of the CMA who agreed not to chase down Shortfalls after 6 years will this agreement apply,to the debt purchaser,after all he purchased the debt with all the agreements attatched????

Any ideas please

Good morning,

There has been much discussion on this over the years, mixed opinions for and against a debt purchaser " inheriting" a CMA's member's undertaking. My feeling is yes the purchaser should keep to the promise of not chasing shortfalls.
Others may have different opinion!

nem

[undine]

Re: statute barred

Thank you for the reply, I will certainly use this as a reply to the current debt owners

thanks

[Diana M]

Re: statute barred

I will certainly use this as a reply to the current debt owners

Is this hypothetical question in relation to your other thread about a debt (mortgage shortfall) purchased by Arrow Global being chased by Shoosmiths solicitors?

If so then I think you need to look at all the issues before you write to Shoosmiths solicitors unless you've received a Letter Before Claim from them (have you?).

How long ago was the property repossessed?

Was it a voluntary repossession (where you hand back the keys)? If so did you sign anything at the time stating that you would pay any shortfall?

Or was there a court claim for repossession which resulted in an Order?

Was it a sole or joint mortgage?

How much is the shortfall?

Who was the original lender (mortgage provider)?

Sorry for all the questions but it's important to know the facts before giving advice on your next step.

You're focusing on the 12 year timeline but you may also have other reasons to dispute the debt such as assignment issues - you may not, but it's worth exploring every avenue before you write to the solicitors.

Received a demand from Shoosmiths regarding a Mortgage Shortfall,I contacted them saying I do not recognise the debt and do not acknowledge the debt,they then wrote back stating they would ask their client Arrow Global for more information,now received a letter asking for my Income and Expenditure,which I will not supply.I feel in a very short space of time Shoosmiths are Harrassing me demanding information that they have NO legal right to ask for.On top of this there have been no letters of Assignment from any company

Link > http://legalbeagles.info/forums/show...l=1#post751619

Di

[undine]

Re: statute barred

Diana M Hi, to answer your questions,this is in relation to Shoosmiths/Arrow Global.I have not received a letter before claim.

Repossessed 1987......It was a court claim by the Mortgage Company......It was a Joint Mortgage......Current Shortfall £5300.......The original provider Mortgage Corporation......transferred to Homeloans(8) who sold it to Phoenix Recoveries Official Letters of Assignment where supplie..I stopped paying shortfall in May 2009,because Phoenix where unable to supply detailed information on numerous charges,such as redecorating costs,solicitors costs and numerous other charges,which came to more than the Shortfall outstanding.AR UK who acted for Phoenix wrote and I have the letter stating that their client Phoenix no longer where going to pursue the shortfall.I have paid nothing since.Then 2 weeks ago approx Shoosmiths who say they are acting for Arrow Global asked for the amount £5300 to be paid.I told Shoosmiths I do not acknowledge the debt and asked them to prove that Arrow owned the debt as there is no letter of Assignment,between Phoenix and Arrow,I have managed to confirm that the Mortgage Corporation where members of the CMA so I feel the statute Barred 6 years comes into play.
I trust this covers the situation
REGARDS

[undine]

Re: statute barred

[MENTION=87380]Diana M[/MENTION]; my post of the 20th September,what do you think is the best way forward??

regards