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Hi there,
6 years ago I got into bad debt and decided to walk away from it all and left the country. This included credit cards, a bank account overdraft and a mortgage.
I came back to the UK a few months later and decided to try and forget about the debt and avoid it - a fact I have really come to regret.
Although there has been the odd letter come through the post the past few years for credit cards, I have chosen to ignore it. For the past 12 months I have heard nothing and have assumed that the outstanding debt had fallen under the Prescription and Limitation (Scotland) Act 1973.
Last week I received a letter from a debt collection agency informing me that they are seeking £35,000. From what I can see this will be to do with the mortgage - there was a shortfall after my property was repossessed I believe. Also, when I took the mortgage, I can vaguely remember it being both secured and unsecured.
In short, I am extremely anxious about this and wondered if anyone was able to provide me with some information on what may happen. Here is some information broken down:
Bought the property 16th May 2007 for £65,000;
Stopped paying the mortgage and severed all contact with the lender 2 June 2008;
Property repossessed and sold on 12th Aug 2009 for £54,000 (info from house price websites).
I've read so many different things regarding the lender being able to pursue the money for 12 years - although some say it is 5 years and some say 6 years. It seemingly also depends whether court action was taken (I do not know if it has and it does not show on my experian account if there are any outstanding court orders/CCJs). As I said, I am really worried about this so if you are able to tell me what my options are I would very appreciative.
Many thanks
6 years ago I got into bad debt and decided to walk away from it all and left the country. This included credit cards, a bank account overdraft and a mortgage.
I came back to the UK a few months later and decided to try and forget about the debt and avoid it - a fact I have really come to regret.
Although there has been the odd letter come through the post the past few years for credit cards, I have chosen to ignore it. For the past 12 months I have heard nothing and have assumed that the outstanding debt had fallen under the Prescription and Limitation (Scotland) Act 1973.
Last week I received a letter from a debt collection agency informing me that they are seeking £35,000. From what I can see this will be to do with the mortgage - there was a shortfall after my property was repossessed I believe. Also, when I took the mortgage, I can vaguely remember it being both secured and unsecured.
In short, I am extremely anxious about this and wondered if anyone was able to provide me with some information on what may happen. Here is some information broken down:
Bought the property 16th May 2007 for £65,000;
Stopped paying the mortgage and severed all contact with the lender 2 June 2008;
Property repossessed and sold on 12th Aug 2009 for £54,000 (info from house price websites).
I've read so many different things regarding the lender being able to pursue the money for 12 years - although some say it is 5 years and some say 6 years. It seemingly also depends whether court action was taken (I do not know if it has and it does not show on my experian account if there are any outstanding court orders/CCJs). As I said, I am really worried about this so if you are able to tell me what my options are I would very appreciative.
Many thanks
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