Help with Kensington mortgages

[Gettingolder]

Hi,

I really hope someone can help.

I took out a secured loan with Kensington mortgages back in 2005 and struggled to keep up on the payments.

In 2009 I defaulted on my house and it was repossessed, there was a shortfall in the selling price of the house, my current mortgage lender stated that they would not chase the debt.

The issue now sits with Kensington mortgages, the house was sold in 2009 and Kensington have not defaulted the debt but keep submitting 6s on my credit file.

I have a feeling that it was around 2006/7 that I fell behind on my payments but the debt never defaulted.

Kensington have not once written to me, even though they know my address.

I really am not sure of my next move, I am aware that the limitations act works differently with a secured loan. But I really would like to know how the limitations act works and what I should do with the fact that they will not default the debt?

I am worried that if I send a SAR to them, I may stand the risk of them defaulting the debt at the wrong date, and thus ruin my credit record for another 6 years.

Any help would really be appreciated.

[Gettingolder]

Re: Help with Kensington mortgages

I would appreciate any help with this.

[dogtired]

Re: Help with Kensington mortgages

:bump:

[Gettingolder]

Re: Help with Kensington mortgages

Is there anyone out there that could help?

[dogtired]

Re: Help with Kensington mortgages

Bumping for you will also " report" your first post so someone in admin will see it.

[Gettingolder]

Re: Help with Kensington mortgages

Thanks dog tired

[dogtired]

Re: Help with Kensington mortgages

That's ok. Know what they are like.

[Gettingolder]

Re: Help with Kensington mortgages

I guess know one is about

[stevemLS]

Re: Help with Kensington mortgages

Secured loan agreements are deeds and the limitation period would, therefore, as with a first mortgage, be 12 years. The Council of Mortgage Lenders expects its members not to chase shortfalls after 6 years but that is not a binding requirement. Kensington are a member of the Council of Mortgage Lenders.

If there was a shortfall on the 1st mortgage, nothing will have been paid towards the secured loan.

As to how you can deal with Kensington, I'm a bit clueless. My first thought would be complaint to the Information Commissioners Office which recommends, I understand, that (in the case of unsecured lending) that defaults are registered within 6 months of the default.

They would expect, however, that at least some attempt had been made to resolve matters with the lender. Does the extended limitation period remove any of your reluctance to contact them? You say you ran into difficulty in 2006/07 but the house wasn't repossessed until 2009, do you know when you made your last payment.

This isn't my area, but you weren't getting responses - hopefully someone more knowledgeable will come along shortly.

[Gettingolder]

Re: Help with Kensington mortgages

Thank you so much for your reply. The last payment was made in October 2008 (data checked in equifax archive). I am happy to pay towards the debt but if it was defaulted in April 2009 then this would no longer appear on my credit file. My fear is that they default it from a later date.

[Gettingolder]

Re: Help with Kensington mortgages

Apologies, I read it wrong. The furthest I can go back to on equifax is November 2009 and this month is showing as a 6.

[stevemLS]

Re: Help with Kensington mortgages

Well, I suppose you will have to take a chance and poke the sleeping dog.

Whilst the debt (how much is outstanding?) is not barred by the Limitation Act it would appear to be so by the industry code of practice.

They are also in breach of the ICO guidance on registering defaults.

I can't think of any other way that you can prompt them into stopping this routine reporting which could, seemingly, go on forever.

[Gettingolder]

Re: Help with Kensington mortgages

I agree, I will happily work out a payment plan to clear the debt, but I would like it off my file

[stevemLS]

Re: Help with Kensington mortgages

Well, best of luck with it, let us know how you get on.

[Gettingolder]

Re: Help with Kensington mortgages

I wrote to them and had to confirm my address, they said it could take up to 40 days to get the matter resolved. I am now waiting on a letter from them. I have a feeling this is going to be a long drawn out process.