ChatterBank27 mins ago
house repossesion
3 Answers
if a property as been repossesed how many years can the lender keep on asking for final payment
bob
Answers
Best Answer
No best answer has yet been selected by BOBSSHOES. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.There are a lot of 'ifs& buts' which can be added to the answer to this question but the basic rule is that the debt continues to exist until it's paid although the lender's right to pursue recovery of the debt, through the courts, ceases after 6 years.
(So, the lender won't have much chance of getting any money from you after 6 years but, because the debt hasn't been paid, you might find that you won't be able to get any credit until you've paid off the debt).
Note, however, that if the lender obtains a court order against you during the 6 year period, the expiry of the 6 year period does not cancel the court order.
Chris
(So, the lender won't have much chance of getting any money from you after 6 years but, because the debt hasn't been paid, you might find that you won't be able to get any credit until you've paid off the debt).
Note, however, that if the lender obtains a court order against you during the 6 year period, the expiry of the 6 year period does not cancel the court order.
Chris