----< That Abbey cave-in >---------------------------------
More details have emerged of last week's cave-in by Abbey National over the 6-year/12-year rule.

Yes, they did back off rather than see the Holman couple's appeal case go to court and, yes, they did pay the Holman's costs.

On the surface everything looks rosier… the Sunday Times ran the story at:
http://www.sunday-times.co.uk/news/pages/sti/2000/03/19/stimonnws01044.html
and the News of the World joined in with a story about how lenders have stepped up their efforts to chase repossessees whose cases might shortly fall outside the self-imposed six-year limit. Its story is at:
http://www.newsoftheworld.co.uk/

But it's not so simple.

Debt advice organisations are telling us that they know of cases where lenders are still suing (that was "suing", not "threatening to sue") people whose homes were repossessed more than six years ago.

And this weekend we saw two new cases of lenders threatening former customers who's were repossessions occurred more than six years ago.

Bear in mind that the six-year/12-year rule is still not decided now that the Abbey National has backed off from the Holman case.

But lawyers and debt advisors close to it say they feel strongly that lenders do not want the issue to go to the higher courts in case it sets a precedent that binds them to the six-year limit that applies to other debts.

----< Changes to the site >-----------------------------
We've added a new service that allows homebuyers to post their mortgage requirements anonymously. Any broker or lender that wants your business is free to read your requirements and make you a provisional offer. Our system emails their offer to you without giving them any personal details about you. You are then free to contact them to find out more if you want to.

The "I want a better mortgage deal!" board is in the Homebuying section of the site.

[ends]

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