I would like to see a change to the Limitations Act which would reduce the time limit mortgage lenders are able to pursue debtors from 12 years to 6 years in line with other creditors. for far too long mortgagees have enjoyed a 12 year limitation period where a shortfall has been created when they take possession of a property and not enough scrutiny is given to them selling the property massively at undervalue instead of renting the property to reduce this debt or handing the property letting a RSL

Why is this idea important?

The legislation in the Limitations Act 1980 now reflects a very different world since enactment in that mortgagees have many more options for dealing with re-possessed property to reduce their losses. Even insolvency law have been amended to enable the debtor to make a fresh start, it seems inconceivable that in this day and age that mortgagees are able to retain this benefit to the detriment of other creditors

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