Limit On Homes Debt Repayment
EDM number 161 in 1999-00, proposed by Paul Flynn on 08/12/1999.
That this House agrees with the Citizens' Advice Bureau that debts on homes should have a six year ceiling in common with other debts; regrets the action of Nationwide and other lenders in demanding repayments of 12 year old debts that they had not previously pursued; sympathises with those victims of negative equity who had lost their homes but believed that they had discharged their financial obligations until totally unexpected demands recently arrived, including in one case a demand for ú47,000; and urges the Nationwide to follow the example of Equitable Life and fund a court test case to determine the legality of this oppressive practice which is driving many families into a second financial crisis that they did not anticipate and cannot manage.
This motion has been signed by a total of 32 MPs, 1 of these signatures have been withdrawn.
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