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CML ask to halt repossession chase

The Council of Mortgage Lenders is asking members to stop chasing repossession victims&#39 outstanding mortgage debts after six years.


The move follows a recent report by the National Association of Citizens Advice Bureaux recommending a cut to the accepted limit of 12 years to pursue shortfalls, to a voluntary six week limit.


Following the NACAB report both lenders Halifax and Nationwide confirmed they would voluntarily stick to the new six year limit.


The CML says the majority of lenders already have a six-year limit in practice, but hopes the consultation process will lead to lenders making the six year limit formal policy.


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