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Buachaill
Buachaill, Barrister
Category: UK Bankruptcy Law
Satisfied Customers: 8421
Experience:  Barrister 17 years experience
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I have a money judgement against me since 2007 which I understand

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I have a money judgement against me since 2007 which I understand doesnt expire [..liberty to restore' What I dont understand is that the entire debt is from the shortfall for a mortgage on a property which was repossessed - I thought there was a statute of limitations on that, so how come it doesnt apply to the money judgement?
Submitted: 1 year ago.
Category: UK Bankruptcy Law
Expert:  Buachaill replied 1 year ago.
1. The period for the Statute of Limitations on a judgment is very long - 12 years. So a money judgment obtained against you in 2007 will not be time barred until 2019. This is the reason why creditors seek to obtain judgment against debtors. Then a new fresh statute of Limitations period applies which is very long. It would only be if you became bankrupt and dealt with your creditors in that way, that the money judgment would become subject to bankruptcy law whereby it would expire after one year if you declared it in your bankruptcy.
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Customer: replied 1 year ago.


Thanks for your reply. So even tho the debt is solely comprised of mortgage shortfall and interest on that, the 6yr statute doesn't apply to the money judgement?

Expert:  Buachaill replied 1 year ago.
2. I regret to say that once a judgment is obtained a fresh Statute of Limitations applies and the previous 6 year statute of limitations in relation to the debt no longer applies. This is the benefit to the creditor in law for obtaining judgment. A fresh Statute of Limitations then applies. Otherwise there would be no real benefit to obtaining a judgment.
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Customer: replied 1 year ago.


So basically I only have 2 choices: bankruptcy or try and negotiate a settlement even though Im unemployed, have no assets, am 56! and live abroad currently. Best option in your opinion?

Expert:  Buachaill replied 1 year ago.
3. You can't get blood out of a stone. So really, your creditor has the problem now. I would not go bankrupt unless you are forced. In the meantime, just attempt to get a job and get back to financial health. Remember your creditor will be willing to negotiate a settlement as unless you have money, they will never get any money!
Buachaill, Barrister
Satisfied Customers: 8421
Experience: Barrister 17 years experience
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