LIMIT ON HOMES DEBT REPAYMENT

Early day motion 161, tabled 8 December 1999 by Paul Flynn (Labour). Signed by 31 members.

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.

Signatures by party: Labour 22, Liberal Democrat 6, Labour/Co-operative 3.