Interim charging orders

Hi,

In January my house was repossessed and was marketed on behalf of GE Money by Bridgefords. In may they managed to sell the property and Simply law who are acting on GE's behalf have now transferred the surplus funds to the second charge who bought the original debt from British credit trust. So technically my BCT debt is now clear but there is still surplus funds left over.

Simply law sent a copy of the charges register for my old property and after the British credit trust part there are 2 more listings which read as follows.

(06.05.2008) Equitable charge created by an interim charging order of the XXXXXXX county court dated 24 April 2008 in favour of welcome financial services limited.
Note: Copy Filed

(06.05.2008) Equitable charge created by an interim charging order of the XXXXXXX county court dated 12 October 2009 in favour of Child Support Agency.
Note: Copy Filed


Now I understand that an interim charging order is the 1st stage of obtaining an actual charge on the property but as you can see by the dates it seems that Welcome and the CSA either didn't go for the full charge or were maybe refused due to the other 2 charges (GE and BCT)

What I would like to know is if Welcome and the CSA will be able to make a claim on the money owed to them because to claim their money they would have to gain a court order to put the charge on the property. But seeing as the property no longer belongs to myself and my Ex partner I cant see how this could be possible?

Also the CSA debt is solely mine and the property that I used to own was a joint venture. When I say joint, I used to own the house outright and decided to secure a loan on it then a mortgage then a remortgage (sigh) . Because I was with my partner at the time we were told that it had to be a joint mortgage.

For my sins I have lost practically everything I own apart from the clothes on my back and a bin bag full and I currently reside on anyone's sofa that is kind enough to put me up (or put up with me). The surplus that is left over could give me a second chance to get back on track and make a new start with my life.

Thanks in advance if anyone can help

Regards

Neil

P.S. Welcome ignored all letters from the CAB when I went to them for help. I handed the car back exactly halfway through the loan period and was under the impression at the time I was in my right to do so and be able to walk away from it debt free. They however still insist I owe them £1500 plus whatever interest has accrued.

P.P.S Do courts allow interest to be added to final charging orders or have I been led up the garden path by BCT.

Comments

  • CAB_Swansea_Bay_representative
    CAB_Swansea_Bay_representative Posts: 287 Organisation Representative
    Hi NeilB1
    Thank you for your query regarding interim charging orders. This is a very complex area of law and we would suggest you see a specialist debt adviser to advise fully on this issue. You can find the contact details of your local Citizens Advice Bureau on www.citizensadvice.org.uk. The information you will need before attending an appointment is details of any court hearings taken by the creditors as an interim charge is usually followed within a few weeks by a hearing at which the charge could be made final, conditions attached or dismissed but it is worth noting that the Land Registry will not always be informed if a charging order is made final.

    Regarding interest on charging order debts. Again this is a complex area which needs the advice of a specialist debt adviser but statutory interest (usually 8%) can only be added if the debt is over £5,000, or is a regulated Consumer Credit Act debt or taken out before 1991. The creditor may be adding post judgement contractual interest which may be correct if it is part of original credit agreement and on the original judgement so again we would suggest you gather the evidence and see a specialist debt adviser.

    Regarding the Hire Purchase debt. The amount outstanding will depend on whether you terminated the agreement yourself in writing and had the right to do so, this will depend on whether you had already been served with a default notice which had expired prior to your termination of the agreement.

    Hope this is of some assistance
    Official CAB Representative
    I am an official representative of CAB. MSE has given permission for me to post in response to questions on the CAB Board. You can see my name on the companies with permission to post list. If you believe I’ve broken any rules please report my post to [email protected] as usual"
  • nomoneytoday
    nomoneytoday Posts: 4,866
    First Post First Anniversary Combo Breaker
    Forumite
    I can't comment on the charging orders, but as far as the car finance, did you do a formal VT with the finance company? Did they give you any paperwork when you handed back the car?

    AFAIK these can be done when half of the debt is paid back, which isn't always at the half way point time wise.
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