charging order

Queen

Hi, posted previously RBS are still saying they will no consider a reduced payment and will go to court for a CCJ fourthwith? I have through about and DMP or IVA am I wasting my time considering either of the above, do you think they will be successful in getting a charging order debt £20,000 injoint name, no equity and mortgage in joint names WHAT CAN I DO I AM GOING MADE WITH WORRY RBS WON'T DISCUSS ANYTHING WITH ME AND SOLS SAYS I NEED TO WAIT FOR THEM TO CONTACT ME ONLY 3 PAYMENTS BENHIND, GOOG JOB I DIDN'T HAVE MY MORTGAGE WITH THEM, AS THEY WOULD BE TAKING REPOSSESSION AFTER 1 MISSED PAYMENT?

comments pls anybody who can put my mind at rest

Queen

Can anybody give me some advice on a charging order

fermi

If they went for a CCJ and you offered a fair monthly repayment then they are often not be able to get a "forthwith" judgement. Even if for some reason they did get a "forthwith" judgement then you have every opportunity to apply to the court to have it changed to affordable instalments.

It is only after all that, if you fail to make the ordered payments, that a creditor can legally apply for a charging order. Even then it is not guaranteed.

A charging order is one of the threats that creditors love to hold over someones head to put pressure on them, fully knowing that carrying out the threat is far from easy.

If I was you I would give the debt advice charity National Debtline - Tel 0808 808 4000 (freephone) a call tomorrow to discuss these threats. They are used to helping people through these circumstances and give excellent advice.

Queen

thank for your advice I have spoken with National debtline, cccs and payplan I will give them another call tomorrow

fermi

Queen wrote: »

thank for your advice I have spoken with National debtline, cccs and payplan I will give them another call tomorrow

Good.

Keep an eye on this thread as there are quite a few people here who have been in your situation. With a smidgen of luck one or more of those will be able to comment before then. But on a Sunday it can be a little slow here.;)

The fact that the equity in your home is zero makes hanging this over your head all the more a nonsensical threat.

terryw

If a Charging Order is granted this means that the debt will be repaid when the house is sold, not that the house is sold to repay the debt.

the poster formerly known as
terryw

fermi

terryw wrote: »

If a Charging Order is granted this means that the debt will be repaid when the house is sold, not that the house is sold to repay the debt.

Yep. But many creditors include in their threats that they may "apply for a sale order". While legally possible, it is incredibly unusual for the court to agree to this. And where there is no equity is a nonsensical concept.

However, the creditors often try to make people think that a charging order means that there home will be sold out from under them. :mad:

Link: Factsheet | Charging orders in the county court

Is worth reading through.

fortune_pete

Don't let RBS threats of legal action deter you from paying back what you can afford whenever you can. RBS will be under pressure to meet impossible goals, they relay this pressure on to you.
The court will take a more 'common sense' view. If you are making regular payments either by your own plan or via a DMP with help from advisory services this will work in your favour. As long as the payments you make are reasonable for your income and outgoings the court would more than likely order you to continue with your plan.

Queen

Hi thanks for all the comments, just having a bad day worrying about money, we can only afford £9.25 towards loan so this will never reduce RBS have advised that they will not freeze interest and court will apply 8% per annum our mortgage has been changed to interest only so we are not reducing any debt at the moment, husband returned to work not sure for how long, but even will his wages the mortgage going up by £160 and my wages dropping by £300 I work in the financial sector and business is not good overtime stopped and bonus reduced by 50% hopefully this will not be a long term thing.

Thanks :j