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Unsecured Debt question
Cyril
Posts: 583 Forumite
I posted yesterday about a friend saying he had debt problems and wanted to hide on his land, he now believes that creditors can't force him to sell / re-mortgage or claim against a secured property for an unsecured debt, anyone know if this is correct?
:beer:
0
Comments
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Hi there,
If creditors obtain a CCJ against your friend, they can then attempt to claim a charging order against the property. This doesn't force sale of the property, it simply means that the creditor is guaranteed to get their money should your friend decide to sell the property at any time.
There would be a court hearing to defend a charging order, but ultimately it would be down to the discretion of the judge.
Regards,
CCCSI am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.
CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.0
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