Desparately worried-this could be the end

pepe2008

Defnitely contact, by phone, one of the FEE FREE charities.
I'm with CCCS £60k++, going to take 10 years to repay, but with their help I'll get there!
I hid my debt......not a good idea, it hurts when it all hits the fan but there is a light at the end of the tunnel.
CCJ is not the end, it just needs careful attention.
Pepe

ameratsu

fiveyearplan wrote: »

Hi Teddy54 and welcome. On the bright side you have no secured debt! Is your home mortgaged? One thing I would advise is whatever action you are going to take, you take it before anything else goes to court.

Unsecured debt DOES NOT mean that your home is safe - more and more companies seem to be intent on getting charging orders, with more and more judges agreeing to them, unfortunately.
With so called "bad debt" increasing exponentially, banks will only get worse and I fear we will see more and more people ( with seemingly low debt levels) being hit with these unfair measures - nowhere on credit agreements does it say that this is a possibility.
Just how is debt "unsecured" if the banks can the turn it into for all intents and purposes - secured with a charge?
The only people who would not be at risk are those lucky few with unenforceable credit agreements.

Deep_In_Debt

Agree ameratsu but it even appears that those with un-enforceable agreements are not even safe - just about every one of my debts is un-enforceable but I doubt it will stop a creditor trying to take me to court and trying to enforce it by way of a CO. Not sure that judges are aware of the law sometimes.

fiveyearplan

ameratsu wrote: »

Unsecured debt DOES NOT mean that your home is safe - more and more companies seem to be intent on getting charging orders, with more and more judges agreeing to them, unfortunately.
With so called "bad debt" increasing exponentially, banks will only get worse and I fear we will see more and more people ( with seemingly low debt levels) being hit with these unfair measures - nowhere on credit agreements does it say that this is a possibility.
Just how is debt "unsecured" if the banks can the turn it into for all intents and purposes - secured with a charge?
The only people who would not be at risk are those lucky few with unenforceable credit agreements.

Thats why I suggested the OP take action BEFORE anything else went to court. AS long as it is unsecured debt and it hasn't been to court there is no way his home would be at risk. It is only once a CCJ has been given that a creditor can apply for a charging order. IF the OP is contemplating bankruptcy/IVA/DMP they will be taking control of the situation before anything else reaches court therefore home would be safe.

ameratsu

I've been trying to find out what sort of percentage of charging orders are actually then turned into a forced sale - on NDL it says that it's a very rare occurance but with the banks now turning nasty with the very people that they encouraged into debt in the first place, I don't think it will be too long before they start trying to take peoples' homes for relatively minor debts, especially when they have plenty of equity - that is the one thing that is really worrying me if our circumstances dont change soon.
If we have to go down the DMP route and our creditors don't accept the reduced payments, I can see them going for charging orders as we have card debts of £20k ( all in my hubby's name) and joint equity of over £50k.

ameratsu

fiveyearplan wrote: »

Thats why I suggested the OP take action BEFORE anything else went to court. AS long as it is unsecured debt and it hasn't been to court there is no way his home would be at risk. It is only once a CCJ has been given that a creditor can apply for a charging order. IF the OP is contemplating bankruptcy/IVA/DMP they will be taking control of the situation before anything else reaches court therefore home would be safe.

That is reassuring:o - will a creditor not apply for a ccj if you propose a DMP via cccs etc.?

What are the circumstances that will lead to a creditor issuing a ccj in the first place? ( So I know how to avoid them;) ).

fiveyearplan

Ameratsu - it may be worth starting your own thread. Then people can comment/advise accordingly as your situation seems to be quite different to the OPs therefore the advice will be different so don't want to confuse the two.