Warning-Your Home May Be at Risk if You Fail to Pay Even On Un-Secured Debts

shinyhead

I have been told that very few CO's result in a forced sale-but that of course was before the credit crunch. Most of the time it has simply made the debt secured so at some point the money gets repaid on sale of the house.

It will be interesting to watch how this goes.

It has been very poorly thought out, and it's probably been enacted simply due to pressure from the banks.

As discussed earlier on the thread, if you think that a creditor/DCA is about to start legal proceedings then in some cases bankruptcy can become a better option. Working on the fact that either way your credit score is shot for a long time, you could get to keep the house, and of course the creditors could get nothing. Obviously it's something not to be taken lightly, but it has simply meant that a path out of debt that was generally regarded as unthinkable to become a viable option for some.

septemberblues

Rabbit-in-headlights wrote: »

Latest count 231, please sign up at

http://petitions.number10.gov.uk/chargingorders/

Come on everybody, it could be you................................

scattytracy

Hi this has happened to us, we a re on a DMP with payplan and our biggest creditor is Nationwide at 8000.00, they completely refused to enter into correspondance with payplan and went for a c/o. Payplan wrote to the courts explaining it would give NAtionwide preferential treatment over other creditors but he granted it anyway.

RAS

scatty

Did you have a prior CCJ? Or was it this that they refused to discuss with Payplan, which meant you were "in arrears">

scattytracy

do you know I'm not sure anymore, i think they did get a ccj (payplan dealt with everything about the courts). But I don't think they had a monthly figure on the ccj. Anyway they were getting monthly payments off payplan but it wasn't enough. so they got a charging order again no monthly amount was specified, then their solicitors wrote saying they wanted 333.00 a month or they would take further action, but we haven't heard anything for a while. Obviously they don't get it

*que letter to drop through postbox* lol

WhoopieDoodle

Just had a letter today from SnatchWest to say they are not accepting our DMP (been paying for nearly a year) and they are going for a charging order. We haven't had any claim forms however for a CCJ, so presume they have to do this first.

RAS

Whoopie

You are in precisely the sort of situation that this thread is intended to address.

Under the law at the moment, NW have to go for a charging order and then IF you default, they can go for a charging order. Under the new law, they could go straight for the charging order.

Unfortunately some creditors and judges seeem to think the law ha been actioned and it has not.

Whatever happens next come back here as son as you get any documentation. In the mean-time sign that petition and talk to your MP.

Broken_hearted

septemberblues wrote: »

Come on everybody, it could be you................................

It could but I'm passed caring, signing a petition won't stop it and it was a risk anyway.

ixwood

It couldn't be me as I know debts a mugs game and not really free money. I'm sure the vest majority of people haven't over extended themselves either.

ixwood

The credit/debt crunch is here and not going to be getting better for a while. The days of reckless borrowing, overspending and living beyond your means are over. Time to take a look at your finances and work out a debt free plan me thinks.