MBNA getting heavy

monkeyintrouble

RAS wrote: »

Firstly, a CCJ is binding on them as well as you, so as long as you fight your corner re the actaul monthly payment, it is not bad thing. They also have to stop charging interest.

If you keep to the monthly payments as per the CCJ, then they cannot get a charging order, as per Mercantile v Ellis. However a lot of people on here find that judges take no notice unless they are reminded of the court case by the creditor.

The creditor will try to vary the CCJ to get a forthwith payment and then a charging order, because it allows them to secure the debt (which makes their business more secure) and they can charge 8% interest on the debt. You will need to keep your wits about you and fight each step.

Have you sent MBNA a CCA request?

No I haven't, as yet. but I think I will play them at their own game and request one. Is there a template on here for such a thing?

Thanks to all for your comments, and help.

thepinkladez_2

RAS wrote: »

If you keep to the monthly payments as per the CCJ, then they cannot get a charging order, as per Mercantile v Ellis. However a lot of people on here find that judges take no notice unless they are reminded of the court case by the creditor.

but not in my case! the judge point blan refused to accept this argument and agreed to c/o and i am not the first for this to happen to! i dont think this is a valid argument any more?it seems that if they go for a ccj then a co they will get it unless there is some exceptional circumstance. again a co is not the end of the world it doesnt really affect us anymore than the ccj did! if we were to sell the house then we would have paid off any debt we had anyway, and they are not allowed to put the monthly amount which was set at an amount we could afford anyway, so i dont see it as a problem now.

monkeyintrouble

I have every intention to eventually sell my house anyway, clear all my debts and downsize, which I am happy to do, but not just now. I think it would be very unfair to be forced to sell my house in this economic climate as I would be left with not enough equity to buy somewhere else. Roughly speaking, if I could have sold my house 18 months ago, pre credit crunch, I would have been able to settle all my debts and have enough to put a deposit down on a small flat. Now, the value on my property has dropped so much I would barely pay off my debts and have nothing left. All I want my creditors to do is accept the reduced monthly payments until my house goes up in value enough to leave me with something to start again.
If a charging order is granted, what happens then? Do I have to put my house on the market or is a sale forced/arranged by a third party?

thepinkladez_2

no if they get a charging order thats it unless you start to default on the payments then they can force you to sell. When we went to court although it did not go our way ( ie we got the co) the judge made sure that the payments were set at an amount we could afford (as per cccs budget) and told egg to back off as we were doing everything we could. please try not to worry i know that is easier said than done! i was terrified when all this started but now in heignsight i wish i hadn't been! having the co could be disasterous if we started defaulting but as we are not its actully been less stressful than when it was just on a dmp!REALLY!! we never ever ever hear from egg or get any horrid letters or anything.
please try to stress over what have might have been, it wont get you very far believe me! we were in exactly the same boat as you if we had sold our house even just before going on a dmp we could have cleared all our debt etc but hey we didn't! the way i see it we have a home for our family and we are slowly getting rid of our debt, if we had sold i am not sure if we would have learnt our lesson and i think we could have quite easily ran up debt again!

monkeyintrouble

Thanks Pinklady, lets hope it goes ok. I am going to write a letter to all my creditors explaining that I am quite prepared to sell my house to pay off all my debts, but only when the market picks up so I can be left with something for me to make a fresh start. If I was forced to sell now I would end up with nothing. Then if it does go to court at least the judge will see I have done everything possible to keep my creditors happy. As someone said earlier, you cant get blood out of a stone! I am paying all I can possibly afford at the moment. Anyway, I'll let you know what happens