Laons "Charge on our propety"

CLAPTON

Really need to see your full finacnial situation, a SOA, otherwise we are all really shooting in the dark.

Who knows the better solution might be offering your other creditors F&Fs and continuing to pay Lloyds... but not enough facts to say.

Debt_Free_Chick

paul-wales wrote: »

What I meant in relation to the CAB is they have to offer all my creditors a portion of the £9000 I have. Therefore can only offer Lloyds TSB far less than what I could. I make the offer and Lloyds just dismiss it as "someone tyring it on" CAB make an offer confirmng I am genuine but approximately £4,500 less therefore completely dismissed.

OK, I'm confused now. So have you offered Lloyds £9k or just a portion of £9k?

Are CAB dealing with this? Or are you dealing with it?

As Clapton says, we really need the full picture in this type of situation.

If I settled Lloyds the other debt I could handle, and make agreements with, but Lloyds will not help or negotiate. All they want to do is borrow me more money to "amalgamate the loan into easy managiable payents".

And I have been repeatedly informed by CAB that if I do settle the debt and not the other creditors the CAB would wash their hands of the situation and no longer be able to assist me.

I hope my comment didn't offend as it truly wasn't my intention, but merely an observation.

CAB's situation is this: if you have x amount and debts of y, then you need to settle each debt pro-rata. So if you have £9k in total and debts of £27k, then each creditor gets 1/3rd of the total outstanding. In other words, they all take a 2/3rds loss. If you are seeking to settle Lloyds in full, then CAB can't work with that, as it's not fair to the other creditors i.e. Lloyds get a big whack of money and the others get nothing.

Let us have the full picture so we can advise the best course of action, although I would guess that CAB are "on the case".

AverageJoe_4

AS far as I know, the charge on your property is one option that the bank has but you will be taken to court and they will seek a CCJ against you first.

The charge business can happen if you fail to keep to the repayments of the CCJ, then they may stake a claim to have that on your house - its up to the judge to decide though, its not the hands of anyone else.

Its about 50/50 as if you have other creditors on arragements, then the judge may deem it unfair that LTSB have their money secured on your house over and above and in favour of other creditors and may reject it.

They cannot force the sale of your home if there is a charge on the house if the mortgage provider is happy with you accounts - ie up to date etc...

The M.Provider will not have a reason to agree to an early sale for the benefit of a another creditor (assuming its a different bank for the mortgage) - they must be consulted first by the court and they must give their approval, without it, a forced sale cannot happen so therefore if you're keeping your mortgage provider sweet, then your haouse will be ok... only a crazy mortgage provider would cut their own throat at this point and I doubt it has ever happened.

AJ - read the fact sheets though

Debt_Free_Chick

AverageJoe wrote: »

They cannot force the sale of your home if there is a charge on the house if the mortgage provider is happy with you accounts - ie up to date etc...

Whilst it's rare - in theory, it IS possible for a creditor who has a charge to force sale of the property. They have to go to Court for this and they generally don't do it, but for the benefit of all those that read this thread, it IS possible.

AverageJoe_4

Debt_Free_Chick wrote: »

Whilst it's rare - in theory, it IS possible for a creditor who has a charge to force sale of the property. They have to go to Court for this and they generally don't do it, but for the benefit of all those that read this thread, it IS possible.

Oh yeh, Im not saying its not possible, but I am saying the court must obtain the approval of the mortgage provider first, and of the provider does not approve - then it cant happen.

AJ

Cumbrian_Male

I have a charging order, Nationwide took one out, which I contested, and the judge granted it even though I never got a redetermination hearing.

They got CCJ at a ridiculous amount dispite submitting my CCCS budget, then I applied for a redetermination and they went for charging order, the judge refused my redetermination hearing and granted the charging order but didn't set a rate on the new judgement so in effect when my circumstances change and budget fluctuates I don't have to ask for redetermination each time.

Nationwide have never contacted me since, they seem happy that now it's secured to just accept whatever my budget allows.

Scary process when you are going through it but probably worked out best for me.

never-in-doubt

paul-wales wrote: »

Despite Repeatedly offerring lloyds TSB offers of Full Final Settlement of £9000 wich has been rejected. I have been informed that despite the loans being in my name and unsecured they will put a charge on our property to make it secured to ienforce payment?

Is this correct and how long and what will it involve? I honestly can't cope much longer with the ludicrous amount of telephone calls and bullying.

Please ask any questions to help me unsure what you need to advice me?

To reiterate loans in my name unsecured, House joint with my-wife.

surely then, going on what you're and other's have said in this post the most viable option here (assuming you have 9 grand) is to do an IVA? This way your house remains yours, no charging order etc, and the creditors get told what they are getting.

To do this though you stash a couple of grand for a rainy day, go to an IVA specialist and say you have 5 or 6 grand and want to arrange settlements.

My mate had 100 grand of debt and got an IVA paying 300 per month for 5 years (also an IVA only lasts a few years - not forever like F&F do). He also told the IVA guy that he had 20 grand and the IVA guy said shhh, mention that and you'll lose it.

So yea, now he is using a basic account but he has 20 grand in the bank and has to pay 300 per month for 5 years afterwhich all the debt will be gone.

His credit file will be a little messy for the next 6 years as well but for saving 100 grand he is chuffed. (he is paying back 18 grand at this arrangement from a 100 grand debt)

That's what i'd be doing.......

never-in-doubt

Debt_Free_Chick wrote: »

Whilst it's rare - in theory, it IS possible for a creditor who has a charge to force sale of the property. They have to go to Court for this and they generally don't do it, but for the benefit of all those that read this thread, it IS possible.

what is more sickening is that the story goes something like this:

1. Lloyds - please gordon, lend us money cos we've tried to be cocky and cannot afford our baggage (hbos)....

2. Gordon Brown - Ok, Lloyds we'll give you all the money you need so long as you help people and stop repossessions and start lending again

3. Lloyds - Ok your highness, whatever you say (brown tongues all round)

4. Lloyds - Ok, Mr Wales, we've told you before we're the judge, jury and exocutioner and we don't care what you the tax payer has done for us by bailing us out and automatically becoming a majority shareholder - we'll sell your house from under you unless you pay us back everything asap. Even though when you do it and you're skint, we'll probably repossess your house at the end of all anyway.

Thats the way it works in my eyes - if I were you i'd write to Lloyds and tell them to shove it where the sun doesn't shine and make a formal offer of 100 quid per month until repaid. They know this will be silly but legally, it is classed as an excellent offer to repay, and watch them squirm.

It'll cost them more than 100 per month to deal with your account in all probability.

That will teach them!

If needs be, PM me and i'll even do the letter for you. I hate Lloyds with a passion and soooo wanted them to fold - shame the PM is a fool or they may well have done!

AverageJoe_4

At the risk of being lynched - the is always the "wipe it out" method....

See other threads for instructions...

aj2703

Agreed try the CCA route, at worst it will stall them for a while.