Libel case costs - how can I stop the interest on a charging order/judgement debt

caebrwyn

We have charging orders on our property resulting from a libel case.

Can I apply to the court (high court) to make the claimant freeze the interest and accept low payments. We are on a low income and particularly want the interest (court rate 8%) stopped.
In addition, I have written to the claimant's solicitors twice to ask this and have had no reply at all.

gizmo111

How much is the charging order for?

caebrwyn

£8750 + interest since either Dec 08 (interim CO) or feb 09 (final CO)

gizmo111

You can ask but the other party is entitled to the interest until you pay the amount off. This applies to any amount over £5K The court will agree small sums as a repayment plan based on your income and expenditure. What was the agreement for repayment?

caebrwyn

We had 12 months to pay total from final hearing in october 2007, didn't have the money and couldn't raise it due to poor credit, claimant applied for COs in october 2008. do you know if I can apply to pay by small instalments on N245 form? Was also hoping to apply on same form to have the interest frozen so that payments will actually reduce the debt - can I try or is it a waste of time? - claimant would undoubtably object - would court consider it at all?

PNPSUKNET

Think this all started by making false statments, why not go bankrupt?

caebrwyn

We offered to pay £150 per month before the 12 month deadline but this rejected.
tried to raise money on mortgage but could'nt, don't want to go bankrupt.

think we're stuffed.

PNPSUKNET

caebrwyn wrote: »

We offered to pay £150 per month before the 12 month deadline but this rejected.
tried to raise money on mortgage but could'nt, don't want to go bankrupt.

think we're stuffed.

May have no choice if the claimant forces it.

caebrwyn

you're right, he could also try and force sale of the house. hopefully he will sit on his charging order until such time as we can pay it. this was why I hoped we could try and stop the interest, make token (£20 per week?) payments (secured by CO) and give him the option of reviewing the situation every 6 months or so.
Perhaps we would have more success though if it was a company debt rather than an individual.
The only loans we could get to pay this were secured on the property and interest rates at 25%+, so in the end the court rate of 8% seemed a better option.

gizmo111

PNPSUKNET wrote: »

May have no choice if the claimant forces it.

They have a charging order that will stop them applying for BR.
BR wouldn't help the OP as CO is secured and not included, unless he intends to give up the house on BR.
I suggest you make an offer to the court and get it agreed, and then find ways asap to raise the amount as it is creeping up at what will be quite an alarming rate.

caebrwyn

I think you are right. will try more grovelling to claimant and the court. many thanks.