Charging Order? The myth

harisumo

eggbox wrote: »

It would, obviously, be extremely helpful if posters who have received help stuck around to help other posters in the same position. But I feel the reason that very few do is down to them having been stressed out by the position they are in?


I don't think we should underestimate the huge amount of mental stress and utter shock the recession placed on "ordinary people" (for want of a better description) who never dreamed they would be in a position of being chased by debt collectors, let alone be threatened with losing their house?


Once their stress is relieved, however, I just think many of these people have been ground down and are just desperate to get their "ordinary" lives back again. So they try to avoid talking about the problems they went through, once its over or lessened, as it was so painful.


I've seen it first hand with the bit of debt charity work I do where people you have helped just disappear the moment their problem is worked out? I'll be honest and say I did think it was a tad ungrateful when I first started; but after a while you begin to fully understand the mental toll being in debt has taken on people.

Yes I agree with all that, I am no longer the person I used to be for the very same reasons.Even if my financial problems ever resolve themselves I don't think I will ever lose the legacy of constant worry.

DAKOTA45

harisumo wrote: »

Surely someone somewhere can recommend one, enough people have benefitted from advice on this thread and had successful sales but then they don't seem too bothered to help anyone else!! If I do happen to find one will let you know.

Many thanks! x

DAKOTA45

eggbox wrote: »

It would, obviously, be extremely helpful if posters who have received help stuck around to help other posters in the same position. But I feel the reason that very few do is down to them having been stressed out by the position they are in?


I don't think we should underestimate the huge amount of mental stress and utter shock the recession placed on "ordinary people" (for want of a better description) who never dreamed they would be in a position of being chased by debt collectors, let alone be threatened with losing their house?


Once their stress is relieved, however, I just think many of these people have been ground down and are just desperate to get their "ordinary" lives back again. So they try to avoid talking about the problems they went through, once its over or lessened, as it was so painful.


I've seen it first hand with the bit of debt charity work I do where people you have helped just disappear the moment their problem is worked out? I'll be honest and say I did think it was a tad ungrateful when I first started; but after a while you begin to fully understand the mental toll being in debt has taken on people.

You are so right! Your home is the most import thing and that it can be taken away and you can be on the streets when all your life you've worked hard to pay the mortgage on time… 2008 was a terrible year for me… I won't go into it, but I lost my mum and my husband was made redundant all in the same week… there was other painful stuff going, too on and I had a breakdown of sorts… So after all this, we were faced with repossession and I was so fragile health wise, I thought if I lost my sanctuary I would have fallen to pieces… the stress is unimaginable until you have been there… I thought we were over the worst, but jobs are hard to come by when you are our age… we paid our taxes for 40 years and are on the scrap heap with a huge mortgage outstanding… and now all this… 8 years and counting of terrible worry… it has to take a huge toll on your well being… I can't wait for it to be over and I will build a huge bonfire of all the files and documents and get on with whats left of my life. D45

harisumo

DAKOTA45 wrote: »

You are so right! Your home is the most import thing and that it can be taken away and you can be on the streets when all your life you've worked hard to pay the mortgage on time… 2008 was a terrible year for me… I won't go into it, but I lost my mum and my husband was made redundant all in the same week… there was other painful stuff going, too on and I had a breakdown of sorts… So after all this, we were faced with repossession and I was so fragile health wise, I thought if I lost my sanctuary I would have fallen to pieces… the stress is unimaginable until you have been there… I thought we were over the worst, but jobs are hard to come by when you are our age… we paid our taxes for 40 years and are on the scrap heap with a huge mortgage outstanding… and now all this… 8 years and counting of terrible worry… it has to take a huge toll on your well being… I can't wait for it to be over and I will build a huge bonfire of all the files and documents and get on with whats left of my life. D45

You and me both, you never know what life can chuck at you until it comes in one big deluge. We are the same and with mortgage interest free for years because we were suddenly both so hard up and couldn't afford the normal repayments. Now we only have just under three years until it expires - no hope of paying it unless there is some kind of miracle. It looks like we would have enough left after selling up to buy something much much smaller but I'd rather that than live like this further into my old age! All being well I might be joining you at your bonfire to help make it even bigger!!

harisumo

harisumo wrote: »

You and me both, you never know what life can chuck at you until it comes in one big deluge. We are the same and with mortgage interest free for years because we were suddenly both so hard up and couldn't afford the normal repayments. Now we only have just under three years until it expires - no hope of paying it unless there is some kind of miracle. It looks like we would have enough left after selling up to buy something much much smaller but I'd rather that than live like this further into my old age! All being well I might be joining you at your bonfire to help make it even bigger!!

And I just wanted to add what a life saver this thread has been, I was slowly going mad before I stumbled across it. I am so grateful for all the advice, help and support - in particular a big thank you to Eggbox.

DAKOTA45

harisumo wrote: »

You and me both, you never know what life can chuck at you until it comes in one big deluge. We are the same and with mortgage interest free for years because we were suddenly both so hard up and couldn't afford the normal repayments. Now we only have just under three years until it expires - no hope of paying it unless there is some kind of miracle. It looks like we would have enough left after selling up to buy something much much smaller but I'd rather that than live like this further into my old age! All being well I might be joining you at your bonfire to help make it even bigger!!

You are very welcome.. and may our enemies burn in Hell! We only have until next February before ours runs out…there may be a very small bit of equity but definitely not enough even for a mobile home. I keep hoping the Lotto comes up…We were mis-sold all sorts by so called Financial Advisors…. where did the endowment go when they told us to get a pension linked mortgage?! The pension is worth £250 a month, yet we went without to pay into the scheme at £500 per month…the annuity they said would pay off the mortgage… well the bankers put paid to that in 2008, didn't they? I'm so angry!! D45:mad:

DAKOTA45

harisumo wrote: »

And I just wanted to add what a life saver this thread has been, I was slowly going mad before I stumbled across it. I am so grateful for all the advice, help and support - in particular a big thank you to Eggbox.

I'll second that! Eggbox and LRR… both amazing people… Thank you! D45

eggbox

harisumo wrote: »

And I just wanted to add what a life saver this thread has been, I was slowly going mad before I stumbled across it

The thanks for this thread happening has to belong to Blueback for putting the information regarding Restrictions into the wider domain.

I originally came here as I had no clue about a CO being registered differently on Jointly Owned property (me and most of the Solicitors in the UK it would seem?) And I'm happy to have helped relay this info it helps give people the ability of a good nights sleep (or stops the madness!)

It is rewarding when you know that you are helping people who had no intention of, ever, defaulting on a loan or credit card and can't really understand what went wrong? I usually suggest they watch the documentary INSIDE JOB (narrated by MATT DAMON) and also the recent film THE BIG SHORT.

Have a look at both I guarantee you will be amazed.

forrest38

hi,

ive been in a pickle for some time over capital gains tax on a property i previously had. The tribunal tomorrow is to decide whether i was eligible for residence relief. if so then the figure will be £10000 which is achievable to repay. however if not which it looks like it is going to be then it is for circa £35000.

my sole objective is to keep the family home. (and obviously figure out the best possible way to address the £35000) paying it back to HMRC in a timeframe is not achievable due to income.

situation pointers are as follows.

£35000 tax bill for CGT which is my responsibility. was not my wifes home at any time as i was not with her.

currently married with 3 kids. 6,4 and 8 months. house in joint names

income circa £13000

house value £250,000
mortgage £85000

will they still force the sale of home or apply one of these charging orders.

eggbox

forrest38


Whilst this thread is aimed at slightly different problems, in my experience of HMRC I doubt it would be in their interests to pursue an OFS due to the difficulty of obtaining one given its your primary residence?


But a Charging Order may be and will also attract 8% interest. So you may want to explore your ability to re-mortgage given you have over £150,000 of equity in your property?