Charging Order? The myth

eggbox

Hi Lazy B

Firstly, welcome back and don't worry about not posting as I know being in debt can be a stressful time. But its always good to let people who view this board know how things turned out?

Hopefully, after selling your property, however, you made sure that any creditor still sniffing around had nothing they were able to chase? If you did then you have nothing to be scared about as there isn't anything they can (or will) do.

Although the CCJ has dropped off your credit file they don't expire; so a creditor still has the right to chase you if they feel the need? However, what a Court would make of them trying to enforce the CCJ further, after the 6 year period and after the CO failed is uncertain as there isn't any real information on this scenario?

The I & E, however, is, in all probability, a fishing exercise so I wouldn't get too concerned. The most likely reason its been sent as your debt has popped up as still outstanding so its probably just a routine "attempt" to get you to pay up.

But forewarned is forearmed, so if you are concerned make sure you protect you assets before any new action can get started.

Lazy_B

Thanks!
I have 4 creditors, all unsecured and been with dca for over 10 years, with me paying minimal amounts, all but one have agreed amounts and I pay direct debit, the one that issued the CO (shoosmiths) is the largest. We moved into rented after the sale as couldn't find anything to buy, all rent and car is in hubby's name, I have no assets to my name.
Am I obliged to fill in I and E form and tell them I have moved? Could they ask what happened to money after we sold?

Lazy_B

Also, I only got the letter as the new owners forwarded it (post office redirection stops after 2 years)
Would it be terribly fraudulent to pretend I never received it, or should all creditors be informed of change of address?
I'm on the electoral role, so not in hiding.
Apologies for too many questions!

eggbox

No you are not under any obligation to fill in an I & E and if you are renting then you can ignore them as they will quickly lose interest knowing your situation.

They can ask but you about the money but you are under no obligation to answer or contact them. They would have to issue a Judgement Summons and take you back to Court for non payment to get an answer?

But that never happens as its too time consuming for the creditor to do (search Google you wont find any for consumer debt.)

They are a business at the end of the day and its easier to chase someone else with assets rather than one without.

Baggies16

please see below taken from Title:

Can I still sell and how will it be paid back?
what issues is this likely to cause and will it scare away buyers?

(21.02.2014) RESTRICTION: No disposition of the registered estate,
Title number ###########
2 of 4
B: Proprietorship Register continued
other than a disposition by the proprietor of any registered charge
registered before the entry of this restriction, is to be registered
without a certificate signed by the applicant for registration or the
conveyancer that written notice of the disposition was given to
Hillesden Securities Ltd (Ref:- ###############) at Buckingham Road,
Brackley, Northamptonshire NN13 7DN, being the person with the benefit
of an interim charging order on the beneficial interest of ############### made by the ####### county court on 5 February 2014


(Court reference ########).

Lazy_B

eggbox, they like to make you feel so guilty!
I'll just carry on paying what I'm paying then and wait and see.
Hopefully one day I'll be in the position to offer them all a settlement.
And thanks again for all threads on here, so glad I found it when I needed it ��

eggbox

Baggies16

You have a Standard Form K Restriction which notifies that a Charging Order is registered against the Beneficial Interest of one of the joint owners.

No it won't scare away buyers and your Conveyancer will arrange to settle the debt with the creditor concerned ,if that is your wish, upon sale.

This thread is highlighting that there isn't any obligation to make any payment to the creditor, upon the sale of the property.

eggbox

Lazy_B wrote: »

eggbox, they like to make you feel so guilty!
I'll just carry on paying what I'm paying then and wait and see.
Hopefully one day I'll be in the position to offer them all a settlement.
And thanks again for all threads on here, so glad I found it when I needed it ��

They only succeed with the guilt if you allow it. So remember that most of the original creditors concerned were so bothered by the debts that they sold off the debts to DCA's for a fraction of their value.

Baggies16

Thanks Eggbox, what would their likely reaction be once notified? Try to stop the sale and if it went through would the push for charging order on a new property.


The reason I am not wanting to pay back is that it was a welcome finance agreement that is full of charges, ppi

eggbox

Baggies16 wrote: »

what would their likely reaction be once notified? Try to stop the sale and if it went through would the push for charging order on a new property.

They have no power to stop the sale other than try to apply a Freezing Order. which, because its so expensive and carries risk to the creditor, they wouldn't do.

They will initially contact your conveyancer to request payment, but after not being paid, and judging from the posters on here who have sold/not paid, they don't really do anything?

Obtaining a Judgement from Court is the, relatively, easy bit. Getting the Judgement paid falls entirely on the creditor and is expensive and time consuming to do if the debtor isn't compliant.

Therefore, its easier for the creditor to put their resources to better use chasing easier, and more profitable, targets on their books. Its business not personal.

But if you sold up and were daft enough to purchase a new property in which you had plenty of equity then don't be surprised if you find yourself in the same position on your new property.