Charging Order? The myth

eggbox

simmian

If a creditor has a CCJ against you then they can try to enforce the CCJ, at any time, by whatever method is available to them. So its a possibility that they could apply to the Court for a "Warrant of Execution" (which allows baliffs to try and recover the debt) and also apply to the Court for an "Attachment of Earnings" (which forces your employer to deduct a weekly amount, set by the court, to pay the debt?) However, in reality, if they have a CO in place then the overhwelming evidence is the creditor has ruled out those methods as effective so don't try to enforce debts by those methods? So I wouldn't lose any sleep about them doing so.

I'm unsure what you mean by "can they raise another CCJ" so if you can explain that, please?

dongagon

eggbox wrote: »

Taylor.richards25

Unless you are selling the property (whereby your solicitor can ask for a settlement figure) the only person who will be able to find out what is owed is the debtor?

Switching your name for the debtor's also wouldn't affect (or remove) the validity of the Restriction which would still be registered on the deeds.

You also won't be able to make any changes to your current mortgage without dealing with the Restrictions, either?

But, as you have gathered there is an opportunity to sell the property without settling the debts at the time of completion as long as you have a Solicitor with the right knowledge?

I hope to have the details of a Solicitor who understands the limitations to give out shortly but we need to see if they do help the current person they are acting for first?

Hi egg box

Are you able to provide the solicitors details?

Many Thanks

Sparkles69

Hi all,
I've not been on for a while, but would just like to say that the charge on my property is for £35,000. Just remember that the creditor is usually willing to negotiate a settlement. I have had an offer of £8000, to settle the debt accepted. A lot of money, I know, but it will draw under it & I can finally move on, which is what is most important to me. Good luck to everyone else in resolving their issues, but think of negotiating, as it's an option not usually mentioned on this thread.
S69.

eggbox

Sparkles 69

Negotiating a lower settlement has been discussed on the thread (but I know its a long thread!) but its good to remind people of this.

Most CO holders are not the original creditor as they sell off the debt to a DCA. Typically, the debt is bought for 4-10% of the debt value meaning a £35000 debt will have been bought for no more than £3500?

So even on £8000 they make over 100% profit? So never be afraid to offer a low settlement if it helps you move on but take on board the low cost the creditor will have paid for the debt into your offer?

Sparkles69

Hi Eggbox,
What you are doing on here is brilliant & well done. They wanted 13,500 at the start & it took hard negotiations to get to 8, which is less than a quarter of what was owed. 8k is a hell of a lot of money & I'm not enjoying handing it over, but I can now move on.
Many thanks, Paul.

eggbox

Sparkles 69

No problem and the important thing is that you can move on.

Slamdunk

Congrats s69, now that the amount has been setlled has the charging order also been removed from land registry register of title? and if yes what was the process to have it removed from the title? and how long did the whole process take?

Sparkles69

Hi Slamdunk,
I haven't made the payment yet, as I want a guy from, CAB to have a look & give me the go ahead to ensure how they have worded the e-mails, means that they will have to remove the charge. Take nothing at face value, when handing over large amounts of money. Trust only those you know you can!!! If you are going to offer a payment, start LOW & be patient let them stew before raising it.
S69

eggbox

Sparkles69

You need to ensure the payment is agreed as a "Full and Final" settlement for the debt concerned.

Sparkles69

Thanks, eggbox,
That's what it states, I also had a guy I know from, CAB to look & he said it would stand up in court, if they didn't remove the charge. They also state that, they will instruct their solicitors to notify, Land registry to remove the charge.
S69