Charging Order? The myth

eggbox

Should be interesting? And remember to negotiate a lower settlement as they will have only paid a small percentage of the loan value to own the debt.

Sparx

If it was me I'd offer them £1.5 - £2k tops. You may end up meeting at £2-3k but that's still a big win.

If they had any sense they'd jump to settle a dead man's debt...

Diana_Prince

Thats what I'm hoping! Just waiting for that letter and then I'm sending out F&F letters! They've had zero payments for over 10 years so I'm sure they'll jump at any!

eggbox

Diana_Prince wrote: »

They've had zero payments for over 10 years so I'm sure they'll jump at any!

Be careful, how you phrase the offer and don't assume the above to be the case as these company's are, mostly, staffed by cynical robots who've been taught to get results from making debtors struggle.

If they get wind you NEED the Restriction removed they'll blank any offer. You need to offer it on the basis (of something like) its being offered out of the last money available from your Father's estate and, if not accepted, nothing further will be offered as the money will be used for other debts.

Their response will let you know what you are up against?

Diana_Prince

eggbox wrote: »

Be careful, how you phrase the offer and don't assume the above to be the case as these company's are, mostly, staffed by cynical robots who've been taught to get results from making debtors struggle.

If they get wind you NEED the Restriction removed they'll blank any offer. You need to offer it on the basis (of something like) its being offered out of the last money available from your Father's estate and, if not accepted, nothing further will be offered as the money will be used for other debts.

Their response will let you know what you are up against?

Thank you, do you know of a good template letter I could use?

eggbox

Diana_Prince wrote: »

Thank you, do you know of a good template letter I could use?

You can use the National Debtline one HERE

bovver

Sorry Eggbox, but I cannot see an answer in the thread. Any views?


I have never paid anything towards the CCJ from 2008, not having anything to pay with the DJ suggested to the creditors' representative that a CO should be raised. The property was owned by me and the spouse and I had the credit card debt. A Restriction was registered in the standard form whereby the creditor had to be notified of a sale via a solicitor. The debt was sold on to a DCA about 2 years later.


In preparation for the sale 6 years ago, I offered my DCA/CO owner a little over 30% of the CCJ debt, via a solicitor managing the account, it was refused stating that they would accept the full amount and something else would be required if I was planning to sell. I did not say I was selling.


I managed to find a solicitor to process the sale with restriction, it went though and no monies were passed on, as my beneficial interest was negative. After several years of peace, I received a letter, at my old address, from a solicitor requesting full payment in 14 days or offers supported by an I&E sheet on the basis that I have a CO and have stopped paying.


As the Restriction has been overreached and the property is no longer owned, what can they do? Is it a bluff? What should I do?


Can they transfer the CO to another property? Would this be under 2008 or current regulations?


Must I be informed of any actions?

eggbox

Bovver

As the letter has been sent to your old address the chances are the Solicitor who sent the letter isn't aware you've sold the house? This also happened to Brightonian in an earlier post when Natwest (who owned the charge) contacted him about the debt and weren't aware he'd sold the property?

The position you are in, however, is that whilst the CO has proved fruitless for the creditor (as there was no equity to pay the charge) the creditor still has the CCJ in place. So whilst they can't "transfer" the CO they can apply for a new one if you have any asset of value in which to attach the CO to?

The problem for the creditor, however, is that they have to expend further time, cost and effort to chase a debt that is proving difficult to collect? Debt collection is a business like any so those factors will have to considered and my guess is that unless the debt is extremely high, then you won't hear anything further when they discover you no longer own the property?

But if you are concerned that you do have an asset they could chase (eg you have equity in your new house) then just make sure steps are taken to protect that asset.

Rangers123

I need some help.

I'm selling a house I own with 3 other people. No mortgage or money owed on the house. However I have a standard Form K restriction recorded against my interest on the LR from 2013. It's in the name of Sigma SPV1 Limited c/o HL Legal, which have both ceased trading and been dissolved.

Buyer's solicitor originally said the restriction "acts as if it were a mortgage on my beneficial interest!!!8221;. I pointed out it only requires him to give notice. He contacted the LR who told him "A buyers certificate will not be acceptable in this case. May I draw your attention to Practice Guide 35, section 7.7 and the various associated links which provide our detailed requirements in this respect."

What do I do now? When these debt chasing firms dissolve and pop up elsewhere, do they need to re-apply to the LR for a restriction? Can they use the old CCJ secured by their old (dissolved) company?

Or is this a clear case of Bona Vacantia now? I've written to both the Treasury Solicitor in England and the Receiver General in Jersey (where Sigma SPV1 Limited was incorporated) to try to find out if the Crown has the benefit of the restriction now.

What is the actual quickest / best way to deal with this so that I can complete this sale?

bovver

Eggbox
Thanks for the quick response.


I assume they are unaware of the new address, and I hope they remain so.


Just wondering how much is worth chasing? £1800 or £18000?