Charging Order? The myth

Land_Registry

eggbox wrote: »

I don't want to pour cold water on LRR's suggestion of contacting CAB (which you still should) but they are notoriously "general advice" based and its unlikely (but not impossible) they would know the answer to this?

Please don't waste water - the reference to CAB was not to find an answer but to try and find a referral to a local solicitor for a fixed time/fixed fee.

The legal situation is much more complicated than just the CO or form A restriction it seems so someone needs to cover every scenario involved to find a way through it.

The CABs I'm aware of have a list of such firms offering such help. If any water needs to be poured then it may be on the idea that 30/60 mins would be enough. But if just the facts were shared and focused on then it might be possible as OP has an end game, a remortgage, but a variety of hurdles to get over and options to consider some of which are not within our remit but that's not to say they aren't within yours

Routerman

Many thanks for help Eggbox, but afraid I'm still confused, I understand that Contractual Interest cannot be added to a CCA regulated debt but this is Post Judgement interest :

- Section 3(4) opens with the words ‘Subject to the provisions of this ACT…’ and so unless the interest is due under the judgment or order under the Interest on County Court Judgments Order, it cannot be included in the Charging Order

- The amount of interest depends on the amount of interest due on the judgment.

If this has been applied incorrectly is there any way to request the court to remove it at this late date?Looking at the list of downloadable CC forms there doesn't seem to be an appropriate one.

If the judge has acted correctly and applied interest at 12% (8 + 4%) is that rate fixed until the principal is paid off or does it vary in line with the prevailing Bank base rate?
As noted before TBI have shown a rate of 8% for the last two six monthly statements, does this mean that they should have applied a rate of around 8.5% since 2010 when rates dropped drastically and they are hoping no one notices?

If this is the case this could affect many other people who have been caught by this particularly nasty firm .

Try as I may I cannot find a definite answer on the web, perhaps a specialist solicitor would know?


Thanks again R.

Routerman

In addition to the above have just found this on the Payplan forum, still doesn't answer what the rate of interest should be however.





This is the response from a very very experienced MAT and WiserAdviser trainer who trains on the CCA

The important thing is to separate right to interest before and after judgment.

Pre-judgment, interest can be claimed from the date the monies were due until the date of judgment IF contractual interest was not being applied.

Post judgment, no statutory interest can be added to a CCA agreement IF contractual interest is accruing. Statutory interest CAN be added to any debt where contractual interest is not accruing providing the debt is more than £5000 and then interest can only be added to any missed instalment or if a forthwith judgment has been given until the date for payment has passed.

A County Court has no jurisdiction to apply contractual interest before or after judgment. Therefore any order to pay interest before or after judgment can only be referring to statutory interest.

With reference to charging orders, if statutory interest is granted on the judgment then it will continue to run on the charging order whether or not the judgment order says this. However post judgment contractual interest may continue to run on the debt but will not be ‘charged’ as it cannot form part of the judgment debt.

Please note however, that most creditors do consider any contractual interest to be charged on theproperty so if a client wanted to sell they would have to challenge this.


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Routerman

As a further pps, sorry if this is getting long winded,


The original agreement with LV was regulated by CCA 1974 but spurious charges added by TBI made the total just over £8,000 which according to them made the debt unregulated, if however the limit was raised in 1985 does this mean that no interest, contractual or post judgement, should have been added at all?

Routerman

Just a note of caution in case anyone is considering putting property, etc in someone else's name:

walkermorris.co.uk/publications/
banking-matters-january-2016/landmark-decision-allows-recovery-from-non-debtors/

The B'stards are covering all bases.

eggbox

Routerman

Have a read HERE as this is the bible for many people in my position. Scroll down to the red writing.

eggbox

Routerman wrote: »

Just a note of caution in case anyone is considering putting property, etc in someone else's name:

walkermorris.co.uk/publications/
banking-matters-january-2016/landmark-decision-allows-recovery-from-non-debtors/
.

I have to ask LRR how this would be recorded on the property deeds as, to me, only a Restriction could be placed?

Land_Registry

eggbox wrote: »

I have to ask LRR how this would be recorded on the property deeds as, to me, only a Restriction could be placed?

If it's an interest in a person's beneficial ownership then it can only be protected by a restriction

eggbox

Land_Registry wrote: »

If it's an interest in a person's beneficial ownership then it can only be protected by a restriction

Thanks for confirming LRR.

Routerman

Thanks for help Eggbox, before I contact TBI or the court I'll have a word with a local firm of solicitors who may be able to give help, after the holidays.
Will post progress on here whatever the outcome.


R