Charging Order? The myth

maz1964

Sparklyfairy wrote: »

Maz, that's utterly BRILLIANT news! Yes, keep paying the £10/month, to keep them at bay. They may try it on again, but your judge sounded very switched on (and much better than the one that heard my case!) x

hiya sparklyfairy

thank you have read the thread before but today i was just so anxious for a quick confirmation so even if a restriction was put on it would mean they have to go back to court to like you say try it on, or would it give them easier access to do that should i miss a payment?

anyway i feel a bit of a relief even if i can get myselft sorted within the next 6 months i can see where i stand without the fear of being hassled again, i just wanted a bit of breathing space thats

i will give the thread another read later to refresh my memory

have a fun eve cheers maz:A

Sparklyfairy

maz1964 wrote: »

hiya guys

Thus have i understood from what the judge tried to explain to me that as long as i continue to pay this amount and do not default on it each month they cannot go for a charging order ?

If this is what the judge explained to you, then that's that! You should receive an a4 paper from the courts that explains the judgement - if you want, pop back on here, type it out & we'll have a go at deciphering it for you . Again, well done!:T

maz1964

Sparklyfairy wrote: »

If this is what the judge explained to you, then that's that! You should receive an a4 paper from the courts that explains the judgement - if you want, pop back on here, type it out & we'll have a go at deciphering it for you . Again, well done!:T

hiya sparklyfairy thanks for the info, i thought i had typed up ive just ommitted the dates to protect me on post no 409

not heard from the creditor as yet though, i will just carry on paying and if i get any news i will come back and let you all know

i just wanted others to not give up always go to the court case as sometimes like in my case the other side dont bother attending and that i feel well in my case didnt do the creditor any favour - you can put your views and concerns across much better as you have bothered to come and state your facts

anyway have a fun eve for the meantime cheers maz:D

flyinglizards

Hi,

First time post, just joined mainly to participate in this thread initially. But as a frequent reader to the forums, I am always impressed with the fantastic community help on here, so HI! ;o)

Long story short. I have a Charging Order against myself for a business debt on my mortgage in joint names. I have had a long and bruising battle in Court last year to get the original order overturned as the bank wanted the £35K on a personal guarantee, paid in one hit!. The debt is solely in my name and the house is jointly in mine and wifes name.

I am now paying a nominal monthly amount after getting first order thrown out in Court 'representing myself' ;o) for the bank being underhand. Nominal amount I can afford, but with equity in the house I wanted to re-mortgage with existing lender to release equity. Pay off credit cards and make a final offer to bank CO to bring to a close.

However, we found in Nov last year that bank had now notified lender directly and applied CO to mortgage and our lender would not allow re-mortgage or even a payment holiday of two months, which we were entitled to, because of order.

Now I came across the doc "sorry had to take out link, it is the bllaw pdf on charging orders" already mentioned in this thread, last year.

I really would like to re-mortgage and at least pay off my credit cards and make this full and final payment to bank, is there anyone on here who has had similar case and re-mortgaged.

I spoke with my mortgage broker last year and he said it was impossible to find re-mortgage with the CO in place ;o(

Thanks everyone, I am really looking forward to being a part of the forums here.

Thanks

FL

flyinglizards

bumpity ;o)

rivig99

Hi similar situation to post above. CO on property in 09 but hpuse on joibt names debt in mine so reading this Its not. Any way my question is were looking at moving house ways,the best move? With nr so no go pn that one oh credit ifs fine is it best in solo name or joint? Thanks

Sparklyfairy

Sorry guys, I cannot advise..bumping up for you, though..

Broken_Stumps

Hi Everyone, I have a similar issue to a few on here.

I have 2 debts which have registered interim charging orders on them. I have agreements in place through the courts to make regular small payments to the creditors.

We are wanting to sell the house or at least get my name off the mortgage.

So my question is really am I right in understanding that if we sell the house to a 3rd party a clued up Conveyancing Solicitor only has to notify the creditor of the proposed sale and that if they do not make contact before the sale they are too late and can have a share of £0?

Would this apply the same if my other half could get a mortgage to buy the bank off and move the mortgage into her name?

any help gratefully received

eggbox

Broken_Stumps wrote: »

So my question is really am I right in understanding that if we sell the house to a 3rd party a clued up Conveyancing Solicitor only has to notify the creditor of the proposed sale and that if they do not make contact before the sale they are too late and can have a share of £0?

Yes you are right in your understanding.

If your CO has been registered as a "Restriction" (because the property is jointly owned) then the Restriction only has the power of notification to the creditor when the property is sold.

This is because, as a joint owner, the CO has been made against your Beneficial Interest in the property (your share of the equity) and not the property itself. The "Restriction" is made as you have a CO on the debt owed and it's notification powers (supposedly) then allows the creditor the option of action (through the notification) that there may be money he can lay claim to. The wording on the Standard Form K Restriction, however, gives no time limit on that notification. So if the sale has been completed etc before the creditor is notified then, legally, you have done nothing wrong and the creditor is stuffed.

Broken_Stumps wrote: »

Would this apply the same if my other half could get a mortgage to buy the bank off and move the mortgage into her name?

any help gratefully received

I corresponded with a Solicitor from the Land Registry on this subject and she seemed to indicate that an exchange of money was required from a third party for the Restriction to be, as they call, "over reached" and therefore be removed with no problem.

However, I can't see why that would make any difference in what you suggest because, in both cases, it's removing your "Beneficial Interest" from the property and the "Restriction", therefore, is still going to be "over reached" as there will then be no BI upon which the CO was made?

The only thing I can't say for certain, though, is if this would be viewed as iffy (for want of a better legal phrase!) and challenged by a creditor in court again as your partner is involved?

Tkk73

Tkk73 wrote: »

I've posted on the CAG forum so fingers crossed and just waiting now. Thanks for all your help will keep you updated with any progress x x

So we went to court today to finalise the charging order. Well the judge wouldn't give it to us as he said that he could not show any preferential treatment to us over his other creditors. Well to say that we were upset would be putting it mildly. He has applied for an iva with a creditors meeting due to be held on 23rd jan. The judge has postponed it until after the creditors meeting. The guy owes 74000 in total not including his mortgage or the other 2 charging orders he already has. The offer from the iva is 12p in the pound so we would be lucky to get 1600 over 5 years. I can't begin to explain how unfair this is. Most of his creditors are big banks and credit cards and debt agencies so they will most likely accept as they can make money in other ways, we can't make any money back we are not a business, just a family.:(