Charging Order? The myth

eggbox

Fizzyfit

Both Restrictions registered are standard Form K as per the wording used in them. Whether a charging order is Interim or Final, makes no difference in regards of what this thread is explaining.

Many creditors only register the interim order as going a final charging order costs more money for a hearing, and there is no extra benefit to be gained. 

FizzyFil

Thanks @eggbox, I have tried to DM you but not sure if I have done it correctly....

wmat983

Hi guys, I have a question...

I have a debt in my name only, I live at home with my partner, she is NOT on mortgage due to very bad credit rating at time we got house. She funded the most of the house, she paid the full deposit through the same of a previous property from before we met and also has been paying the greater share of mortgage payments also.

Could we create a "Declaration of trust" document with a solicitor protect against a potential charing order? Like say on it any equities left after sale will go to my partner? You would have a good argument to prevent a CO then as it would be pointless issuing a CO if I was going to have zero equity upon sale? Thoughts?

eggbox

welshmatt983

To answer the question better, can you confirm if your partner is on the deeds of the house?

wmat983

eggbox said:

welshmatt983

To answer the question better, can you confirm if your partner is on the deeds of the house?

No she is not on deeds, I just obtained mortgage as I’m sure she has a CCJ on her credit file at the time.

tksnota

Hi,

I received my first letter for an interim charging order which I believe would not be the last.

BTW I'm the only one with the ccj(s) but the letter was addressed to my wife (no defaults or ccjs plus co-owner of the property) and the bank which we had mortgaged

I'm aware about this letter might lead to a Restriction but need some comments from the forum members if that will be the case.

It would be helpful if someone could enlighten me about terms Items' 3 & 4 of the letter since it was my first charging order and the letter mentioned about final charging order.

Thanks...tksnota...

FizzyFil

Hi @eggbox I have sent you another message. Merry Christmas to one and all.

stupidisstupiddoes

I can pay the charging order debt off very soon, but my creditors are being coy about interest payments. My question; is there any interest due when this debt is paid? They cane back with an obscure answer: additional interest is not currently applied.
this was a loan debt that changed to a overdraft

eggbox

stupidisstupiddoes

Not sure why you think your creditors being coy, as all they're explaining to you is that interest isn't being applied to the debt. This is because overdrafts are regulated by the Consumer Credit Act and interest isn't allowed to be added to CCA loans with Charging Order debts.

stupidisstupiddoes

That’s is exactly what I wanted my creditors to say to me thanks for your quick response eggbox