Northern Rock Charging Order

thecorner

HI, Northern Rock have applied for a charging order on my property(joint mortgage with my wife) for a personal loan I(me only)have with them.
I have offered them a payment each month which they won't accept.
The value of property is about £140k, my outstanding mortgage is £112k,
I also have a secured loan balance £70k, so as you can see there is no equity. If Northern Rock get the Charging order what will they likley do next? Will they force a sale? seems pointless.A bit of feedback would be very welcome..

thecorner...

powerwin

I do not have detailed knowledge on this subject, but I believe Northern Rock, given their serious financial position, has been quite active in repossessing properties, so it is a possibility that they will try to proceed. I am not sure whether the government has had to step in to do something about this, but I would do some searching about the activities of Northern Rock and see if you can find other Northern Rock customers who have faced this difficulty.

Rgds

kissjenn

Hi, have a look at this thread regarding charging orders.

http://forums.moneysavingexpert.com/showthread.html?t=1839539&highlight=charging+order

This appears to be a ploy by Northern Rock to change unsecured debt into secured debt but I don't think they can secure an individual's debt on a joint asset. The thread goes into a lot of detail, apologies if I'm leading you astray but certainly worth a detailed look.

moneybuster

to help you a little you should fill in one of these

http://www.makesenseofcards.com/soacalc.html click the MSE button copy and paste


if you have debt with other providers then it could be deemed unfair and favoring one creditor over another with the charging order giving them a unfair advantage.

regards MB

missyp123

hi there,

we had our NR secured loan charged to our house in january.

luckily we managed to move the mtg part to another bank before hand.

we too are in negative equity with the loan secured and the way the house prices have been.

Although it was frustrating at the time, for now we feel the pressure is gone...but we realise its only for now

i wanted to mention to you that we found it VERY difficult when trying to follow advice from citizens advice, with regards to asking for the case to be moved to a local court (they apparently only do the cases in north shelids and we couldnt get it moved) and putting terms such as no order of sale etc. At the time we felt that all our hard work of trying to protect our home in someway was waisted.

Now, we pay £10 pm as agreed. we have not heard anything from them.
On the one occasion i have called them they have said they will look at our account in a few months to reduce interst etc (int is still at loan rate). This is the only way we can see the house ever being able to off the debt (if we cant do it first).

Im not sure what else i can say...just passing on our experience.

missyp123

sorry, we also tried the unfair advatage step etc etc, nothing worked even with help from Citizens advice.
We have put this down to a bad experience through circumstances that we cant change. We are looking forward and keeping positive.

Good luck

craftingqueen_2

We had NR try to get a CO but we were lucky they did'nt get a CO . But Nationwide did get a CO ,we got both cases moved to our local courts but we had to pay i think £75 . These were both in my hubby's name not mine .The judge did'nt take any notice of what the CAB had told us to use as evidence for why the CO should'nt be applied , we missed no payments on the ccj too ... we are up again at our local court with another creditor this friday as they are wanting a redetremination on a ccj that we had won . Good Luck with it all .

CQ