Charging Order Question

sportie

Does it matter if you go bankrupt before or after a charging order is imposed on your house? The house will be up for voluntary repossession eventually

thanks

PS How many people feel that a major part of them going BR is due to the Northern Rock Together mortgage?

peachyprice

If you're letting the house be repossessed anyway it doesn't really matter if they get a CO, as soon as the house is repo'ed the debt goes back to being unsecured. It's only if you wanted to keep the house you would need to make sure the CO wasn't made final becuase it would then not be included in your BR.

There do seem to be an awful lot of NR customers here, I guess this is the fallout from their irresponsible lending.

sportie

Thanks Peachy, I couldn't see why it mattered but the guy from CCCS was telling my OH he shouldn't declare himself BR until the CO has been imposed

peachyprice

No, I can't see why he would say that either, that just doesn't make sense.