Whats a "charge on your property?

lukemed1

hi everyone,

this may seem a stupid question to some of you but what's a charge on your property exactly?

had a letter this morning threatening this, would the courts impose one if i'm on a DMP?

best wishes

Luke;)

sunflower_2

it means the creditor secures the amount owed on your property - so it becomes like a secured loan

as far as i am aware they cant make you sell your house, but when you do - the solicitor will pay the creditor before giving you any profit

you also get a CCJ

lukemed1

Thanks sunflower,

would they be able to do this even tho i'm currently on a DMP? and what if i never sell my house??

best wishes

Luke

Addicted2Chocolate

DMP is not legally binding on the creditors so think they could. only bankruptcy or IVA is legally binding on all creditors.