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Whats a "charge on your property?
lukemed1
Posts: 511 Forumite
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;)
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;)
0
Comments
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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
0 -
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
Luke0 -
DMP is not legally binding on the creditors so think they could. only bankruptcy or IVA is legally binding on all creditors.0
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