Charge Order on property

taib0

Hi Guys,

Its been over two years now since my wife and I we're discharged and we thought it was all behind us until today. Just received a letter from a solicitors stating that their client (Lombard Direct) may enforce the final charging order and ask the court to grant permission for Lombard to take possession of our house and arrange for it to be sold !! We have only just got it back from the O/R after beg,stealing and borrowing £12500 to pay the beneficial interest.

Does anybody know if this threat is genuine or is the solicitor trying to scare us bacause if he is its working, btw we owe Lombard £11000 and they slapped their charge on the house 2 weeks before we we're declared bankrupt so they caught us out good style,

Thanks everyone,

Taib0

debtinfo

are you sure it was a final charging order at the time and not an interim charging order at the time, because if it was they cannot make it final after the BO was made.

If they have a genuine Final charging order you may have to come to an arrangement with them

debt_doctor

Hi taibo,

I remember you being around the board at the time.

I assume from what you say that the creditor holds a final charge on your house for a credit debt (loan / c/c / overdraft etc).

They cannot 'take possession' of your house as they are not a secured lender in that sense. They can apply for an order for sale, which means that the property is sold, their debt is paid off and the remainder is yours and your secured lender (s).

Orders for sale are expensive for the creditor to obtain and not often granted especially if you have children in the house.

I dont know if an instalment order was granted with the charge, but the creditor may well be happy (this might be their intention) to get a monthly affordable payment.


Can you offer a monthly payment ?
DD

script

If I second secured lender has a full charge on the property.

And they do apply for an "order of sale"

Would they have to get permission from the 1st lender.

And if so, could the first lender refuse (even if there is enough equity to pay the 1st lender in full?).

taib0

Hi debtinfo thanks for your reply, I am not sure if its a interim or final but i will check, thanks again

Debt Doctor, what can I say !!
You we're fabulous for us 2 years ago and frankly I don't know where would have been without all your help. I think they are after a monthly payment which wouldn't be the end of the world as we are fairly stable these days. Part of todays letter said we haven't returned the income and expenditure form that they sent to us ? well thats rubbish as we haven't received anything to fill in, so its looking like they want a monthly payment. If we start paying monthly will they lift the order or is it on until the debt is paid ?

Thanks debt doctor its great knowing you are still around,

Take care man,

Taib0

debt_doctor

Hello again,

They wont lift the charge until it has been paid in full i'm afraid. The other thing to consider is that the debt will almost certainly be attracting statutory interest at 8% or contractual interest which could be much higher. You need to contact the court on this.

It is also VERY important to find out if the charge was made final AFTER your BR date. If it was then it should be set aside (removed) and no longer enforceable against you. Again you could ask the court about this.

I also assume that this charge was taken in to account when establishing your beneficial interest in the property ? - or was it ? - another complication !

DD

debtinfo

Thats a very good point raised by Debt Doctor, was the charge taken into account whilst working out the BI?

taib0

Blimey !

I don't know, I need to get all the papers back out of the loft and go through them again

Thanks guys,

Taib0

taib0

Hi Debt Doctor/Debt Info

Debt Doctor I have never doubted anything you have told me in the past and I desperately hoping you've got it right this time

I have just spoke with the court in Oxford who originally sent us this charging order. It was applied for on the 5th July 2007 and was made final on 9th October 2007.

WE WE'RE DECLARED BANKRUPT ON 6TH SEPTEMBER 2009 :eek:

Now what do we do ?

Thanks guys,

Taib0

fermi

taib0 wrote: »

WE WE'RE DECLARED BANKRUPT ON 6TH SEPTEMBER 2009 :eek:

I remember you taib0, so presume that is a typo.

taib0

Absolutely, so sorry you we're also fabulous I just didn't see your name and thought you'd gone. Its strange you don't tend to look on here anymore when its all over for you, a bit selfish I suppose but it wasn't a nice time of our lives. When you come back and read everyones horror stories it brings it all flooding back,

No offence fermi I think you are wonderful as all the guys on here who help,

Taib0