Final charging order - a worry

calicojack

Hi,

We have been on a DMP for the past 18 months with the CCCS and everything is going well except for the NatWest who are taking me to court on 2 September to apply for a final charging order for the £8k i owe them.

I went through the redetermination hearing last July and the DJ discharged the payment order, but i continued to pay the Natwest via the DMP.

We on target to pay off our combined debts (£62k to various creditors) in just under 7 years thanks to a new job i've gotten with a new salary which will allow us to increase our DMP by a large amount.

It may sound a little foolish to say this, but i am not too bothered about the charging order being granted as we cannot afford to move anyway.
My biggest worry is that the Natwest will go for an Order of Sale and i'll lose my home. There is no real equity in our home at the moment (maybe £5k) and we are trying to start a family. Logic tells me that there would be no point in taking our house because they will get no money, but this is not helping me sleep any better at night.

Can anyone telll me what experiences they have had with final charging orders and if any led to orders of sale please, it might just put my mind at ease a little...

RAS

Hi

Orders of sale are only granted in 0.4% of cases and it would have to be for a much larger amount than this.

pepe2008

I take it that the debt and the Property are BOTH in joint names.

As far as I'm aware, if the debt is in your single name and the Property is JOINT then ( unless your partner has signed a release form) they shouldn't be able to get a Charging Order. Just a 'restrtiction'.

Check it out.

InDeepDebt

How much are you paying to Natwest for this debt?

I would say that so long as you are paying what you can - and the fact that you're paying £62k in 7 years means you're paying something, a judge isn't going to force a sale. (My view)

Jim

Tuscan

if they try for the order dosent mean they will get it, had the same thing with Natwest myself over 27k that i owe them and also paying paying via CCCS at £240 a month, went to court and i turned up but they never bothered just sent paperwork etc from Shoesmiths there solicitors, anyway judge refused to grant what they wanted and set the payment at what i asked, however i got a CCJ with a clause that they can review the case anytime after 12 months. 2yrs later they havent bothered to go back to court (yet) but Natwest continue to charge interest etc..

property.advert

I am going through this a bit and had two charges on a property and the worrying thing is that advice suggests it may still hit your credit file for 6 years from the date it is satisfied. That could put you in a problem for years after you are clear of the current problems.

I would try and avoid this at all costs. I would negotiate with them ASAP and do anything you can to stop this happening.