Charging order on the house.

stuart30

We have a charging order..was pushed through very quickly by Link Financial.

Question is since they were granted the charging order they have carried on the same interest rate as prior the charging order.

Question is can i stop them adding interest at 23.3% (£101.25 monthly)..we (myself and the wife) went bankrupt September 2010 as i was made redundant Feb 2010 and am currently signed off on ESA.

The original debt was about £4000 then when link got involved it shot up too £5500 (or there abouts) and currently stands with intrest at about £7500.

Due too paying well over the odds (First time buyers just before the crash) i cant see us having any equity in the house anytime soon..possibly a long time.

Do we simply sit back and allow this company too add intrest as each passing month the bigger the debt and the less chance they have of recouping it if we sold the house.

Ive been advised if at any time (even in 10yrs time) we give the keys back too mortgage company any monies owed on charging order would be wiped as its secured on house and house was part of the bankruptcy.

Hope someone can understand my ramblings...any advice would be welcome.