Charging order hearing this Friday

Sparklyfairy

Hiya Egg - Yes, women tend to be more emotionally motivated to clear debt, true. Let's just hope this trend stops soon - I'm clearly NOT losing any sleep over my restriction or any other debts I have that I'm servicing on my dmp...my lesson learned..I just read a great quote - it reads: ‘Think what you do when you run in debt, you give another power over your liberty.' - Benjamin Franklin - I will NOT go down the credit road again! x

eggbox

A useful read regarding Charging Orders

http://www.shergroup.net/blog/?p=690

Leaving aside that the article ignores "Restrictions" completely (which may be understood later on when the author uses the term "hard pressed creditors"); there is valuable information in their explaining that a Charging Order DOES NOT secure the debt but rather the Court Judgement. It's a critical distinction and explains why you will never sell your house without having to pay off the mortgage company but there is scope for doing so with a CO.

Also, the fact that court stats show that just 0.3% of "Orders For Sale" are ever granted (which was the point I was making earlier regarding why Solicitors don't waste valuable time and money going after them as the odds are so heavily stacked against them) should hopefully lift a heavy burden off the shoulders of people who've received CO's and are now fearing the worst regarding losing their home.

This statistic is not reflected, in my opinion, honestly when people are given information regarding CO's (even from debt advice help) and needs to be more widely quoted to enable people in debt realise that the world around them isn't going to collapse through a CO being granted.

harisumo

I am using this old thread for advice as most of the posters on here have had similar problems with NR and by now we all know where court proceedings with them eventually end up.

I hace received a General Form of Judgement N24 from the court where my hearing took place. Although I defended the NR claim for numerous reasons I did not attend the hearing due to ill health. I am being ordered to pay the full amount of the loan plus extra interest for the two years it took them to get the claim to court plus the whopping solicitor's fee. Basically I have no money, they refused my offer of token payment before and I cannot afford to pay the whole of the court order. Where do I go from here. I know that they will eventually go for the charging order but what happens next, can I do anything now, although I defended the claim can I still apply to the court for an installment order. The loan by the way is in my name and the property in joint, my husband pays the mortgage as I only work part time and am on a low income. Will the charging order be for the whole amount including the solicitor's fees which they have managed to rack up to over £4000. Any advice greatly appreciated.

Sparklyfairy

Hi there, when/if you get the paperwork for the ICO (Interim Charging Order), there should be a court date listed. If you can, PLEASE ATTEND. You will get the chance to put your side forward & request monthly installments at an affordable rate. Again, make sure you put a budget together listing all outgoings & incomings ( I know the Legal Beagles website has a great one - I used that one & it totalled everything up for me). Print off 3 copies (one for you, dj & NR's solicitor). This will show the dj what you can afford & ask if you can have that set as your installments. My co hearing was this time last year & MBNA's solicitors have written & asked for me to increase my payments & I've ignored them (this was 4+ months ago) & nothing's happend from them at all. Only the dj/courts can order the changes, not the creditor. Good luck & please read the link from one of my earlier posts on this thread about restrictions - b/c if your house is jointly owned & you have a sole debt, this is all you will end up with in the end! Good luck!

harisumo

Thanks for the reply it's much appreciated, I did also post up on another more 'live' thread on here regarding this as I thought may be this one a bit too old, so apologies for the duplication.

Sparklyfairy

No worries! But you might get a better response if you post a new thread. xx