Charging order - Link Financial

stuart30

Hope someone can help here.

Link financial were granted a Charging order back in 12/2009 on our property (Should have fought it but a 15hr night shift and not receiving all court papers it went through very quickly) and have been charging £100 a month interest (Higher rate as the original loan) since.

We went bankrupt in 09/2010 as i hadn't worked since redundancy since 02/2010.

Today i received a letter from Link stating that they require either full payment or a monthly payment proposal,with amount and frequency of payment.

Obviously as im not working and having too pay £91 a month too mortgage (short fall from what the DWP pay too mortgage company)..i simply cannot afford too pay anything.

So two questions really..

Whats the chances of them going back too court too try and force us too sell (OR wasnt interested in selling as little if any equity.maybe even negative).

Or taking us too court too force me/us too pay...if the interest is £100 a month im wondering maybe its best just giving keys back too mortgage company and renting as even when back in work im not going too be able too pay the interest and pay off the £7000 they state we owe.

Lastly they state its a charging order..if im not mistaken there was a thread on here stating that most charging orders were in fact NOT and actually something else..Ive looked but cant find it and yes Ive used the ""search function".

Any help or advice would be gratefully received.

Just too say that reason for continued ESA claim is a stress related illness...current meds (Cyclosporine) have pretty strong side effects so dont expect too be working in the near future.

Nearly forgot..the letter states i have seven days in wheich too reply..later is dated 4 days ago and arrived today so assuming i need too reply next day or so.

alastairq

hi.stuart30...just bumped up for you.

vikingaero

You might be able to get more help on Consumer Action Group.

If the debt was in one persons name and the charging order is on a jointly owned property then I think that it would be hard to gain an order to sell. There was an article in which charging orders were deemed worthless as the assets could still be sold and transferred out of the reach of creditors.

silvercar

What is the property worth? How big is the mortgage and how much is outstanding on this charge?

stuart30

silvercar wrote: »

What is the property worth? How big is the mortgage and how much is outstanding on this charge?

Mortgage is £103k

Charging order £7k ish

Value Ive estimated for bankruptcy at £115k but could be as low as £100k as i had three different agents round and all just gave high sale figures too get business...one actually told me he had checked how much my outstanding mortgage is and based it on that..:mad:

The problem i have is with the current interest at £100 per month at current rate (it rises every few months) im not realistically going too be able too pay that and the £7k charging order as and when im back in work.

Really don't wish too loose house but if i gave the keys back too mortgage company then i believe im correct in saying all debts regards house including charging order would cease under bankruptcy terms.?