Help please

hsgamboy

Hi

I am a 1st time user after many months of reading everyone’s threads. I have to say that this is a brilliant site and full credit to all of you.

Enough said, I have a massive problem and need your help.

I ran up my American Express credit card to 2k and couldn’t repay the debt. Couple of weeks ago I received a county court judgement to repay £4K and this week I received correspondence from both the solicitor acting on behalf of American Express and the Land registry that my creditor had applied to register their interest on my property and provided I don’t dispute or object by mid-Jan 2007 this would be the case.

My property is a Share Ownership scheme – 50% belongs to the housing association and the other 50% to me and my ex-girlfriend (she moved out over 3 years ago and I had been paying the mortgage, we are in the process of taking her name off the mortgage)

My question is – and bearing in mind that I cannot pay the £4K they are demanding;

1) Can my creditor and its solicitor legally exercise this threat?
2) Can they force both the Housing Association and me to sell our property to pay off the measly £4k debt?
3) When I do sell my share of the house, in 21 year (after paying off my mortgage) will they just be entitled to just the £4k or also the equity made on the property as well?

The property is worth £166k, I owe 83k of which 55k is mortgage.
I only want advice/suggestion and no criticisms please on why can’t I just pay up. I will pay the debt back in less than two years time when I am in a better financial situation. I don’t either want to borrow on my mortgage just to pay off this debt. I
Look forward to your replies.