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Lifting a charging order
aimingforadebtfreelife
Posts: 393 Forumite
Hi all, any advice would be greatly appreciated.
I have managed to secure a great mortgage deal at 5.39%, bearing in mind am currently paying 8.9% which will be a huge relief on my finances. Big snag is that Northern Rock put a charge on my property for their £12,750 unsecured loan debt which I am paying through a CCJ at £12 month. I was willing to offer £10,000 as full and final if they agreed and to lift the charging order (the £10k is the max equity I can release). Speaking to an advisor tonight she seems it wont be accepted as they have the charge and are quite willing to wait. (for what??) My argument was it would take over 75 years of monthly payments to reach what I am offering in one go. Any advice anyone if this is a fair offer?? I cant remortgage unless the charging order is lifted.
I have managed to secure a great mortgage deal at 5.39%, bearing in mind am currently paying 8.9% which will be a huge relief on my finances. Big snag is that Northern Rock put a charge on my property for their £12,750 unsecured loan debt which I am paying through a CCJ at £12 month. I was willing to offer £10,000 as full and final if they agreed and to lift the charging order (the £10k is the max equity I can release). Speaking to an advisor tonight she seems it wont be accepted as they have the charge and are quite willing to wait. (for what??) My argument was it would take over 75 years of monthly payments to reach what I am offering in one go. Any advice anyone if this is a fair offer?? I cant remortgage unless the charging order is lifted.
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Comments
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I don't see any reason why you shouldn't put your offer to them. When the advisor says willing to wait, she may have meant that NR can wait until you sell the property & then get the full amount owed to them.Donedoingdebt Lightbulb moment January 2000. Debt at highest approx £102,000. Debt now (October 2009 - absolutely fork all!!!):beer:
CSA case closed on 02/09/10 :beer::beer:0 -
Might be worth checking, but I'm sure that I've read somewhere that with the Charging Order NR can charge 8% pa interest on the debt. Might be why they don't seem keen to accept your offer.0
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I am sure that the £12,500 includes all those illegal (bank) charges. I will write t them and request your past statements. Once you get this, work out what you truly owe. Write to them and let them know that you can recover those charges & interest through the courts. However you are prepared to come to an arrangement and pay the debt off (less the amount they owe you in charges+interest)
If they refuse you offer, then go ahead and claim the illegal charges through the courts. The court (if it ever gets that far as they are bound to settle before the court date) will then offset what they owe you in charges against what you owe them.
This will ensure that you will end up paying far less the £10K they are refusing to accept. You're a winner which ever you go:rotfl:0
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