terrified awaiting charging order hearing

DVardysShadow

This little snippet from the charging order Opening Post is worth quoting

blueback wrote: »

If your property is jointly owned a creditor will not be able to obtain a CO against you, they can only get what is called a restriction.

The laws on Restrictions are totally different to Orders, the most important being there is NO OBLIGATION for you to pay any of the proceeds of the sale to the creditor.

So there is your answer - if the car loan is in your name OP, but the house is in joint names, they can only get a restriction, not a charging order.

thechippy

Stop worrying about this.

I won't bother going into the finer details, but a a forced sale under your circumstances will 100% not happen.

Even under extreme circumstances where a lot of money is owed and the property has substantial equity, an ofs is as rare as hens teeth.

The only cases I've ever known them granted is when it's pretty much the only way the debt is ever likely to be discharged. Even then, it's usually only when the sums involved are huge and the property has a LOT of equity.....;)

Gormenghast

Just wondered whether there was any PPI on the loan? Others can advise better than I but if there was, you might be able to reduce the overall amount owed.

Good Luck.

endora

helen83 wrote: »

thanks everyone what i really want to know is how likely am i to loose my house and them force the sale?? i have no plans to sell in the future anyway as i couldn't get another mortgage coz of the debt, i don't want to end up homeless with 3 children!

Very unlikely. Orders for Sale are hardly ever granted for consumer debts under £25k.

helen83

Gormenghast wrote: »

Just wondered whether there was any PPI on the loan? Others can advise better than I but if there was, you might be able to reduce the overall amount owed.

Good Luck.

i do't know to be honest i did try to claim ppi back once but i was told i was in breach of the original terms and conditions so i couldn't claim it back, the company wouldn't entertain trying.

Gormenghast

Again, others can advise better than I:
But perhaps that was before PPI became the current hot potato for finance companies who were still in denial? The issue with PPI is the unfairness of the terms and conditions after all.
I suggest this warrants a further look but I don't want to waste your time if the claim you made was since PPI really kicked off.

Good Luck.