Help please

Ruby_woo

My friend has no equity in her property, and has 40,000 unsecured debt.

She has spoken to Cccs and they mentioned br.

Sygma bank are trying to get a charging order for 2500.00 court date 20th dec. will they force her to sell? Also if she went br would she loose her home anyway?

If she went br would this wipe this charging order off if they hadn't already got a final charging order?

Many thanks, don't understand any of this.

P.s. interim charging order done on nov 15

Ruby_woo

Anyone please?

OutofDebt-NOT-OutofDanger

Ruby_woo wrote: »

My friend has no equity in her property, and has 40,000 unsecured debt.

She has spoken to Cccs and they mentioned br.

Sygma bank are trying to get a charging order for 2500.00 court date 20th dec. will they force her to sell? Unlikely especially if there's no equity - they will get their money when the house is sold at some point in the future. Also if she went br would she loose her home anyway? Not necessarily. She may need to purchase any beneficial interest (if any) within the 2 years 3 months from BR.

If she went br would this wipe this charging order off if they hadn't already got a final charging order? It would still stand if she went BR after the final charging order was awarded to Sygma. But not too sure if she went BR prior to this as it depends on what action causes the debt to change from unsecured to secured - hopefully someone else will know for sure.

Many thanks, don't understand any of this.

P.s. interim charging order done on nov 15

Hope this helps.

Ruby_woo

Thanks for your reply

Anondebtadvisor

To prevent the charging order being made final she will need to declare bankrupt before the 20th Dec.

As has already been said the house will be valued 2yrs and 3 months after the bankruptcy and if there is any equity could be required to release it or if not buy the beneficial interest.