Can you be forced to....

craftingqueen_2

Sell your home to pay your debts.All our priority debts are paid mortage etc..,we are doing a dmp with payplan first payment to them this month.

Question :- We have debts over 50k,can the courts force us to sell our house to pay our creditors? we are family of 7 so i'm really worried.

I_was_a_fool

Dont worry, so long as you are making regular payments through Payplan, it is very unlikely that there will be any action like this. Any creditor would have to go to court, which is unlikely in itself and even then the worst that would happen would be a charging order, which means that if you sell up, that creditor gets a payment from the equity. So long as you keep paying your priority debts and the dmp, all should be well.

Creditors may well try & panic you with talk of such things, just stick to your guns and refer them to Payplan.

I_was_a_fool

Oh yes, remember if they call to tell them there isnt any equity in the house. True or not, it doesnt half depress them!

Scottishmummy

I seriously hope not cos as you see from my signature I'm in the same boat. As it is we have 65k equity on this house but we would obviously not be able to buy elsewhere and would end up renting which is something I just don't want to do. Have certainly never told any of my creditors about the equity.

nomoneytoday

I'm sure the creditors would rather get something than nothing.
As long as you pay your IVA or DMP its usually fine.

If you fail to pay then they may get "nasty"