Advice needed re charging order

leela_2

So interest will definitly be added on at 8%?.Ive heard of people before on here who have had interest frozen or does that not happen anymore now?

tostao

please don't quote me on this because i'm a bit rusty, but any claim for statutory interest, which was set at 8%, has to form a seperate money claim at some point in the future, as far as i know, no creditor has ever successfully done this, to be safe contact national debt line, to verify this point.

tostao

the reason behind asking for charges to be knocked off is the creditor is asking for an unsecure debt set at much higher interest rates to be turned into a secure debt which would normally be set at much lower rates, good luck.

leela_2

please don't quote me on this because i'm a bit rusty, but any claim for statutory interest, which was set at 8%, has to form a seperate money claim at some point in the future, as far as i know, no creditor has ever successfully done this, to be safe contact national debt line, to verify this point.

Thanks tostao.

Eager_Elephant

I think it all depends on which judge you have, ideally they would freeze interest. Some judges tend to side with the creditors so be careful

EE

furrypaws_2

Hi All

some info from National Debtline may help (have been looking into this myself!)

"If a creditor has taken the debt to county court, they may be able to add extra interest once a charging order is made. Interest CANNOT be added if:

1. The debt is for an agreement regulated by the Consumer Credit Act. This includes most ordinary credit agreements, including bank overdrafts.

or

2. The debt is less than £5,000 in total (even if it's not covered by the consumer credit act)"

Basically if the debt is more than 5K and not covered by the Consumer Credit Act, interest will be applied....

Hope that helps....

leela_2

Thanks everyone for all your advice.I spoke to National Debtline this morning and im currently in the process of writing my letters objecting to the charging order.Still bricking it but feel a bit better knowing a little bit more about what might happen.Thank againxxx:o

leela_2

Hi everyone,
Went to court this morning and the order was granted,paying in monthly installments of £47.Judge was really kind not at all scary and it was over in about three minutes.He said as long as we keep to the payments everything would be ok.:o

RAS

Ok

So now set up the DD and get it paid a week in advance to cover Christmas etc.


You cannot afford to miss a payment.

davek1

Leela

really pleased all went well.

Good luck

Dave