Charging orders attachment to earnings

Wirral68

Hi, I’m selling my property that has charging orders attached. The property is in joint names, however the debts are in mine only. There is enough equity to pay the orders however can I ask for a settlement figure rather pay the full amount? I’ve also been paying the debts off via an attachment of earnings, can I continue to do this rather than pay the debt off? Would the full payment I make be reduced by the payments I’ve already made via the attachment?
Many questions sorry! Hope someone can help, many thanks

ThePants999

You can always ASK, but put yourself in the shoes of your creditors. Currently, they have the security of your property against the debt, and the knowledge that they'll be fully repaid when your property is sold. You're asking them to (a) accept less money than they're owed, and (b) lose that security, being left with nothing but your word that you'll repay them. Why would they take that? What's in it for them?

But yes, the amount you owe will certainly have been reduced by the repayments you've been making.

steampowered

Wirral68 wrote: »

Hi, I’m selling my property that has charging orders attached. The property is in joint names, however the debts are in mine only. There is enough equity to pay the orders however can I ask for a settlement figure rather pay the full amount?

Creditors might agree to a lower settlement if you offer immediate payment in cash without mentioning that the property is about to be sold.

I doubt your creditors would give you a lower settlement if the money is coming off the sale. There is no reason for them to agree to that.

I’ve also been paying the debts off via an attachment of earnings, can I continue to do this rather than pay the debt off? Would the full payment I make be reduced by the payments I’ve already made via the attachment?

I doubt the creditors would agree to let you continue paying off over time via an attachment of earnings when they can get paid immediately. There is no reason for them to agree to that.

In any event, isn't it desirable to pay the debts as soon as possible? Since your debts will be under CCJ and will be accruing interest at 8% a year?

The amounts you pay out of the sale should be reduced by the amounts you've already paid. The creditor doesn't get paid twice.