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How to remove a charge that's over 10 years old on my property
kentguy555
Posts: 3 Newbie
A credit card loan was lodged on my property, and not paid in over 10 years, (2006), does this charge expire in that time frame? How can I get the charge removed from the property for a buyer ?
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If you did not pay off the amount owing then the charge will still apply and when you sell the property the funds will be used to pay off the debt. The charge won't be removed until the loan is paid off regardless of timescale.5
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The charge needs to be removed before the sale can go through, and the lender has gone bust. Does anyone know how I could get rid of this charge or find out who to contact about the charge ?RelievedSheff said:If you did not pay off the amount owing then the charge will still apply and when you sell the property the funds will be used to pay off the debt. The charge won't be removed until the loan is paid off regardless of timescale.0 -
Prove the debt is paid and the charge will be removed.1
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Who was it? Somebody will have bought their debts, they won't just have vanished.kentguy555 said:
the lender has gone bust.RelievedSheff said:If you did not pay off the amount owing then the charge will still apply and when you sell the property the funds will be used to pay off the debt. The charge won't be removed until the loan is paid off regardless of timescale.1 -
^ This.davidmcn said:
Who was it? Somebody will have bought their debts, they won't just have vanished.kentguy555 said:
the lender has gone bust.RelievedSheff said:If you did not pay off the amount owing then the charge will still apply and when you sell the property the funds will be used to pay off the debt. The charge won't be removed until the loan is paid off regardless of timescale.
OP, no card operator just disappears and lets you off the debt. The debt continues, and somebody will have bought the debts from them. They will be the beneficiary of that charge now. You still owe the money, and you need to pay it before the charge can be removed.
The charge is a flag on the property title to say "This person owes me money, and promised to repay me from the proceeds of the sale."0 -
Who is the charge from? Your solicitor should be dealing with this, but you'll have to pay the charge to the company who purchased the debts.
These things don't just go away unfortunately - it probably would have been best to agree a small payment plan rather than them place a charge; the charge is likely to be much higher than the original debt due to court fees etc.0 -
Found out the debt was sold to Barclays, but it's proving very hard for them to locate it and to get hold of them because it's so oldmattyprice4004 said:Who is the charge from? Your solicitor should be dealing with this, but you'll have to pay the charge to the company who purchased the debts.
These things don't just go away unfortunately - it probably would have been best to agree a small payment plan rather than them place a charge; the charge is likely to be much higher than the original debt due to court fees etc.0 -
agreed but at the same time, why would anyone allow this to happen in the first place? The more time passes the harder it becomes and the debt does not go away. Life lesson, I guess.Mickey666 said:Interesting. I understand that the debt may last forever and might well have been sold on (as appears to be the case here) but what happens if the current owner of the debt really can't be tracked down? Surely there must be a mechanism for handling such a situation, otherwise the property becomes effectively unsaleable.1 -
You go to court, and the court can discharge it if they're satisfied there's nobody around who is owed the money.Mickey666 said:Interesting. I understand that the debt may last forever and might well have been sold on (as appears to be the case here) but what happens if the current owner of the debt really can't be tracked down? Surely there must be a mechanism for handling such a situation, otherwise the property becomes effectively unsaleable.0 -
Which isn't the case here. Barclays own it.1
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