Feels like im going under!

kimwp

Specifically, what are you afraid of if a charging order is applied?

NiteEyez1980

kimwp said:

Specifically, what are you afraid of if a charging order is applied?

Being made to sell my house to paybtye debt. 

kimwp

NiteEyez1980 said:

kimwp said:

Specifically, what are you afraid of if a charging order is applied?

Being made to sell my house to paybtye debt. 

Ok, so what are the specific steps that they would have to undertake in order to do that? 

NiteEyez1980

I need to look at it with rationale steps.

After the first quiet Xmas, and the last 6-8 weeks of this, I think it's just a wobble of worry as things Have been quiet contact wise due to postal strikes and Xmas.

I have only had a couple of late payments so far, no default notices

Humdinger1

@NiteEyez1980 an expert will be along shortly; can I say in the meantime that I'm pretty sure that charging orders require court action.  Why would a judge favour Shawcross over the rest? I can't remember if you're working via Stepchange or similar; if so, every creditor gets a % of available funds and the principles are the same if you're self-managing.  They are free to apply but the very wording says to me that they know their chances of success are low at best, more like non-existent.  This emotional roller coaster is normal at the start.  Onwards and upwards love Humdinger xx 

badmemory

Humdinger1 said:

@NiteEyez1980 an expert will be along shortly; can I say in the meantime that I'm pretty sure that charging orders require court action.  Why would a judge favour Shawcross over the rest? I can't remember if you're working via Stepchange or similar; if so, every creditor gets a % of available funds and the principles are the same if you're self-managing.  They are free to apply but the very wording says to me that they know their chances of success are low at best, more like non-existent.  This emotional roller coaster is normal at the start.  Onwards and upwards love Humdinger xx 

Exactly.  They can say they will apply for a charging order.  It is a threat.  You have had the odd threatening letter before.  But would they waste the money on trying to get this when their chances are slim. 

kimwp

NiteEyez1980 said:

I need to look at it with rationale steps.

After the first quiet Xmas, and the last 6-8 weeks of this, I think it's just a wobble of worry as things Have been quiet contact wise due to postal strikes and Xmas.

I have only had a couple of late payments so far, no default notices

According to the CAB website, they'd have to go to court three times (To obtain a CCJ, charging order, then order of sale) to make you sell your house and the judge could rule not in their favour any of those times (particularly not in their favour re the order of sale would be that it would be unfair on the children)-  it seems unlikely that it will be worth them employing lawyers etc three times for a debt that's less than £14,000.

I think what you always need to come back to was that your options were to stop paying the debts to stop interest being charged or spiral into more debt. There weren't other options as your essential outgoings are the same as your income. So there were only two options and you chose the one that didn't make the situation worse.

FamilyOfSix

Hi, I have just noticed a thread on here regarding Charging orders
https://forums.moneysavingexpert.com/discussion/1839539/charging-order-the-myth#latest
Hope it helps. 

enthusiasticsaver

It is a threat often used by fairly unscrupulous lenders and unless you have a large debt and masses of equity they are unlikely to go ahead with this.  Even if they do an order for sale is rarely given by a judge for unsecured loans but it may be that when and if you ever sell you may need to clear the loan at that point. Unlikely any court would do this though and the cost of court proceedings for smaller loans makes this unusual. 

NiteEyez1980

Good evening all, 

Well, after an Xmas of postal strikes, all I've had is a series of 'overdue'  and 'please pay us' letters.

All from: HSBC, MBna and natwest.

Given the climate I image the mandate is not to 'pull the trigger' until the very end.

Considering in the space of a month a  friends energy bill has gone from 350 to 670 and mortgage from 800 to 16500  next month, we aren't going to be the only ones