We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Charging Order Questions...
MollyBear
Posts: 209 Forumite
I got a letter from Northern Rocks solicitors today, saying they accept my token payment of £10 a month as long as they can put a charge on the house.
Am I right in thinking a charge is basically putting my unsecured loan onto my secured loan??
And is the £10 a month aswell as what I already pay a month??
I've tried to phone NR and the solicitors to ask but I'm sick of the engaged tone and you lot are more friendly!!!
Am I right in thinking a charge is basically putting my unsecured loan onto my secured loan??
And is the £10 a month aswell as what I already pay a month??
I've tried to phone NR and the solicitors to ask but I'm sick of the engaged tone and you lot are more friendly!!!
0
Comments
-
I am not sure about this one but I know there are lots who will know!
Sea xxxCCCS DMP:Feb 07
Total:£37,016.47 now £0 DEBT FREE FEB 14
2022 Decluttering Campaign 49/10110 -
Sounds like they will accept your offer of £10 a month as the payment.
A charging order means they automatically will get the money if/ when you sell. I'm not sure if they get the right to repossess the house though. It does effectively secure the loan on the house.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Don't they have to take you to court and get a CCJ issued and for you to have defaulted on the amount of the CCJ before they can put a charge on your house?0
-
For an involuntary charge on your house this is correct. However, they can ask you to sign a voluntary charge on your house at any time.Don't they have to take you to court and get a CCJ issued and for you to have defaulted on the amount of the CCJ before they can put a charge on your house?
Most money advisors will advise against signing a voluntary charge unless the terms and conditions are extremely favourable. Are NR stopping all interest and charges in exchange, for example? If you agree to this Molly, be very sure that the £10 monthly payment is a realistic payment that you can afford to maintain, and also that you are getting a better deal out of signing the charge than you would if you didn't.0 -
If you are still not sure - although some good advice above, it would be worth popping to the CAb with the letter and getting some advice from them as well.
Sea xxCCCS DMP:Feb 07
Total:£37,016.47 now £0 DEBT FREE FEB 14
2022 Decluttering Campaign 49/10110 -
If they have offered a voluntary charge and you are happy with it, ensure that no interest is added or payable and that there is a guarantee that there is no order for sale.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards