DMP?

fatbelly

Yes that just sounds like they are reminding you of their right to start court action.

A bit of a waste of ink really

sourcrates

Please stop imagining worst case scenario, even if they went through the court process, and obtained a CCJ and CO, as long as payments are maintained, no further action is possible, they tend to omit the parts that say that in their generic threatograms, and make you think they can simply apply to the court and it will be granted, well its not that simple.

In your case it would only be a restriction anyway, so not even worth the court fee to them, try and relax.

ES19901990

Thank you, really appreciate all the help. 

I have read the thread on charging orders and restrictions but feel like my mind is boggled by it.

what is a restriction and how is it different?

sourcrates

This is my answer to a similar question 2 years ago:

A charging order secures a debt you have with a creditor against your property. This means if you sell or re-mortgage your home before the debt is cleared the charging order will be paid off from the proceeds.

A restriction is an entry on the registered title deeds to a property which prevents a sale or transfer of an interest in a property, without the creditor first consenting.

Section 20 of the Limitation Act 1980 prevents the commencement of any action to recover money secured by a mortgage or other charge on a property after 12 years have elapsed following the date on which the right to receive the money accrued.

ES19901990

That’s great thank you all, this has really helped

ES19901990

Hi All, looking through all my documents and have an update.
I have a piece of equipment on a business lease which has a personal guarantee unfortunately. 4 years 10 months left at £594 per month.
It’s unsecured, should my business become insolvent how would I look to deal with this and what would be the company methods of recovering the debt?

sourcrates

ES19901990 said:

Hi All, looking through all my documents and have an update.
I have a piece of equipment on a business lease which has a personal guarantee unfortunately. 4 years 10 months left at £594 per month.
It’s unsecured, should my business become insolvent how would I look to deal with this and what would be the company methods of recovering the debt?

You really need to be talking to Business Debtline about your business debts, we can only really advise on personal consumer debt on this forum.

Business debt advice | Free debt help | Business Debtline | Business Debtline

ES19901990

Thank you, going to look now, just wondered if anyone had any experience with the personal guarantee debt. Is the process the same as it looks like it basically becomes an unsecured debt I think?

ES19901990

I’ll start a new personal guarantee thread thank you everyone