Maximum number of COs on house.

forumman_2

Hi,
I now have 4x charging orders on my house thanks to my latest court appearance. It occurred to me that maybe there is a grain of sunshine to be taken from this. I heard a rumour that you can only legally have 5x CO on any one proprty. I still have 6x unsecured creditors who will,I assume, eventually go for CO themselves. Here is my master plan ; offer the smallest creditor £1.5k a voluntary CO thereby preventing my larger creditor £20k from get their CO. Any thoughts welcome.

Sea78

ooh I have no idea if this is the case or not - perhaps it might be worth contacting the CAB for advice?

craftingqueen_2

Not sure on this one, i put up a question like this before and someone had a long list of charging orders on their house? We are going to court at the end of may for a CO from Nationwide for £3.5k, and they are one of our smallest creditors, so we are expecting quite a lot of our creditors to do CO's too.

CQ

davek1

i have 3 as well as a second mortgage. I had never heard of this before. Be interested to find out if there is any substance to it

chez000

Fairly sure that an unlimited number of charging orders can be made on a property as long as there is enough equity

forumman_2

Hi Chez000,
I'm afraid to say that equity is irrelevant. I went to court last month and the judge awarded a £17k CO against me despite being £50k in NEGATIVE EQUITY. The argument the solicitor put forward was that eventually I wll be in positive equity???...in 10 years time...LOL

davek1

if i was in that much negative equity i think i'd walk away and let the dca's do their worst!!!

Tongue in cheek really as i know it's not really possible, but anything to get one over them

forumman_2

davek1,
It has crossed my mind a few times...

chez000

forumman wrote: »

Hi Chez000,
I'm afraid to say that equity is irrelevant. I went to court last month and the judge awarded a £17k CO against me despite being £50k in NEGATIVE EQUITY. The argument the solicitor put forward was that eventually I wll be in positive equity???...in 10 years time...LOL

Very surprised by that ....just seems a bit pointless
useful to know though, so thanks for correcting me