Charging Order - Stop avoid set aside
If you are being threatened with a Charging Order you should read this carefully, unfortunately some of the possible effects of charging orders are seriously underestimated and we provide genuine free advice and help.
You won't find anyone else providing our 3 step approach and we offer expert help that others don't or can't provide, we often speak to people who contacted us after wasting valuable time commenting that they "wished they had contacted us sooner".
"Your professionalism dedication care and understanding was what got us through a very difficult time - there is light at the end of the tunnel, thank you for all your heart felt assistance" Mr & Mrs G
Recent data has indicated there has been a sharp rise in banks trying to secure loans and credit cards against borrowers properties using a charging order and initial figures suggest they are up 42% for 2007 compared with previous years.
Banks, Financial Institutions and their Representatives take recovering debts very seriously but some can go to almost any lengths to recover money often relying on your lack of knowledge, we would always recommend that you:-
- Don't believe everything you are told - get everything in writing.
- Don't make agreements you can't keep, you will make matters worse.
- Don't tackle this yourself without experienced help, your lack of knowledge experience or emotional attachment can lead to expensive mistakes.
Question - Is the creditor entitled to apply for a CCJ or should you have received one in the first place?
Confused? - We often see cases identified in Step 1 where creditors should not have obtained a CCJ or charging order or the value is significantly higher than it should be, if you are reading this you should we should be 1st on your list for a quick call or email.
Dealing with a Charging Order - 3 steps
Step 1 - We help check your debt, paperwork and process
This may surprise you but in a large number of the cases we see, rules and regulations had not been followed, documentation necessary under the consumer credit act had not been correctly completed, loans in general have often been incorrectly calculated.
- Have the charges interest penalties or fines been incorrectly calculated?
- Are you being harassed?
- Did you get significantly overcharged?
- Would the order disadvantage another creditor?
- Were there hidden commissions?
- Is the creditor following the correct process?
Some loans could even be voidable, not enforceable or at least subject to significant financial recalculation and there are strict rules, regulations, and guildelines to protect consumers that creditors must follow.
Depending on the type of debt these issues can be used to help in several different ways from stopping further action to reaching a satisfactory agreement
If you contact us a quick call or email can often identify if you are likely to have suffered from any of the issues above without contacting your lender, you have nothing to lose as the check is free before its to late
Step 2 - Check your options
Some people have no choice or out of principle because of the circumstances want to fight the Interim Charging Order and we can often help you with this where issues in step 1 have been identified.
Others may have a choice and identifying and understanding your options is essential if you are going to be able to make the right decision before taking the next step and we will as part of our review check your options.
- Could any issues in step 1 could be used to help negotiate, increase your options, stop a creditor taking legal action, or in defending a charging order application.
- Can an IVA agreement be used to stop or avoid a legal action by consolidating all your unsecured debts into one affordable monthly payment with interest and charges stopped.
- Would a loan or a financial restructure realistically help you deal with the debt.
- Will negotiation with your creditor be a genuine option.
- Are there any other methods or debt solutions that could help.
Step 3 - Quickly get your solution in place
We will explain the pro's and con's of your options and once you are ready to move forward we will quickly prepare to put your solution in place.
*The "clock is ticking" with a charging order and even if it is just a threat before a CCJ we strongly recommend you do not waste valuable time.
If you have already decided on a course of action, would like a second opinion or just need help challenging an interim order if you contact us we would like to offer our free advice and help.
Charging Order - Did you know
- It can stop you getting a remortgage in the future - see below*
- The unsecured debt becomes secured like your mortgage.
- It reduces the amount of equity left in your property.
- The debt normally has to be repaid when you sell or remortgage.
- If you have other debts and were considering an IVA it can stop you being able to consider this.
- Joint owners of a property will normally find out even if the debt is just in your name.
* If you have a discount mortgage when it ends the payment goes up and it is normal to renegotiate terms with your current lender or remortgage to a more favorable interest rate again to keep your payments as low as possible.
The amount of equity in your property is important to lenders when you apply for a mortgage and depending on the size of the charging order debt and your equity this can affect the interest rate a lender will charge or at worst stop you remortgaging or obtaining a favorable option in the future.
There are several reasons why you may wish to stop a charging order and we will quickly identify the solutions which are realistically available including whether you have any grounds to apply to challenge the order, could use a financial solution or an IVA agreement but you will need to take action now. contact us
What is a Charging Order - key points
- You would normally have received a CCJ or County Court Judgment for the debt already.
- A creditor or lender has to then apply to the Court for a charging order and the process starts with an Interim charging order.
- You will be notified of the hearing date.
- On the order of the Court the charging order is placed against your property or land for the money you owe to a creditor or lender.
- The Land Registry are notified ensuring any future sale change in ownership or new mortgage provider etc is aware of the debt.
- This provides a sort of guarantee that the creditor or lender has a good chance of getting their money back.
- Fees and costs associated with the charging order are usually added to the debt.
- The debt would normally have to be repaid if your sell the property or remortgage.
- This will in effect make the unsecured debt secured.
- It is unlikely you would be forced to sell your property but not impossible.
Charging orders can effect you in many ways depending on your circumstances and if you plan to set aside this apart from any help we offer we always suggest you take legal advice and gambling that your creditors are only bluffing or that a Court would find in your favor if you plan to fight without being properly prepared naturally this is not a tactic we would recommend.
If you are not sure what you could do next, need urgent help or just further information on charging orders please telephone or email one of our friendly consultants in confidence today.
The call or email could change your life!
Free Confidential National Helpline 0800 781 9958
email: info@discreetdebtsolutions.co.uk
IVA - Debt Management - Debt Negotiation - Free Affordability Assessment for Loans Credit and Finance - Bankruptcy Petition- Bailiffs - CCJ's or County Court Judgements - Default Notice - Mortgage and Secured Loan arrears
Head Office :- York House Shoplatch Shrewsbury Shropshire SY1 1HN