charging order

[PlanB]

Re: charging order

I had to buy the properties on paper because at the time my credit score was good whereas my ex partner had a ccj so couldnt get a mortgage. The properties were originially a house which we converted into flats . . . . . . There is possibly some equity in the property now.

The properties were bought at market value at the time on 2 buy to let mortgages

That all makes sense. Presumably if push comes to shove (and we hope it won't) you could let the bank place any charging order (only if they get a CCJ first!) on one of the Buy-to-Let flats and not your home.

[Still Waving]

Re: charging order

That all makes sense. Presumably if push comes to shove (and we hope it won't) you could let the bank place any charging order (only if they get a CCJ first!) on one of the Buy-to-Let flats and not your home.

I wouldn't put it past them to try to get a charge on all three.

[PlanB]

Re: charging order

this is currently with Natwest

I've just remembered something useful

In January the OFT sanctioned NatWest for using charging orders to collect debt. If they break those *Requirements* then they could be in deep doo doo. The bank may need reminding of this if you get into further negotiations. You can download a copy of the sanction from this OFT link:

http://www.oft.gov.uk/news-and-updat...3#.UgoNYatwZjo

I know a business debt is possibly not the same as a personal debt (not regulated by the CCA?) but I see no harm in letting them know they're already in trouble with the OFT for their "unfair and oppressive" practices. They could lose their CCL if they cross the line with the OFT again

Obviously you need to wait to see what Josie has to say about your PG first.

[GlobalC]

Re: charging order

Hi all, Back from a couple of days work away. I have forwarded everything I have regards to PG to Josie. Fingers crossed for some good news

[GlobalC]

Re: charging order

Just to update, Josie has said that it looks like the guarantee's are good, she is away for a couple of week's and should get a definitive answer soon. On the plus side I haven't received anything else from the bank or solicitor's in relation to this.

[PlanB]

Re: charging order

On the plus side I haven't received anything else from the bank or solicitor's in relation to this.

Have you resolved this problem without getting a charging order ?

[GlobalC]

Re: charging order

Have you resolved this problem without getting a charging order ?

I havent heard any more about this so i've let sleeping dogs lie and await further contact

[GlobalC]

Re: charging order

Hi Guys,

Hope everyone is keeping well. Unfortunately there has been further developments with regards to the above. I have received a letter today from Ascent Legal with regards to the business overdraft. The letter is headed with bold " Letter before Court Proceedings" basically saying I have 14 days to pay up or they will take me to court to get a charging order.

So what do I do now?

Brief summary of events,

I have maintained payments to service this debt for the last 6 months, which Natwest will no longer accept
I am on a self managed DMP


Any advice on how to respond greatly appreciated

[PlanB]

Re: charging order

I have received a letter today from Ascent Legal with regards to the business overdraft. The letter is headed with bold " Letter before Court Proceedings" basically saying I have 14 days to pay up or they will take me to court to get a charging order.

. . . . I have maintained payments to service this debt for the last 6 months, which Natwest will no longer accept

Ascent Legal are a DCA not a law firm despite their ambiguous title. They are owned by Irwin Mitchell LLP which is a law firm. If NatWest have passed this to a DCA then there is still hope that you can negotiate a deal direct with them without court proceedings being issued.

You say you've maintained your payment arrangement with NatWest so I presume you're willing to carry on with these repayments (in preference to getting a CO on your home) even if NatWest aren't willing to carry on with the arrangement. Maybe Ascent Legal will be more amenable

I gather that Josie888 must have said that your personal guarantee to the bank is watertight so it looks as if you can't escape paying back the loan. The added complication is that your ex-business partner had also given a personal guarantee for the loan but currently he is blissfully unaware that this debt hasn't been paid off when you remortgaged the two flats in your sole name. If the bank were to chase him with a CO it would be a bit awkward for you to say the least.

I don't know what to suggest since you seem to be between a rock and a hard place with this problem. See what others say but I hope Ascent will play ball with an ATP

[GlobalC]

Re: charging order

Ascent Legal are a DCA not a law firm despite their ambiguous title. They are owned by Irwin Mitchell LLP which is a law firm. If NatWest have passed this to a DCA then there is still hope that you can negotiate a deal direct with them without court proceedings being issued.

You say you've maintained your payment arrangement with NatWest so I presume you're willing to carry on with these repayments (in preference to getting a CO on your home) even if NatWest aren't willing to carry on with the arrangement. Maybe Ascent Legal will be more amenable

I gather that Josie888 must have said that your personal guarantee to the bank is watertight so it looks as if you can't escape paying back the loan. The added complication is that your ex-business partner had also given a personal guarantee for the loan but currently he is blissfully unaware that this debt hasn't been paid off when you remortgaged the two flats in your sole name. If the bank were to chase him with a CO it would be a bit awkward for you to say the least.

I don't know what to suggest since you seem to be between a rock and a hard place with this problem. See what others say but I hope Ascent will play ball with an ATP

Tell me about it! Josie never got back to me to say whether there was anything that could be done, only that it looked good on the face of it. Im thinking of replying with a letter saying that Im on a dmp and can only offer what I can afford and remind them of the OFT sanction that you mentioned in an earlier post. I will wait to see if others have anything else to say on the matter before I send anything. The way i see it surely the court would look favourably that im trying to service my debts if it ever gets that far?

[GlobalC]

Re: charging order

It must be that time of year again all my creditors seem to be rearing their ugly heads, but its the Natwest debts i have that are being the most noisy. I have apex chasing personal overdrafts and Natwest have so far kept the CC in house. Oh the joy of it all, One day i may finally free myself from all this

[Undercover Elsa]

Re: charging order

I'll flag this up for attention globalcrossings, see if our preferred solicitor ATW can look in..
I'm wondering whether a Time Order might be an option, but not sure if appropriate for business debts...although the fact that it's a personal guarantee might change that...

[Still Waving]

Re: charging order

The way i see it surely the court would look favourably that im trying to service my debts if it ever gets that far?

You would think so, but it's not always the case, I'm afraid. I had a Payplan DMP which all creditors but one accepted. This particular creditor was getting DMP payments at around 50% of the original agreement payment, but they would not accept the DMP, and went to court.

Payplan assisted with my paperwork, and the debt was not contested. I did not go to court as it was the other end of the country from me. The court assistant, or whatever the correct title is, granted the application with a Forthwith Order. The creditor followed immediately with an application for, and was granted, a CO without notifying me beforehand.

I asked for a local redetermination, but the local judge did not overturn the CO. However he made no order regarding payments as I had pointed out that the creditor had been receiving regular payments without any break, just at a reduced level. By then the damage was done and I was stuck with the CO.

Frankly, I was disgusted by the whole business.

[GlobalC]

Re: charging order

If I could raise money to make offers obviously I would do so, but my family have no money and no lender would touch me with a barge pole. Last resort would be to try and get a secured loan to pay this off but I'd hate to think what sort of APR id be offered if any at all ( not sure applying for a loan would look good anyway ). Thanks all for your comments the ultimate goal for me with this is to avoid a CO so the longer I can keep all creditors at bay the better chance I will have to make FF payment offers but this is likely to be at least a year away.

[Undercover Elsa]

Re: charging order

Hang fire until ATW has a look in, see what can be done about damage limitation. Maybe a Tomlin Order if they do issue (court arranged payment plan which can't be varied without application to court).



Payplan really stitched you up didn't they Still Waving? A reminder NOT to allow them to handle claims, and of who, at the end of the day, supplies their funding