Charing Order

[JoeB]

Just panicking - but if a creditor obtains a charging order
a can they nforce a house sale?
b does your income and exoenditure come into it when looking at how much you have to pay?[?]

[Dominic]

or you starting on an IVA fo you have an Insolvency Practioner, if you have started on an IVA your practioner should be working on getting all legal action stopped.

[JoeB]

Yes prepearing an IVA and I have sent a copy of the letter to my IP

[Dominic]

if the iva fails consider bankruptcy or DMP either way there are options open to you.

The only thing that stopped me going down the bankruptcy road was I would lose my job, otherwise I would have done it, the first thing to accpet when you are in the situation you and I are in, is do not worry about what ohter people think it is not important and does not matter, be pragmatic, you are sorting yourself out and that is the only and primary consideration.

The world is not going to stop spinning becasue you go bankrupt and you will not stop breathing. You will be able to start again and that is all that matters.

[JoeB]

Thanks Dominic

Very frightening - if the IVA goes through then all will be well - but DMP and BR I think my job will be OK ScaredKez is a real inspiration ans I amtrying to take some comfort from her experience

[V]

[BlueShoes]

Hello ggr
We are in a similar position to you; awaiting to approve our proposal before the creditors meeting is arranged.
It is nail biting stuff, and we are anxiously awaiting the outcome (well I am, hubby more laid back)
Could you go bankrupt? Have you any equity in your house?
We will use this to fall back on if not successful, as we have the usual suspects as creditors, high income and ontgoings.
Regards
Blue
Did you read my post on sensitive information?

[Storm]

Is it me ggr or are you editing all your posts - cos I haven't got a clue which ones you want an answer to !!!!

[lily]

I have just wondered the same thing, none of the threads make sense to me, are you scared of credotors reading??? Is making me wonder???

lily

[MelanieGiles]

To answer your first post - which I assume is the one you want answering -

a) Technically the creditor, if they get their charge secured, could take possessory action against the property, but it is unlikely that the Court would grant this if you had made a fair offer of repayment.

b) If you go get a charging order you will need to provide for a monthly payment to that creditor within your income and expenditure account.

Why is your IP taking so long to put the IVA proposal together?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[JoeB]

Yes been a little paranoid and taken some details out and thanks Melanie that is what I wanted to know - would the fair offer bebased on what you could afford?

[MelanieGiles]

Well it would need to be a sensible offer to ensure acceptance by the creditor concerned, leaving you with sufficient money to service the needs of other creditors. I suggest you work out what proportion of dividend this creditor would get during the IVA, and make an offer on that basis.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[JoeB]

Thanks Melainie - I hope it will not come to this - if the IVA goea through then all will be well - just worst case scenario!
If there is no equity in the property what would be the incentive of trying to force you to sell your property? surely the first mortgage holder would get all the money?

[MelanieGiles]

A Court would not allow a possession order in this creditor's favour, if there was no equity.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[JoeB]

Thanks Melanie - as I said worst case scenario but your last post is a huge relief!

[Storm]

They are unlikely to either apply for or get a judge to force a sale.

What they will get is there full debt secured against the property which will increase in value. They are also likely to prevent you from securing further monies on the property until there monies are paid.