Hi - I need some advice please. I attended a charging order hearing 6 weeks ago which was adjourned until today. The reason being that I was in the middle of changing roles in my job and my new job had the option of earning bonuses. The judge said if I could propose an increased offer to my creditor - HSBC then maybe HSBC would drop the charging order. The problem is although I have taken that new role the bonuses are target driven so if one quarter i dont hit target then i dont get bonus and thus I am scared to committ to an increase in payments just in case. Likewise I am concerned that I have 2 children 6 and 4 and we need more space as my daughter is getting to an age where she wants her wn privacy - thus is there any part of the Human Rights law that I can use to stop the final charging order as if this is granted I wont be able to move to a larger home and give my daughter the privacy she needs. Sorry for the lond thrad - any help/advice is greatly appreciated. Thanks
ps. As far as I understand I would not be able to sell my home if a charging order exists unless I can repay this - thus this is where my concern comes from on the charging order effectively stopping me being able to move on with my family as it is unlikely there will be enough equity in my house to repay this debt after repaying the mortgage
You already have one charging order don't you? This will effectively stop you from selling without permission anyway. You mentioned that in a previous thread.
I have no idea if you can do anything to stop this. Hopefully one of our experts can assist.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi - Yes I do have one charging order but it is likely I would have sufficient equity to repay that 1 plus mortgage but certainly not an additional one.
Have a word with th cab to see if they can advise. I have no real knowledge of charging orders at all.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
There is nothing under Human Rights Law that would stop the charging order, but the Court will appreciate your financial situation in determining how much you should pay this creditor on a monthly basis.
A charging order will not stop you selling your home, but it will mean that they will be paid out of any equity after the prior charges have been paid off.
Mel - thanks for this. Is it not true that if there is no sufficient equity to repay the charging order after the mortgage is cleared that they could stop the sale going through ? This is my whole concern. Thanks for responding
The creditors with the charging orders against your property cannot prevent a sale even if there is not enough quity to pay them all in full. They simply become unsecured creditors after the sale. The only ceditors who could stop the sale if they do not feel they would be paid in full are the primary mortgage holder and/or a lender with a secured loan charge.
