charging orders

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Post by jimmyda » Mon Oct 27, 2008 8:00 pm
I have read in the paper at the weekend that any creditor can place a charging order on your proprty if payments are missed and cannot be paid back..(or an IVA is not accepted)...what if there is no immediate equity in the property plus if someone other than the mortgage company has a charge on the property is the person who has a charge against the property entitled to their money first


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Post by MelanieGiles » Mon Oct 27, 2008 8:02 pm
Hi there and welcome to the forum

If there is no equity in the property, this does not stop a creditor being able to obtain a charging order, it just means that they would not get paid in the event of a sale.

The charging order comes behind your mortgage company and any other secured borrowing already in place.
Regards, Melanie Giles, Insolvency Practitioner


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Post by kallis3 » Wed Jan 28, 2009 1:11 pm
Your question has been deleted Ariel as this is a debt advice site, not an online shopping advice site.

You are also not allowed to put links in your signature as you are not a forum expert.
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