Hi, I entered into an IVA back in Sep 2010 with Blair Endersby who then sold it on to Grant Thornton. One of the debts within the IVA was MBNA. In October 2010 they applied and were granted an interim charging order on my property.
I am now in the process of selling my house and hit a brick wall as when we came to the week of exchanging contracts this was brought to my attention by my solicitors, something I had not fully understood at the time ( I thought it would be simple, as Grant Thornton have a letter of undertaking from my solicitor that all equity gained from the sale would go straight to them to repay my debts) But I'm finding I'm just getting nowhere, Grant Thornton cannot get MBNA to remove the charge as they have sold the debt on to Eversheds/Max recovery. Max Recovery are not interested in removing the charge as they never put it on. Can anybody suggest anywat around this problem. I want to pay them back in full but cannot ! thanks in advance
Mmm that is a difficult one as the debt lies with whoever owned it last, being Eversheds/Max Recovery. Have Gt tried speaking with them? How was the CO put in place post IVA? Hopefully one of the GT representatives on here will pick this up and contact you directly.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
If you entered your IVA in September and the charging order was granted in October as Tina says the the court made a mistake. They could not make an order on a debt already subject to an IVA
(this sounds like you did not attend or bother to tell the court at the time the application was made)
Why doesnt your solicitor just make an application to have it struck out ?
Alternatively, if I misinterpreted the facts why doesnt he ask for the order to be suspended to enable the sale ?
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
You say that the IVA was approved before even the Interim Charging Order hearing - in which case the security is not valid without the approval of the Court. I don't think it is right to assume that the Court made a mistake - perhaps no-one brought the existence of the IVA to the attention of the Court?
Either way, surely the property can be sold with your solicitor holding the money for the benefit of either the charging order creditor or the IVA creditors generally?
