Hello,please can you help?

[ej.w]

Hello,please can you help?
can you tell me how a changing order works? can thay make you sell your home?and do thay add any intreaston?



Hello,please can you help?can you tell me how a changing order works? can thay make you sell your home?and do thay add any intreaston?

when is the new 50%of the value of the creditors coming in to fors? is it this year?

[MelanieGiles]

Hi ejw and welcome to the forum

A charging order is secured against your home, and the creditors will likely want you to make ongoing payments to them. If you fail to make the payments, then the creditor can go to Court and ask for an Order for Sale, which could involve you selling or being evicted from your home. Interest is added to the debt.

We hope to see SIVAs with their 50% majority in October 2008

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[ej.w]

please can you help again? we was going to do a iva with debt free direct,it was rejected by LTSB, there was not a majority in excess of 75%of voteing creditors i got 63.6% and my husdurd got 72% ltsb let us down,Northern rock was in favour they was our main crediter,it was a joint iva i ow £13,647 and my husburd ows £17,800 there was 13 creditors alltogether,we was only offering them £110 per month, which at the time we said that it was to low we throught that it had to be a min of £200 a month which we would have been happy with and we can afford that why did debt free direct put us throuh that,thay got us to give playplan a call,to do a DMPwe are offering £200a month,Northern rock are now saying thatthay are going to put a charging order on our house,i am very worryed about them doing that,it gets me very mad,because if it eas not for LTSB,we would have been in a iva,what happens can they make us sell our home?and if we sell in about 5years time,would we have to pay all the other creditors or can we still have the DMP,when we move?

Northern rocy are our main creditors we ow them about £16,000,so that will all came out of the equity in the hose,but we would still need the deopit for the new house can we have the equity afer we have payed northern rock off?or can the pther creditors make you pay them?and do you think it would be better to have a go for an iva again sometime in the furter? we dont what to loose the house,we have got 2 small childen.

[MelanieGiles]

I am quite frankly amazed that an IP firm would put forward an IVA with payments of £110 per month - are you sure that this is right? If so, I am not suprised that this was rejected by creditors, and can only guess that this was in conjunction with a weighty equity release during the final year?

How much equity do you currently have in your property, and have you thought about re-mortgaging now to release money which all creditors could share and not just one by way of securing a charging order. Please post the value of your property and current outstanding mortgage and any secured loans as well.

[Adam Davies]

Hi
If I read that post correctly NR agreed to the initial IVA proposal of £110 per month
Regards

[jim_h]

my first 9 months payments were 108 pounds with debt free direct

[vickir]

If NR do not hold a secured loan on your property already, they will have to issue court proceedings, get the CCJ and then apply for a charging order, that could take months,
It is very rare nowdays for a court to agree to an order for sale being granted, unless you totally stopped paying and made no offers to pay