increase in companies going for charging orders

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robbo201

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Post by robbo201 » Mon Apr 28, 2008 10:26 pm
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Heard lots of news recently about the increase in companies going for charging orders and wonder how this is having an effect. MBNA are ny biggest creditor with £25000 and i was wondering if they would now go for one. I have been paying them £1 a month nominal paments. I hope to sell my property and release some equity to consider a lumop sum iva, but until then!
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MelanieGiles

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Post by MelanieGiles » Mon Apr 28, 2008 10:49 pm
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If you are only paying a very nominal amount, and this creditor is aware that you have equity in your property, they may well seek a charging order to protect their position, which effectively will ensure that they get preferential treatment in the event tha tyou sell your property.

You do not have to wait until the property has been sold to propose an IVA - it can be put forward now so long as you can see a sale progressing within the next 12 months and are prepared to offer all or the majority of the sale proceeds.
Regards, Melanie Giles, Insolvency Practitioner
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