Interim Charging Order

[RedDevil]

A nice envelope dropped through the letter box today just three days after my IVA was rejected. Brachers Solicitors on behalf of American Express will have a charge on our property on the 7th of June. Surely this unfair to my other creditors? Also, it's not fair to my wife as the debts are soley in my name. Is there anything I can do to stop it? I was hoping to get the IVA done again but as a joint one if there is such a thing. Surely the charging order will screw up an equity release. The order is for £8.3k and our joint equity is at the moment is approx £65k. Also, if your IVA is rejected how soon can you reapply? Any input would be most welcome.

Thanks Al [:(!]

[Storm]

Couple of questions....

1. Do Amex have judgement ?
2. Did your IP give an explanation for the rejection ?

[Andy2]

How much are your total unsecured debts (including the Amex one?).

[RedDevil]

Hi Storm Yes Amex do have a judgement and IP said IVA was rejected due to insufficient votes!! Creditors were offered 34p in the pound. RBS, Amex and M&S (HSBC) voted against. OBTW I was advised by the Debt Counsellors and then referred to Synergi. [:(!]

Thanks Al

[RedDevil]

Hi Andy2 total unsecured debt approx £78k.

Thanks Al

[Storm]

Is the £78k joint debts ? If not what are your combined unsecured debts ?

Did you complete form N9 (Offer of payments) when Amex applied for judgement ?

[RedDevil]

The debts are in my name. I was told to send the CCJ forms up to Synergi and they would deal with it. I think the N9 form was part of it.

[RedDevil]

Unsecured debt in my name is £78k and approx £16k for my other half.

[Storm]

There are a limited number of things that will prevent a charging order being made final. One of the main ones is that you have agreed to a payment structure and stuck to it.. but if they didn't complete the N9 then this one is a bit useless.

The second reason is if the order would demonstrate preference to one creditor over others.

Your IP could apply to the court for the matter to be adjourned on the basis of the above which would give you time to prepare are represent a new proposal.

[Andy2]

When did Amex obtain their CCJ and do you have any other CCJS ?

I am glad you are aware M and S Money is owned by HSBC (since 2004) - what is your debt to M and S and do you have any other debts with HSBC ?

[MelanieGiles]

RedDevil

There is time to stop this before the hearing, providing another IVA can be sorted quickly. What percentage of your creditors relates to Amex?

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[RedDevil]

Hi Melanie, Amex represent about 18 percent of the creditor total. Why do you ask?
Thanks Al

[MelanieGiles]

Because they could scupper your IVA application if they were owed more than 25% - remember you need a 75% majority, and if they think that they are going to get the lion's share in a charging order, they might just reject and proceed with that.

By the way I know you were trying to get hold of me today - sorry in meetings all day. Will call you tomorrow afternoon if that is OK.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[RedDevil]

Hi Andy2, No other CCJ. Unsecured debt with HSBC indirectly via M&S is 13.3k.
Thanks Al

[RedDevil]

Hi Melanie, I need a safe pair of hands to help guide me through. I will be at home tomorrow afternoon and I await your call. If only I had found this forum sooner. Thanks to all for their help. I am not going to throw in the towel yet!

Thanks Alan