www.iva.co.uk

I was made bankrupt in 1994 and by 1996 had agreed with The Official Reciver that they take any profit of my house above 60K ( 50% )
And they also took my private pension.
I am now in the process of a re mortgage and have found out a former creditor from my bankruptcy as place a caution on my property
i have contact them and they inform me that "They have opted Out of The Bankruptcy and are using the caution as a final charging order" Can they do this !! and yes i have spoken to The OR and they think it is naughty but say they cannot advise me and i must seek legal advice - Can you advise

Hi Andrew and welcome to the forum

Was the charging order placed on the property after your bankruptcy? If so, and if the creditor knew of the bankruptcy, then the charge is invalid and they will be liable to you for damages and costs if you need to go to Court to get it removed.

If it was placed prior to the bankruptcy, then the charge is probably valid but should have been taken into account when the OR calculated your share of the equity.

This is an interesting issue - and do let us know how you manage to resolve it. You may need to take legal advice, but I would approach the creditor directly in the first instance to avoid racking up unecessary costs.

Melenie

Many thanks for your reply, for the record i was made bankrupt in 1994 and since then the creditor ( HFC Bank ) as never once chased me for payment and they place the caution on my property in 2003 !!!!The Solicitors Acting are Restons fro Warrington - I have spoke to them and they are not prepared to remove the caution!! i meet my solicitor next week - i will keep you posted once again many thanks and if i have any further problems i will return !!!!

Andrew C