| Author |
 Topic  |
|
|
Anon123
Starting Member
United Kingdom
2 Posts |
 Posted - 19 January 2016 : 01:51:15
|
I was declared bankrupt in March 2011 and discharged Jan 2012. However before I was able to complete my bankruptcy, Creation Finance secured my car loan against my house (£15K). I am a joint homeowner with a joint mortgage of £120k with my wife, CO is £15k and my house worth about £150k.
In short, life is starting to return to normal. We kept our house as part of the bankruptcy and I had a good income both prior to and post bankruptcy. I was self employed and owed a lot of money from someone else, which drove the bankruptcy. I am trying to 'clean everything up with a view to perhaps moving in a few years time. Only now am I starting to understand the impact of the charging order and what problems it may create in time.
My questions:
I've seen forum postings that say a CO is not valid because we are joint owners of the property, is this the case?
Given that everything else was cleared under bankruptcy, is there any way to get rid of the CO retrospectively?
When I come to sell, is it likely to be an issue on getting a mortgate, given all this will have happened 10 years ago - i.e. will it always show on my credit file? Or will I just be able to clear it as part of proceedings?
Can I chip away at the debt or does it have to all be settled at once?
How do I find if it's even registered?
Lots of questions I know, feeling a bit confused as I can't find the CO in my credit file, or the CCJ, only the Default. But i definitely got CCJ papers and it was ruled I should pay the debt in full I think. Again, how can I check.
Thanks,
K |
|
|
Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 19 January 2016 : 08:11:18
|
Hi and welcome to the forum.
What kind of loan was it, what happened to your car when you went bankrupt and when did they put a charging order on your home.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
 |
|
|
Anon123
Starting Member
United Kingdom
2 Posts |
Posted - 20 January 2016 : 12:53:51
|
The loan for the car was unsecured, and not linked to the car. I sold the car a few months before and bought a runaround, so I didn't have the car at time of BR.
The CO was granted a couple of months before my BR.
Thanks
K |
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 20 January 2016 : 13:00:58
|
Did you pay off the finance in full before the BR?
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
|
|
|
|
Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 20 January 2016 : 13:58:55
|
Ok, so they secured it before your bankruptcy, that means it can't be written off in the bankruptcy and you still owe the money.
Check the land registry for the entry.
Your wife should have been also notified of the charging order. a creditor can go ahead even if the property is in joint names.
Once you sell the property, the mortgage and charging order will be settled from the funds.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
|
|
| |
Topic |
|
Questions about clearing a charging order. A car loan was secured against my house
