One of my creditors Cahoot has sent me an email giving me notice of a charging order I have missed 1 payment to them. Am going to petition for BR shortly what is a charging order and what effect does it have.
A charging order effectively gives an unsecured creditor security over your property so that if you fail to make the ongoing payments agreed by the Court the creditor has the right to take possessory action against the property for the recovery of the debt. This could lead to the loss of your home, but such actions are actually quite rare.
If you are to sell your property in the future, the debt will be paid off prior to the release of any monies to yourselves.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
Charging Orders
Posted - 08 May 2008 : 21:23:58
