Charging order against my property! please help!

[blade']

I had an un secured debt with GE money and it was un secured when I took it out, Long story short, I've now gone bankrupt and im waiting for my court date. I got a letter through saying they've succesfully got a charging order on my property for the totoal loan!! The hous isn't going in to the bankruptcy as theres negative equity so I was told there is no point. Can GE do this? Can I get around it or challenge it or reverse it!! please help everyone.

[Loosehead]

Yes they can do it, they are pursuing their money legitimately. There may be negative equity at the moment but when the house is finally sold there may well be enough to pay GE. This is standard practise all they are doing is putting themselves in the que to get paid. They cannot force a sale though.

[blade']

Thanks for responding, so they cant make me sell, so I guess my house is kinda safe.. How do GE get their money eventually? is it a case of literally waiting until I sell in the future then "hey, where's are money" ??

[Oneeyedvic]

yes it is exactly that.

When you come to sell, your solicitor when he receives the money from the buyers will pay off all the people with charges before he pays you any left over.

[blade']

Thanks loads for your answers, just peace of mind they cant take the house. Is it worth writing to them and trying to agree a payment plan or are they now just going to wait for lot?

[Whickerman]

You could certainly try - I'd imagine they'll be receptive, as it means getting their money that much sooner

[Loosehead]

You can also make them an offer of a proportion of the debt in "Full and final settlement". For example if you owe �10000 they may well accept half that and you'll clear the debt.

[themas]

Sorry, but it's not correct that they can't take the house. They can apply to Court for an order for sale & the Court would then decide whether to grant it. BUT if there is negative equity they wouldn't do this as they would get nothing from the sale.