So It Was Just Another Dirty Con Trick...
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An interim charging order is the first step of registering an interest in somebody else's property, usually because of bad debt.
When the interim order has been issued a copy is sent to the debtor and the creditor, and the creditor must then register it.
There will be a hearing where the judge makes the decision to issue the final charging order.
The debtor has seven days after receiving the copy of the interim order to object.
If the judge issues the final charging order the creditor informs the land registry. When the property is sold this debt must be satisfied before the debtor gets the proceeds.
The creditor cannot force the sale of the property, but interest accrues until the property is sold.
When the interim order has been issued a copy is sent to the debtor and the creditor, and the creditor must then register it.
There will be a hearing where the judge makes the decision to issue the final charging order.
The debtor has seven days after receiving the copy of the interim order to object.
If the judge issues the final charging order the creditor informs the land registry. When the property is sold this debt must be satisfied before the debtor gets the proceeds.
The creditor cannot force the sale of the property, but interest accrues until the property is sold.
An excellent site here:
http://www.insolvencyhelpline.co.uk/debt_facts heets/charging_orders_in_the_county_court.htm
http://www.insolvencyhelpline.co.uk/debt_facts heets/charging_orders_in_the_county_court.htm
"The creditor cannot force the sale of the property". Not entirely correct - once the charging order is in place the creditor can, subject to the next para., apply to Court for an Order for Sale, which the Court may or may not accept.
It is advisable for the debtor to attend Court for the Charging Order hearing & to provide information about their finances & to make an instalment payment offer of �X per month. If this is accepted by the Court then the Charging Order will stipulate the monthly payments to be made. If the debtor makes these payments without fail then the creditor cannot apply for an Order for Sale.
It is advisable for the debtor to attend Court for the Charging Order hearing & to provide information about their finances & to make an instalment payment offer of �X per month. If this is accepted by the Court then the Charging Order will stipulate the monthly payments to be made. If the debtor makes these payments without fail then the creditor cannot apply for an Order for Sale.
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