We had notification of an interim charging order served early november 2004 by Wragge & Co on behalf Bradford & Bingley for 2nd feb 2005.

We sent off an offer + budget sheet Nov 24th We chased several times but didnt get a response until 27th Jan, declining our offer. This only leaves 3 working day's in which to sort something out or possibly bankruptcy/ IVA

Is there any way I can move the court date? Do I have any other options ? Or is it to late?

-- Simon Piper (piper7162@yahoo.co.uk), January 28, 2005

Answers

Don't worry too much about the actual charging order itself. So long as you come to somer arrangement to pay, the order will not be turned into a forced sale.

Go to the court hearing - put the offer in front of the judge and ask that he/she makes an order that no enforcment of the charging order so long as you pay £x per month.

-- David J. Button (davidjohnbutton@supanet.com), January 28, 2005.

Thanks for your comments David.

Unfortunately to reduce my monthly outgoings to an affordable amount I was looking to get a consolidation loan (remotgage) however if theres a charge in place thats not possible. Plus is there a time limit or do I have continue to pay for the rest of my life. Also I would be in negative equity with monthly payments probably not even covering the interest charges.

-- Simon Piper (piper7162@yahoo.co.uk), January 28, 2005.

SORRY MISSED OUT SEVERAL DETAILS IN ORIGINAL MESSAGE

Wragge & Co (on behalf of Bradford & Bingley) were awarded a 40k mortgage shortfall debt against me in Nov 2004, relating to a property re-possessed in 1990. I sent a budget sheet in within the week, showing I could only pay 130 per month. (My home only has approx 25k equity if sold at full price & I have other debts totaling 30k) But relatives clubbed together so I could offer a 10k one off lump payment. They didn't respond, instead they applied for an interim charging order for weds 2nd Feb. After several phone calls chasing a reply to my offer, they finally declined it yesterday 27th Jan, by phone. There is now so little time to sort anything out. Can I postpone the court date? Would consider Bankruptcy / IVA anything its just I don't want to be in negative equity with the interest charges increasing daily. ANY ADVICE WOULD BE MUCH APPRECIATED

-- Simon Piper (piper7162@yahoo.co.uk), January 28, 2005.

Hi Simon My wife had problems with B&B/Wragge. We were advised that makign payments was probably the wrong thing to do. After a period you would be asked to increase the value of your payments and then further and further until the amount was settled. So you could start paying, say £10 a week and end up paying £100. I'd think hard before giving them this offer. The charge is in place and as you rightly suggest any re-mortgage would have to pay the amt. or partial amt. of the charging order before you saw any cash. You could ask for the charge to be removed then re-applied after the re-mortgage. I've heard about this being done by Natwest but B&B/Wragge aren't very co- operative, are they? If it was me, I'd find some way of securing your home and then go bankrupt making sure you got any MIG and other complications (joint- owners?) sorted out beforehand. The IVA/repayment route seems to me a lifelong debt. Aside from the sheer injustice of it all. This is only personal exp. that leads me to this conclusion - I'm no legal expert and a good solicitor will help! If you ahve 30k of debt they may take you on under a pro bono basis.

Hope it helps

Rob

-- Rob Jones (rob@icon-it.net), January 31, 2005.

in bankruptcy you will lose your home, but will clear this and your other debts. an IVA might help you keep your home and you can include your other debts - can you speak to someone about this - it will not be a lifetime of debt, but a limited repayment timescale. however it is as serious and as binding as bankruptcy and all assets must be revealed and will be scrutinised.

you could go bankrupt before they put on the charge,but it would probably be too rushed - you need to get some specialist advice about your best option.

you could ask the court if you can change the date - also try phoning national debtline, they might be able to give you advice.

Good luck, Suzannah

-- suzannah (suzannah@homedawlish.eclipse.co.uk), January 31, 2005.

Hi Firstly IVA is a pre runner to bankruptcy an IVA lasts 5 years in the 4 th year any equity may be asked for there are no actual figures but IVA s have a very high failure rate I would never condome at any cost bankruptcy as it is the last resort as for the 10k I would never offer any amount like that as it will be swallowed up and cause family problems. Offer 2k Regards Adrian

-- Adrian Ratcliffe (info@rd-solutions.co.uk), March 06, 2005.