Cabot - Charging Order

[BeauBrummie]

Hi there -- first post on here and why didn't I know about you guys a couple of years ago.

 

Lots of issues with debts the biggest one is a charging order over my house for about £13500 with Cabot. First question is do I have any real chance of this being overturned. Original debt goes back to 1992 with an ex partner for £4000.

I wont go into to much detail just yet but any thoughts please ??

[tiglet]

bump

[Theophilus H]

What would be your reason for asking a judge to overturn a charging order already granted by a court?

[BeauBrummie]

The fact that I now know that it may have been statute barred at the time of granting. Although Cabot were trying to catch up with me no payments agreed payment plans were put in place---- they just tracked me down.

[Theophilus H]

My view? No chance.

[BeauBrummie]

Thanks Theophilus H at least I Know

[Theophilus H]

Out of interest, what is your equity? If you have owned it for 15 years it must be rather impressive!

[BeauBrummie]

Out of interest, what is your equity? If you have owned it for 15 years it must be rather impressive!

 

I dont think thats relevant is it

[Theophilus H]

It is if Cabot are considering enforcing the sale. More creditors are doing that these days. If they try to enforce there could be some serious costs going on top.

[BeauBrummie]

Only been in my current property since 2002 and taken out further mortgage and loans etc so basically no equity. Your saying that if I don't agree a payment plan that a sale could be forced anyway if they wanted to.

[Theophilus H]

Sorry, got my year of purchase wrong!

 

If their is no equity I very much doubt cabot would try to sell or a judge would ever agree to sell.

[BeauBrummie]

Which is why I think I have nothing to loose by looking at the possibility of the order being rescinded. I appreciate that it would need to be looked at in depth, but if you still think not then thats fair enough.

[moggieb]

Hi,Beau-don't mean to hijack your thread but would just like to say a HUGE thanks. Have learnt quite a bit about charging orders from you & Theo in the last hour or so & although it's not something I'm ecstatic about, it doesn't seem as bad as I first thought. When I found out yesterday my son had one of these from Eversheds I promptly burst into tears:o (Sorry its a mum thing-he may be 26 but he still worries me). Until then I'd never even heard of a charging order-interim or otherwise. Now I realise that as long as he keeps his payments up to date he should be OK-I think:confused:

[BeauBrummie]

No problem moggieb I am a complete novice when it comes to this sort of thing and had to ask. Still this is a very serious matter and your son cannot sell the asset that the order is against without telling these leeches I would love to be able to wriggle out of this because they have me in line for another debt but I will make it alot harder for them to get this far next time.

[BTB]

A Charging Order is a creditors way of protecting their interests i.e. money.

 

If you go to the Official Land Registry website there will be publications on Charging Orders.

 

Its unlikely it will be removed from your title deeds as when the Land Registry receive the application to register the Order its already signed and sealed by the court. Though you should of been served notice of any court action and thats when you should of objected.

[BeauBrummie]

Yeh thanks BTB as I said when I started this thread I wish I had known about this forum 18 months - 2 years ago I perhaps would not have allowed it to get this far.

[moggieb]

Still this is a very serious matter and your son cannot sell the asset that the order is against without telling these leeches.

 

hi again-he doesn't want to sell in fact he's trying his best to keep it. Like you if I'd known about this sooner I would have tried to help him. I've read somewhere that we could maybe have objected on the gounds that they weren't his biggest creditors and it would have been unfair to grant the charge to Eversheds. Still I guess its too late to cry over spilt milk as they say:) He has no equity yet so hopefully as Theo said a Judge would not order the sale if Evershed applied. (Fingers crossed!!)

[BeauBrummie]

Re-activating this thread due to some interest expressed by andrew1,

 

Original second charge on a property taken out with "Nationwide Credit Corporation Ltd" of London SE1 in March 1990 for £4k, the paperwork that I have even has the original T&C's.

I have statements for the account from inception to April 1995. From then onwards until May 2002 I have nothing. May 2002 Cabot served a default notice for in excess of 2k arrears. Then I have nothing until Dec 2005, during this period I was making Nominal payments per month.

 

December 2005 letter from Hodsons Solicitors having been instructed by Cabot Financial Europe Ltd who were administering the account on behalf of "Morley Ltd" explaining that although I was making payments that this was not enough to prevent their client issuing procedings.

 

Later that month procedings issued (head in sand time), I have still got original POC.

Not until May 2006 did I receive a Judgement notice asking for payment "Forthwith".

 

Sept 2006 Hodsons inform me that on xx August 2006 a charging order was granted and that on xx November 2006 this order will be made final.

 

No further contact until March 07 when Cabot start asking for payments against the account.

 

April 07 I receive a "Notice of Transfer of Procedings" to my local court for enforcement.

 

May 07 an AEO was asked for by "Morley Ltd" which I managed to fight off as I am self employed.

 

Feb 08 agree to start making nominal payments again which I now pay by SO.

 

So there it is I can probably fill in any gaps from memory but the main point I tried to raise in post 1 still applies today. I dont want false hope.

 

It would appear to me that unless I have missed something really dramatic that Cabot did illegaly then there is not much I can do.

 

BB

 

 

 

 

 

F