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Evershed Charging Order-help


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Looks like my son has a bigger problem than DCA's chasing very non- priority debts. Have just found out that Eversheds were granted an interim charging order on his house on 3rd December 07. Hearing was in Cardiff & he didn't attend. Letter says a further hearing was to take place on 25th January 2008 again in Cardiff and again he didn't attend:shock:.


I cried when I found out about this cos it seemed like son was one step away from repossession. However, having spent a while reading through other threads scattered around the forum, it seems that Eversheds cannot force sale unless he falls behind with the repayments and court is unlikely to grant such a request anyway as he has no equity. Am I right, anyone?

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moggieb,in reply to your post:


1.Relax there is nothing to worry about as long as your son sticks to paying the debt back on a monthly basis and at a rate that he can easily afford.


2.Some DCAs like having their debts secured on property because it looks good for their books and has nothing to do with forcing the mortgage payer to sell his/her/their house.This is because the debt is not just a figure/amount owed but secured on an asset/house.Also,if the debtor does not pay back the debt on the monthly basis it has the security that it knows it would hopefully be paid one day either by having the property being sold(forced sale or otherwise) or remortgaged.


Anyway,I hope you find this information useful.


If you have any other questions,just ask.

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Thanks for your replies guys/gals. As I understand the situation (although I need to see all the paperwork) son has a mortgage with Northern Rock. They also gave him an unsecured loan. He got into arrears with his mortgage & loan repayments and somewhere along the line the loan became secured-before or after Evershed became involved I don't yet know and until I see the results of the hearing on 25th Jan. I don't know what amount has been set by whom:( Will post as soon as I find out.

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