Joint Mortgage, Can they charge/reposess

[japeye]

Hi , I'm New to this forum/site, I have read quite a few threads but cannot find anything on joint mortgages and where we stand if a charging order or reposession order is granted against me, as I am the one with the majority of the debt.

Can they force my wife to sell/give up her half of the mortgage, how would the equity be calculated/collected.

I am trying to get the property into a saleable condition but due to stress and illness I am finding it difficult at the moment, and I was in the construction industry.

The debt in question is a business overdraft (I was a sole trader) with a well known high street bank. They are refusing sensible re-payment options and charging me over £500 a month interest and charges, which I cannot afford as I am unemployed and on the sick, I have asked them to freeze interest and charges but they say this is not the way they work or do business.

I have other debts mainly credit cards and these are happy for the moment to accept £1 month but for how much longer I don't know.

 

If I could sell the house and just disappear with the equity I probably would:wink:, how unethical/unlawful this would be I do not know, the consequences could be frightening to say the least.

 

Any advice gratefully received, thank you.

[Guest Old_andrew2018]

I am BUMPING your thread in the hope that someone with expertise might answer

[japeye]

I am BUMPING your thread in the hope that someone with expertise might answer

Thank you Old andrew, it's getting desperate now, debts starting to be passed to DCA's now, dread postman coming, have to turn mobile off.

[nunnyrose]

Hi , I'm New to this forum/site, I have read quite a few threads but cannot find anything on joint mortgages and where we stand if a charging order or reposession order is granted against me, as I am the one with the majority of the debt.

Have any charging orders been made against the property?

Can they force my wife to sell/give up her half of the mortgage, how would the equity be calculated/collected.

From my experience only your half of any equity should be used against the debt.

I am trying to get the property into a saleable condition but due to stress and illness I am finding it difficult at the moment, and I was in the construction industry.

Is there equity in the property in its present condition?

The debt in question is a business overdraft (I was a sole trader) with a well known high street bank.

Which bank is it ? it helps to know as all lenders have different ways of dealing with things

They are refusing sensible re-payment options and charging me over £500 a month interest and charges, which I cannot afford as I am unemployed and on the sick, I have asked them to freeze interest and charges but they say this is not the way they work or do business.

Are you paying them anything at the moment? Have you opened a parachute account?

I have other debts mainly credit cards and these are happy for the moment to accept £1 month but for how much longer I don't know.

so one step at a time, the c/c debts can be looked at later.

If I could sell the house and just disappear with the equity I probably would:wink:, how unethical/unlawful this would be I do not know, the consequences could be frightening to say the least.

I guess we've all thought about this at some point, but you're facing up to the debts so lets try and sort them before you do a runner

 

Any advice gratefully received, thank you.

You're in the right place now, there are many many people here that will help sort through this. if you can give more info by answering the questions above + anything else that may be relevent it will help to sort out a direction for you

[japeye]

Hi Nunnyrose, no charging orders at present, but just thinking ahead, as I know I will not be able to pay this debt off until house is finished and sold.

There is about £60-80,000 equity in the property, and we have approx £50-60,000 joint debts, £50,000+ is in my name the rest is in my wifes name, none secured except for the finance on my truck.

The bank is the hsbc, 15k limit, currently at 19k due to charges and interest.

I'm not paying them anything at the moment, can't really afford to eat never mind sleep.

We have opened a joint account with a different bank not linked to hsbc or any of my other creditors.

Starting to receive letters off dca's stating they have bought the debt regarding credit card accounts or have been passed to them for collection, ignoring all phone calls now that I don't recognise.

Cheers, Japeye

[nunnyrose]

Hi Nunnyrose, no charging orders at present, but just thinking ahead, as I know I will not be able to pay this debt off until house is finished and sold.

There is about £60-80,000 equity in the property, and we have approx £50-60,000 joint debts, £50,000+ is in my name the rest is in my wifes name, none secured except for the finance on my truck.

The bank is the hsbc, 15k limit, currently at 19k due to charges and interest.

I'm not paying them anything at the moment, can't really afford to eat never mind sleep.

We have opened a joint account with a different bank not linked to hsbc or any of my other creditors.

Starting to receive letters off dca's stating they have bought the debt regarding credit card accounts or have been passed to them for collection, ignoring all phone calls now that I don't recognise.

Cheers, Japeye

I am not an expert, just in debt so will advise as best I can.

I have no dealings with HSBC so dont know how they deal with things, What correspondence have you had from them so far? are HSBC dealing with it or have they passed it to DCA ?

Do you want to sell the house to pay of they debts? I think this can all be sorted without selling, I know you're probably stressed to the hilt at the moment but as you have no secured debt your house should be safe. That said, I think it would be good to start dealing with it all.

It's good that you have opened another account elsewhere, at least you are in control of your money coming in and going out now.

The most important thing of all is that your priority debts are covered, as in your mortgage, council tax and FOOD, heating. Seriously sit down and prepare an income and expenditure sheet. Be honest, and dont leave yourself with nothing to live on. Whatever is left over is what you will pay to the other debts. Try not to worry as you are in the right place now with CAG. Take this a stage at a time - nobody is going to throw you in jail. I am not an expert, and only speak through experience but it might help to tell you that I ignored all letters and phone calls from DC's for a long long time, like you I couldn't sleep and I was constantly on edge, I still have huge debts, but I sleep like a baby now, and I have money in my pocket, and I choose who I pay.

Regarding the DCA's, who were the original credit cards with? If you are ready to deal with all the debt the first thing you need to do is send the DCA's CCA requests, do you know how to do this and why to do it?

[Guest Old_andrew2018]

Hi have you considered using one of the free Debt Management Plans.

You might also consider asking your question on the Debt Questions Forum, it is a useful resource. Debt Questions? Forum

 

Andy

[japeye]

I am not an expert, just in debt so will advise as best I can.

I have no dealings with HSBC so dont know how they deal with things, What correspondence have you had from them so far? are HSBC dealing with it or have they passed it to DCA ?

Do you want to sell the house to pay of they debts? I think this can all be sorted without selling, I know you're probably stressed to the hilt at the moment but as you have no secured debt your house should be safe. That said, I think it would be good to start dealing with it all.

It's good that you have opened another account elsewhere, at least you are in control of your money coming in and going out now.

The most important thing of all is that your priority debts are covered, as in your mortgage, council tax and FOOD, heating. Seriously sit down and prepare an income and expenditure sheet. Be honest, and dont leave yourself with nothing to live on. Whatever is left over is what you will pay to the other debts. Try not to worry as you are in the right place now with CAG. Take this a stage at a time - nobody is going to throw you in jail. I am not an expert, and only speak through experience but it might help to tell you that I ignored all letters and phone calls from DC's for a long long time, like you I couldn't sleep and I was constantly on edge, I still have huge debts, but I sleep like a baby now, and I have money in my pocket, and I choose who I pay.

Regarding the DCA's, who were the original credit cards with? If you are ready to deal with all the debt the first thing you need to do is send the DCA's CCA requests, do you know how to do this and why to do it?

 

Hi Nunnyrose,

Just read a few of your other threads and appreciate your time considering what you are dealing with yourself, talk about paying it forward, you are wonderful! Thank you.

 

Hsbc have issued demand for payment in full for overdraft on business account £19K, and joint account £2.7K, have ignored at present, as have no money/income.

 

Hsbc have reffered my ccard £11k to metropolitan collection services, hsbc have not confirmed this but just had letter from metropolitan (today). am still paying £1 irrespective.

 

Mbna £6.5k have sold debt to varde investments ireland who have instructed experto credite to chase accounts. still paying £1 irrespective

 

Asda cc, £2.5k (g.e consumer) now C.L finance paying £1 monthly, up for review

 

P.office cc £5.7k (bank of ireland) Instructed buchanan clark & wells to chase paying £1 monthly

 

Truck on finance with nissan uk (RCI Finance) owe £9k no correspondance for 4 months no payments for six months.

 

My OH has loans with northern rock totalling 10k unsecured paying £1 month on both.

 

My concern is that any one of these companies could go for a charging order on our property, even compulsory sale. I want to sell the property myself in my time to realise a good return and the come to full and finals of about 20-30%, leaving us a sum to start again with.

 

I know I sound like I want my cake and eat it, but I'm only trying to make as good as possible a situation out of a bad, if not impossible position.

 

I am going to do a new realistic I&E based on above figures as the last one we did put us £1420.00 in DEFICIT each month!!!:-o:-o:-o

 

Will cca-ing the cc companies and banks cause them to stop £1 agreements and launch something more terrifying?:eek:

 

Cheers, Japeye

[japeye]

Hi have you considered using one of the free Debt Management Plans.

You might also consider asking your question on the Debt Questions Forum, it is a useful resource. Debt Questions? Forum

 

Andy

 

Hi Andy, contacted cccs, did a i&e with them and found that we were actually £1420 in deficit each month now that I had to pack the business in due to health. Since then have cancelled a lot of business related dd's i.e. public liability ins, employee ins, etc, so now I'm going to do a new one with the new outgoings.

Cccs did not want to take me/us on due to no spare money, recommended Iva, bankruptcy, selling house if we could get enough breathing space.

 

Cheers, Japeye

[nunnyrose]

Hi Nunnyrose,

 

Hsbc have issued demand for payment in full for overdraft on business account £19K, and joint account £2.7K, have ignored at present, as have no money/income.

Start a thread on HSBC forum for this overdraft debt, there might be somebody with a similar problem who can advice on the next step.

 

Hsbc have reffered my ccard £11k to metropolitan collection services, hsbc have not confirmed this but just had letter from metropolitan (today). am still paying £1 irrespective.

What does the letter say?

 

Mbna £6.5k have sold debt to varde investments ireland who have instructed experto credite to chase accounts. still paying £1 irrespective

Send CCA request to the company that you're paying your £1 to

 

Asda cc, £2.5k (g.e consumer) now C.L finance paying £1 monthly, up for review

Ditto

P.office cc £5.7k (bank of ireland) Instructed buchanan clark & wells to chase paying £1 monthly

Ditto

 

Truck on finance with nissan uk (RCI Finance) owe £9k no correspondance for 4 months no payments for six months.

Ignore this until you hear from them, it's obviously not a priority for them as they haven't been in touch with you. When they get in touch start a thread for this.

My OH has loans with northern rock totalling 10k unsecured paying £1 month on both.

Are Northern Rock threatening any action or happily taking your £1

My concern is that any one of these companies could go for a charging order on our property, even compulsory sale. I want to sell the property myself in my time to realise a good return and the come to full and finals of about 20-30%, leaving us a sum to start again with.

They might, but I dont think they can force a sale until they have a chargingorder.Read this thread, it may help.

http://www.consumeractiongroup.co.uk/forum/legal-issues/203298-guide-charging-orders-orders.html

 

I know I sound like I want my cake and eat it, but I'm only trying to make as good as possible a situation out of a bad, if not impossible position.

I dont think your trying to eat all the cake, just enough to survive on. if we dont eat enough to survive we cant pay any of the debt!

I am going to do a new realistic I&E based on above figures as the last one we did put us £1420.00 in DEFICIT each month!!!:-o:-o:-o

Yikes! presumably this was not worked out on £1 monthly payments for all the above, but if you were to pay the full mp's

Will cca-ing the cc companies and banks cause them to stop £1 agreements and launch something more terrifying?:eek:

CCA ing isn't a reason for them to stop taking payments if they have agreed to these payments. I'm suggesting the CCA's to see if they respond within the statutory time limit of 12+2 days to comply. When and if they do we can have a look at the agreements to see where to go from there. If they dont comply, you can put the accounts into dispute, and then I think I'm correct in saying they cant bring legal proceedings against you if account in dispute.

Cheers, Japeye

 

Yes, I do have a lot going on at the moment, but I wouldn't have got this far without caggers - and trying to help others actually gives me a better understanding of my own situation and how to deal with it .In helping you I'm helping myself

[nunnyrose]

another quick thought - any chance you've got PPI on any of these?