To those that have or are getting Charging Orders this should allay a lot of fears

[jimbo45]

Hi all

There seems to be a lot of fear over the Charging Order process that a lot of the more greedier DCA's seem to be rushing headlong into.

 

Read this snippet first

http://ezinearticles.com/?I-Have-a-Charging-Order---Can-I-Be-Forced-to-Sell-My-Home?&id=2756267

 

Many people are totally scared of these but the reality is that you almost CERTAINLY won't be forced to sell your home especially for fairly small amounts of debt (usually under 9,000 GBP).

 

Note also for Money loaned under a CCA then NO INTEREST can be charged on a CO or for money NOT subject to the various CCA's then the same is true for amounts of up to 5,000 GBP. Most people on these forums will find their debt is actually subject to the various CCA's so if you have been unable to pay a CCJ and you get a CO then interest stops STONE DEAD at that point.

 

You are in a decent bargaining position -- the creditor say bought your 5,000 GBP debt for around 20 GBP -- HORRENDOUS but true -- debts are usually sold on for about 2 - 5% of their value.

 

So offer a lowish full and Final settlement -- you can state that the DCA can wait say 30 years to get their money --inflation etc will have eaten away at the debt in this time or they can have some real money in the meantime.

 

These days a CO is really a fairly useless weapon -- it's a bit harder and more aggro to deal with an SD because a really NASTY DCA (are there any NICE one's ?) could actually go through with the Bankruptcy process.

 

Cheers

jimbo

[jimbo45]

Hi Jimbo

 

I offered 10% from the onset, but all the calls, letters, my time, postage, reseach, the weather, the price of cocoa beans, the offer will be below 5%.

 

Hi there

Please post back if they accept it.

What will probably happen they will reject it as too small. What you should then do is either sit on it for a few months and then offer again or try a slightly higher one.

 

They might come back with accepting say 40% but reject this as well -- you'll probably end up with an offer of around 17 - 20%. Depending on the size of the debt this could be a reasonable deal --- I really think that NOBODY WHO BUYS DEBTS SHOULD EVER GET THE FULL AMOUNT. It's a totally immoral and disgusting business -- really intrinsically EVIL whatever deity you follow (or none).

 

Note if you DO get a Full and FINAL make sure that IT IS FULL AND FINAL and that when paid the CO is removed from the Land Registry.

 

Cheers

jimbo