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Notice of intention to apply for order for sale


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That's what we are currently doing (renting) and it is something I thought I would feel uneasy about but the honest truth is, I don't at all. There are times I wish it was ours and we could do what we wanted with it but those moments are pretty short-lived, especially when something goes wrong, and the landlord has to sort it :)

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If it helps, Sue, there are hundreds of people in the same position as you (my ex and myself included!) so I do know exactly how you feel.

 

My ex-took the decision to say stuff it, if they take the house they take the house as we were highly mortgaged anyway. But nothing further happened despite all the same threats you received and it does make you sweat at the time.

 

However, in the three years that have elapsed since, and after researching and corresponding with others in the same boat, it's become clear that any creditor trying to gain an OFS would be highly unlikely to succeed (for consumer debt) hence they don't try. CAG would be littered with numerous threads on the subject if they did.

 

I'm not sure why a few people are unwilling to accept this fact but the official HMCS statistic, that only 3 in every 1000 Charging Orders granted ever progress to an OFS, should be enough for anyone to understand that creditors don't pursue this type of debt to the OFS stage.

 

I do understand people like Brig's caution, but the truth is there does come a point when you need to shut up shop and say enough is enough for your sanity. And the facts you have stated about your personal position make you a highly undesirable case for any creditor to even think about moving for an OFS.

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As ''people'' who deals with these situations regularly I

have a moto never say never the current climate on debt

is precipitous to say the very least.

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As ''people'' who deals with these situations regularly I

have a moto never say never the current climate on debt

is precipitous to say the very least.

 

If a person adopted a "never say never" attitude on a 0.3% probability it's highly unlikely they would ever leave the house.

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It's also the current financial climate that is skewing the reason's creditors go for CO's. They are doing so to protect and prioritise their debts over other creditors.

 

Trying to gain an OFS is a totally different ball game and that's why the stat exists.

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Well I think I have made my mind up but best run it past my hubby first :)

 

If they do decide to go for our house and make a young mum and her daughter homeless too, good luck to them - they will inherit the neighbours from hell in doing so - another reason I wasn't sorry to leave!

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Well I think I have made my mind up but best run it past my hubby first :)

 

If they do decide to go for our house and make a young mum and her daughter homeless too, good luck to them - they will inherit the neighbours from hell in doing so - another reason I wasn't sorry to leave!

 

"You have protection under the Trusts of Land and Appointment of Trustees Act 1996 which should stop a sale order in its tracks notwithstanding the negative equity aspect. If the property is jointly owned the interests in children should far outway that of charge holders."

 

Posted by Sequenci on an earlier thread but regarding this subject.

 

One of the huge barriers that explain the 3 in 1000 Stat.

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Thanks for reminding me eggboxy1. There is a small amount of equity in the property, but not much, but the issue of making a mum and her young daughter homeless is certainly something I hope they would take into account.

 

They will but, more importantly, so would any DJ.

 

And the small amount of equity you say is there would probably be dependant on you selling the property "normally". Any "repossesion" sale in this economy would, possibly, see that figure wiped out?

 

As I have stated, creditors are businesses and they aren't going to waste time, money and expense pursuing something that is a) nearly impossible to obtain and b) forcing a sale that would be doubtful to return them anything anyway.

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Just spoken to hubby and he is in agreement with me just carrying on responding to them as I have been doing. I think I will just lay the facts out for them, i.e. minimal equity, joint mortgage, my loan, single mum and her daughter living there, income reduces substantially in winter so if I did a new I&E form now the monthly payment would have to be reduced. Or is that a bad idea?

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There is no harm in stating the facts Sue, if the go the whole

way to court then these circumstances will be beneficial as

long as they are competently presented to the court.

Brig.

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

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(My bold)

 

Will you make an absolute guarantee it won't happen by restitution if it does??

 

Yes, if you make a promise of a £500 donation to charity when it doesn't.

 

But before you decide to lose that money, I'd have a good read through Sue's case and see on what grounds any creditor would lose their minds and go after an OFS when there is huge probability they wouldn't get anything back.

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Just spoken to hubby and he is in agreement with me just carrying on responding to them as I have been doing. I think I will just lay the facts out for them, i.e. minimal equity, joint mortgage, my loan, single mum and her daughter living there, income reduces substantially in winter so if I did a new I&E form now the monthly payment would have to be reduced. Or is that a bad idea?

 

Just make sure you don't give them any info that gives them a reason to come back for more. The I&E isn't requested by a creditor to see that you can't pay, it's used by them to see where there may be a reason they can see to ask you for more.

 

So the less the better.

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My only further comment is this:

I am seeing what can only be called

pugnacious attempts to collect debts

far more litigation, far more SDs far

more bankruptcy proceedings, repos

an COs for consumer debt than ever.

I would not rely on any creditor holding

off, it seem to me that there is a hardening

of attitude towards delinquent debt.

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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Sue, use this budget sheet (affixed) it's much more detailed than the one they'll have sent you - it calculates automatically as you fill it in, so you can adjust the figures as you go along.

Budget Sheet.xls

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My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

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I'll do it tomorrow and let you know the outcome - probably another 7 days to come up with a completed I&E form.

 

Well don't lose any sleep over this as your creditors aren't idiots. They are business people and that is the key to all this.

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My only further comment is this:

I am seeing what can only be called

pugnacious attempts to collect debts

far more litigation, far more SDs far

more bankruptcy proceedings, repos

an COs for consumer debt than ever.

I would not rely on any creditor holding

off, it seem to me that there is a hardening

of attitude towards delinquent debt.

 

I actually agree with a lot of what you say here but the counter argument is both the Office of Fair Trading and also the Judiciary hardening their attitudes over debt collection.

 

Sequenci has already stated the OFT has guidelines coming up and I posted the following by a well known DJ a while back,

 

http://www.lawgazette.co.uk/in-practice/benchmarks/proportionate-orders-sale so it's not all one way traffic.

 

But it does amaze me, given the hurdles that creditors have to overcome to gain an OFS (which the extreme difficulty is reflected by the stats of how often they do go for one) that people lump this action in with the other type of creditor action towards a debtor (ie CCJ's, CO, Attachment of Earnings and even bankruptcy).

 

It just isn't the same and it's difficult to know why experienced people who have these facts to hand still seem to think there is, somehow, a greater chance of OFS action by creditors than records reflect?

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