Lending money to a friend.

[Consumer dude]

To be fair, he had kept to the amount for the six month period we agreed under a consent agreement although he was late on some occasions and after that period he has continued with a reduced amount. I have tried in the mean time to get a meeting arranged and have requested this in writing because just phoning him up to arrange it would be met with sob stories and continued denial and an attitude that he has been wronged.

 

Phoning up the court is often frustrating and is often met with 'we don't give legal advice'.

 

One last thing for now and that is, should I send him a current up to date statement of amount outstanding ?.

 

We did go to court where he had to confirm his income and there was lots of empty spaces on the form which I had received a copy of

[determindator]

Thanks for clarifying how it's been going. Good idea, send him a statement showing what he's paid and what is owed. You may want to show a breakdown i.e if you adding court costs to it, interest. You are up to speed on what the court awarded you with interest etc. Enclose a copy of the form you received from Court and that you noticed empty spaces.

 

I understand the Court won't go into the legal advice but should be able to tell you which forms you need to complete to return to court and the payment.

 

To update CD, what has been paid in six months?

 

He hasn't been wronged, he benefited from your generosity.

[Consumer dude]

I am thinking of applying for another court order for defendant to attend court for questioning as we have been unable to move forward on the amount to be paid monthly, I would see this as a review of current financial status, is this reasonable to request this financial information again ?.

[Ganymede]

Another Court order?

 

Don't you think that it's time to stop throwing good money after bad?

 

What makes you think that there has been a change in his financial circumstances?

[Consumer dude]

Another Court order?

 

Don't you think that it's time to stop throwing good money after bad?

 

What makes you think that there has been a change in his financial circumstances?

 

 

I don't know for certain but I am hearing he's set to go on holiday and anyway how long should I have to wait for the debt to be paid in full, one year, 3 years, 5 years, 10 years, or longer then that ?.

[Ganymede]

Heaven forbid he go on holiday!

 

But seriously, you have a Charging Order and you are receiving regular payments.

 

I think the Court would take a dim view of constant applications to attend for questioning when the last one was only a few months ago.

[Consumer dude]

I do not accept their has been constant applications and yes I do have the charging order and an nominal amount is being paid but is it not reasonable to seek an update of his financial situation every so often ?.

[honeybee13]

When was the last application, CD?

 

HB

[Consumer dude]

Towards the middle of last year I think, I'm not one for giving anyone a hard time but should their be a time limit on when I should get paid back in full what is owed me.

[BazzaS]

26th September 2015 you got a charging order.

 

So, your choices are :

1) Get whatever the court agrees the debtor can afford, and wait years to get not much, until the property gets sold.

2) Go for an order for sale.

What type of charging order / restriction do you hold?

Would it allow for and would you request an order for sale?

[Consumer dude]

It is an equitable charge and I believe it would allow for a request for an order for sale, however would it be granted in this situation ?.

[Consumer dude]

How would I go about applying for an order for sale and what are my chances regarding success.

[Ganymede]

Do you know if there is any equity in the house?

 

Are there children living there?

 

Is there a joint owner?

 

An Order For Sale will cost you a grand up front minimum, with no guarantee of success.

 

If you get it you then need to obtain a possession order, then find an estate agent to market and sell the house (and pay their commission) and then eventually you may or may not end up with some money.

[Consumer dude]

The order would be to force the defendant to sell his house as he owes me this huge debt which it appears he can't pay in a reasonable time. He is the sole owner, has no dependant children and still paying a mortgage as far as I know.

[Ganymede]

The order would be to force the defendant to sell his house as he owes me this huge debt which it appears he can't pay in a reasonable time. He is the sole owner, has no dependant children and still paying a mortgage as far as I know.

 

That's not how an OFS works.

 

The creditor has to take possession and sell the property. The OFS doesn't compel the debtor to sell their own property.

[BazzaS]

Do you know if there is any equity in the house?

.............

 

An Order For Sale will cost you a grand up front minimum, with no guarantee of success.

 

If you get it you then need to obtain a possession order, then find an estate agent to market and sell the house (and pay their commission) and then eventually you may or may not end up with some money.

 

The OP hasn’t answered your first question, either, the answer to which feeds into your final conclusion of “then eventually you may or may not end up with some money”.

Any prior mortgage(s) and other registered charges will go first, then the costs of sale ..... does the OP believe there will be anything left over for them?

[Consumer dude]

That's not how an OFS works.

 

The creditor has to take possession and sell the property. The OFS doesn't compel the debtor to sell their own property.

 

 

Blimey, so in theory I could be given possession of the property and then evict the defendant without having to sell the said property ?.

[Ganymede]

Blimey, so in theory I could be given possession of the property and then evict the defendant without having to sell the said property ?.

 

No.

[Consumer dude]

No.

 

 

Ok, So why do I need to sell a property that is not mine

[Ganymede]

Ok, So why do I need to sell a property that is not mine

 

I don't understand.

 

You want the house sold so that you can realise the equity and be paid back what you are owed.

 

If you want that to happen you need to put the time, effort and money into it.

 

OFS are a complex legal area. You would need specialist, independent legal advice.

[Consumer dude]

The OP hasn’t answered your first question, either, the answer to which feeds into your final conclusion of “then eventually you may or may not end up with some money”.

Any prior mortgage(s) and other registered charges will go first, then the costs of sale ..... does the OP believe there will be anything left over for them?

 

 

I believe their will be. Is their any way of finding for sure what is left to pay on the mortgage ?.

[Consumer dude]

I don't understand.

 

You want the house sold so that you can realise the equity and be paid back what you are owed.

 

If you want that to happen you need to put the time, effort and money into it.

 

OFS are a complex legal area. You would need specialist, independent legal advice.

 

 

I am not disputing what you say. What is it you don't understand please ?.

[Ganymede]

I believe their will be. Is their any way of finding for sure what is left to pay on the mortgage ?.

 

A solicitor MAY be able to obtain a figure from the mortgage company under s.35 of the DPA but the chances of this information being disclosed are very low.

 

Normally you have to commission a "drive by valuation" from an estate agent and make an educated guess as to whether there is any equity in the property or not.

 

Not a simple or straightforward process. Hence why you would need proper legal advice from a solicitor who specialises in OFS.

[Consumer dude]

A solicitor MAY be able to obtain a figure from the mortgage company under s.35 of the DPA but the chances of this information being disclosed are very low.

 

Normally you have to commission a "drive by valuation" from an estate agent and make an educated guess as to whether there is any equity in the property or not.

 

Not a simple or straightforward process. Hence why you would need proper legal advice from a solicitor who specialises in OFS.

 

 

Ok, thank you for that.

[Bazooka Boo]

Has this really consumed five years of your life?

 

It does seem incredibly lengthy....how much is still outstanding now?