10 year old charging order

[tilly2509]

Hello i am hoping someone maybe able to help.

11 years ago i had a unsecured loan from HSBC, unfortunately we fell on hard times and could not meet the payments.

As a result they took me to court in 2007 and placed a charging order on the property.

Over the years we have had a couple of letters from HSBC saying that the charging order is still in place.

We have just received a letter from HSBC saying they have sold the debt to a collection agency.

We were to sell the house this coming year and pay off the charging order.

the question is can this new collection agency demand the debt, can they make me sell the house, can they make me pay now?

any advice would be appreciated.

Regards Tilly2509

[DrAJ]

Re: 10 year old charging order

No the collection agency won't have any additional rights compared to HSBC.

[tilly2509]

Re: 10 year old charging order

Many thanks DrAJ, can they demand the payment now, can they make me sell my house or will they just wait for me to sell my house.

We are worried as we have just got our credit back on track and need to move house as this is now too small, with the sale of our exisiting house we would be in a position to repay, just not got the ready cash at the moment and are worried that this could affect our credit rating

[Diana M]

Re: 10 year old charging order

11 years ago I had a unsecured loan from HSBC, unfortunately we fell on hard times and could not meet the payments.

As a result they took me to court in 2007 and placed a charging order on the property.

Over the years we have had a couple of letters from HSBC saying that the charging order is still in place.

We have just received a letter from HSBC saying they have sold the debt to a collection agency.

We were to sell the house this coming year and pay off the charging order.

the question is can this new collection agency demand the debt, can they make me sell the house, can they make me pay now?

Have HSBC sold the debt (assigned it to a debt purchaser) or have they passed it to a DCA (Debt Collection Agency) to deal with the ongoing collection of payments on their behalf?

Was the original CCJ in 2007 a 'forthwith' Order (pay the whole lot immediately) or an 'instalment' Order (pay by defined monthly instalments)?

Were there any conditions included in the Charging Order such as no Order for Sale until the youngest member of the household reaches 18 years old. Or No Order for Sale as long as agreed instalments are paid etc?

If you've not breached the terms of any Order then an Application for an Order for Sale is unlikely to succeed.

Depending on your answers to these questions you may have the opportunity to make an Application to Vary the Order if the instalments are unmanageable.

In your first post you refer to you (alone) having a loan but you also refer to "we" fell on hard times. So was the loan in your sole name and is the property in your sole name or joint names?

If it is in joint names the CO will only be a Restriction so it only effects your share of the equity and an Order for Sale is not an option.

I hope this answers some of your questions.

Di