Full and Final settlement - Charges/Restrictions

[FrancesP]

A little background....Ex husband had debt issues over 10 years ago, which led to 3 charges on my house, the then marital home. He has MH issues, gets in a good place, then a bad place and I end up bailing him out again, letting him stay...its a cycle. I don't want marital advice, he's my children's father and I will always help him.

The Charges, or Restrictions as they are listed on the Land Registry are for (I believe) 2 credit card bills for about £5K each and a loan for about £20K. They are in his name alone, not mine.

As he's forever under the doctor, on anti anxiety and depression meds, mostly off sick and out of work, over the years I have negotiated nominal weekly £5 payments to 'keep the debtors happy' and to be honest I pay these even though the debts are his, to make sure they're paid. They are aware of his MH issues.

Anyway that's the background, here's the question. I have come into a little money, not enough to pay them off, but ideally I would like them gone...they are forever hanging over my head. Can I offer a reduced amount to clear the debts, and lose the Charges, as in a full and final settlement? I wonder if they would even consider it, bearing in mind they have the Charge and would get the money, albeit eventually. I dont intend to move house and hopefully my death is decades away...lol. Would they take a reduced amount now to get something back or continue to take £5 a week forevermore for the next 30 or so years. Tbh he's barely dented the balance over the years.

If you feel I could offer a full and final settlement figure, what should it be? I guess they would reject my first offer, come back with a counter offer, so should I start low? If so, how low?

I would appreciate your thoughts and advice. Thanks

Frances.

[atticus]

Please post the wording of the restrictions

[FrancesP]

Three are all worded like this


on 16 July 2013 (Court reference xxxxxxxx). 5. (05.11.2014) RESTRICTION: No disposition of the registered estate,
other than a disposition by the proprietor of any registered charge
registered before the entry of this restriction, is to be registered
without a certificate signed by the applicant for registration or their
conveyancer that written notice of the disposition was given to xxxcxxxxcx
being the person with the benefit of an interim charging order on the
beneficial interest of xxxxxxxx made by the County Court at xxxx on date 2014 (Court reference xxxxxxx).

[atticus]

This is a frequent enquiry, with a straightforward answer.

If you are selling the property: https://legalbeagles.info/forums/for...46#post1672646 If there is no pressing reason to remove the restrictions but you do not presently plan to sell, bear this in mind for when you do.

If for some other reason you want to remove the entries, first of all, have a clear idea what equitable interest your ex has in the property. Were any court orders made about the property in matrimonial proceedings? Negotiate a sum based on that.

[FrancesP]

So negotiation is an option. Whether they go for it, I guess is something else. Thank you.

[FrancesP]

Just a thought.....Realistically he has no equity. We were separated many years ago, I have paperwork to prove this, inrelained in the marital home l and I have paid the mortgage since. When showing income and outgoings to negotiate £5 per week, they are informed of this.

[atticus]

The charge is in respect of his equitable interest, whatever that may be.

[DE DOGS]

In answer to your offer of settlement. From previous experience, I loaned my Grandaughter my C/C to go on holiday (LIKE A FOOL) I told her to pay the balance spent on return, so £6,000 plus she paid nothing, I received the statement, phoned the Company and agreed a settlement of £600, with the proviso that I received a letter stating final settlement. (Most important). I am aware of another case, where this Company will not reduce or take a settlement, keep in mind this Company bought the dept at a greatly reduced amount and then forced you anyway to pay them, so you really need to consult LEAGLE BEAGLES. as they can make mistakes.PS The debt is written off as a TAX loss by the original lender.