CO on my home Blake Lapthorn

[Traceydc]

Hi I've had a CO placed on my home 3years ago by Blake Lapthorn, it was originally a HSBC student bank account. Its for 4000, but now I'm having to reduce my monthly arrangement to a £1 token to all my creditors, my total debts are 17000 & was hoping to offer F&Fs due to PPI compensation of 8000. I'm terrified they can force me to sell my home, our income has reduced due to me having secondary ms, my husband is my carer. The house has been adapted because of my illness. Does anyone think I may be successful in offering Blake Lapthorn a F&F? I have requested CCAs off all my other creditors but I know that doesn't apply to bank accounts, so scared, not making excuses but stress really is making illness a whole lot worse any advice will be very gratefully received Tracey

[FlamingParrot]

Re: CO on my home Blake Lapthorn

Hi and welcome

This may not be the advice given by the 'oficial' organisations like Stepchange, etc. but rather than offer a pro-rata offer to all creditors, I'd be looking at each debt into more detail and you seem to be on the right track by having sent CCA requests. That way you will be able to see which debts are more likely to be enforceable and concentrate your resources on them.

As you rightly pointed out, the CCA request wouldn't apply to current account overdrafts, however, with regards to the HSBC account, as it's already subject to a judgment and has been secured on your home, a CCA request wouldn't apply even if it hadn't been a bank account, as the judgment supersedes any agreement.

Although the debt is secured, it could well be a very long time before you decide to sell the property (if ever), so they may well be willing to consider a F&F rather than waiting forever to get their money, it all depends on how much they think along the lines of "bird in the hand is better than two in the bush", if you see what I mean. As this debt is subject to a court order, you will have to apply for a variation of the monthly installments backing it with an income and expenditure statement. You don't need to send one to any of the other creditors who haven't got a judgment though.

With regards to forcing the sale of your home, they would have to apply to the court for an order for sale, and those are hardly ever granted for consumer credit debts and amounts like this. Furthermore, the fact you are disabled and your home has been adapted would make it even harder for them to convince a judge to grant such an order. If the home is jointly owned with your hubby but the bank account was in your sole name, then it would only be a restriction against your beneficial interest in the property, so even less of a chance of getting an order for sale. :thumb:

[Traceydc]

Re: CO on my home Blake Lapthorn

Hi and welcome

This may not be the advice given by the 'oficial' organisations like Stepchange, etc. but rather than offer a pro-rata offer to all creditors, I'd be looking at each debt into more detail and you seem to be on the right track by having sent CCA requests. That way you will be able to see which debts are more likely to be enforceable and concentrate your resources on them.

As you rightly pointed out, the CCA request wouldn't apply to current account overdrafts, however, with regards to the HSBC account, as it's already subject to a judgment and has been secured on your home, a CCA request wouldn't apply even if it hadn't been a bank account, as the judgment supersedes any agreement.

Although the debt is secured, it could well be a very long time before you decide to sell the property (if ever), so they may well be willing to consider a F&F rather than waiting forever to get their money, it all depends on how much they think along the lines of "bird in the hand is better than two in the bush", if you see what I mean. As this debt is subject to a court order, you will have to apply for a variation of the monthly installments backing it with an income and expenditure statement. You don't need to send one to any of the other creditors who haven't got a judgment though.

With regards to forcing the sale of your home, they would have to apply to the court for an order for sale, and those are hardly ever granted for consumer credit debts and amounts like this. Furthermore, the fact you are disabled and your home has been adapted would make it even harder for them to convince a judge to grant such an order. If the home is jointly owned with your hubby but the bank account was in your sole name, then it would only be a restriction against your beneficial interest in the property, so even less of a chance of getting an order for sale. :thumb:

Thank you so much! House is in joint names, DMC will have sent budget to all creditors, hopefully they will accept a f&f. Thank you again Tracey