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Charging order taken over by another company???
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Hello
I hope someone can offer advice in regard to a very confusing letter we received today.
It's from a company called Link Financial, who judging by their website do look pretty legit, stating that they have secured a charging order on the beneficial interest we have in our property.
We do have two charging orders against our property, but they are with Alliance and Leicester and Northern Rock, we've never heard of this lot before.
Could either A&L or NR have asked them to intervene to get their money?
Surely we would have received a letter telling us so?
Also as far as I've been advised, a charging order means the creditors only get their money paid back once we sell the house unless we offer to pay it off in the meantime?
They have also stated in the letter if we choose not to settle the account in full or fail to maintain regular payments they may pass the account for further legal recovery.
surely this can't be right?
Many thanks for any advice
Lisa
I hope someone can offer advice in regard to a very confusing letter we received today.
It's from a company called Link Financial, who judging by their website do look pretty legit, stating that they have secured a charging order on the beneficial interest we have in our property.
We do have two charging orders against our property, but they are with Alliance and Leicester and Northern Rock, we've never heard of this lot before.
Could either A&L or NR have asked them to intervene to get their money?
Surely we would have received a letter telling us so?
Also as far as I've been advised, a charging order means the creditors only get their money paid back once we sell the house unless we offer to pay it off in the meantime?
They have also stated in the letter if we choose not to settle the account in full or fail to maintain regular payments they may pass the account for further legal recovery.
surely this can't be right?
Many thanks for any advice
Lisa
Answers
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The only other debt, if it can be called that, is with Northern Rock again which is the unsecured loan part of our Mortgage.
We have fallen behind with a couple of months payments on our mortgage but NR have been really good about it and the only thing they said they will do about the loan part of the mortgage (it's one of those "together" mortgages) is seek to have it made secured, but we are still continuing to pay it as usual.
There is definitely only the 2 charging orders, so what this company want I don;t know.
We have fallen behind with a couple of months payments on our mortgage but NR have been really good about it and the only thing they said they will do about the loan part of the mortgage (it's one of those "together" mortgages) is seek to have it made secured, but we are still continuing to pay it as usual.
There is definitely only the 2 charging orders, so what this company want I don;t know.
According to the corporate part of their website, LF purchase non-performing and semi-performing receivables (debts) from other businesses.
http://www.linkfinancial.co.uk/corporate/
I suggest you ask NR about this. What I suspect has happened is, given NR's problems raising money in the markets, they have sought to offload as much as unsecured debt as they can to other financial institutions, thus raising the overall 'quality' of their lending portfolios.
Yours is probably one of the loans tied up by any action they may have taken.
Strikes me NR should have told you, but its nothing to worry about if the T&Cs of your unsecured loan are very clear on what the interest rate is tied to.
http://www.linkfinancial.co.uk/corporate/
I suggest you ask NR about this. What I suspect has happened is, given NR's problems raising money in the markets, they have sought to offload as much as unsecured debt as they can to other financial institutions, thus raising the overall 'quality' of their lending portfolios.
Yours is probably one of the loans tied up by any action they may have taken.
Strikes me NR should have told you, but its nothing to worry about if the T&Cs of your unsecured loan are very clear on what the interest rate is tied to.
1. Link Financial may have bought one of the debts which has a charging order. BUT the creditor has a legal responsibility to notify you of any sale of a debt so you should have heard from that source. Also, Link should have said in their letter who they bought the debt from. Contact both NR & A & L to find out the position.
2. Any creditor with a charging order can apply to Court at any time for an order for sale. They do not have to wait until you are ready to sell the house. However, whether the Court would grant an order would depend on the circumstances. You do need to treat such debts as priorities and make sure you keep up whatever payment arrangement is made with the creditor (or it may be that monthly instalments were fixed by the Court when the order was made).
2. Any creditor with a charging order can apply to Court at any time for an order for sale. They do not have to wait until you are ready to sell the house. However, whether the Court would grant an order would depend on the circumstances. You do need to treat such debts as priorities and make sure you keep up whatever payment arrangement is made with the creditor (or it may be that monthly instalments were fixed by the Court when the order was made).
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