debt recovery

[shabill]

can anyone give any advice on an outstanding debt of £8,000 which is paid to the company monthly, there has never been a default on the account although the payments have not been increased for 6 months.
as i am unable to increase them they are now threatening to apply to the court for a charging order.
can this be done if my payments are regular and am just financially unable to increase them at present?

[chrissa1]

If they do apply to the court then You go to court and plead your case along with an Income & Expenditure breakdown.
It's not the end of the world if they do obtain a Charging Order and as long as you maintain the payments that you can afford you don't need to worry.

[shabill]

bednobs i just asked for some advice!!!! what more would you like to know feel free to ask........

[shabill]

no factor30 is was not a car loan it was a bank loan!

[factor-fiction]

I asked whether the loan was for a car because I wondered if you may be in a position to sell something (maybe a car) to help you pay some of your debts and keep your creditor happy

[factor-fiction]

I'm still not clear whether you were at one time paying more back than you have been for the last 6 months. Did your circumstances change after you took out the loan?

[old-wos-is-name]

I dont know your circumstances, but look at an IVA, ( you need to be in debt for more than a certain amount,( the more the better, apparantly) and you must be able to show you can meet repayments, but it cuts the amount owing by a huge amount. this allows you to pay a certain amount each month and holds the sharks at bay as it is a legal course of action and the creditors are no longer allowed to hound you.

[themas]

1. If the creditor has not yet gone to Court & obtained a County Court Judgement(CCJ), then they cannot get a charging order.

2. If they have got a CCJ it will specify the amount you have to pay each month. Provided you pay that amount on time without fail then they cannot get a charging order. However, they can apply to Court for the monthly amounts to be increased. If they do, you need to provide the Court with a financial statement to show you cannot increase them.

3. However, you cannot assume that a voluntary agreement (which I think from what you say - but am not sure - is what you have) has to be complied with by them. They can go to Court at any time for a CCJ if they haven't yet done so.

4. If you need help with this contact CCCS or go to your local CAB. Do not get involved with any fee charging debt management outfits.

5. Do not even think about an IVA - it is just not appropriate unless you have a lot more debt & have sufficient money to pay a substantial sum each month for 5 years.

3.

[chrissa1]

Wise words as ever Themas.