Charging Order Help

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What is a charging order?

After you have been subject to a County Court Judgment, your creditors can apply to the court   for a Charging Order against you and will try to settle debt by selling off your home or any other of your assets that is not secured. Charging orders are only issued against unsecured debt and after a CCJ.

For example, if you took a loan that is unsecured and you haven’t keep up with repayments, a lender can request the court to place a charging order on your property so that when the property is sold you will have to pay that debt off first before any of the proceeds are given to you.

In other words any unsecured loan can turn into secured on your property with a Charging Order and with this your creditors may force you to sell your home to pay them.

When can a lender apply for a charging order?

To apply for a charging order against you, the lender must have already issued a county court judgement and you must have failed to make payments according to the requirements of the court.

The interim charging order:

The creditor applies for a Charging Order in the court and the court makes an Interim Charging Order. This Interim Charging Order is validated by the fact that you have a share in the property in question.

However, you do not need to panic. This Interim charging order is not the final one. It is made without a hearing date. This copy will be sent to you with a hearing date. The court ultimately decides whether to approve the Charging Order or not.

Charging order on the property:

You don’t have to sell your home before the court hearing and it is only after the final decision by the court that there will be a permanent charge on your property. But this is not final. You can raise an objection to a Charging Order being made final. More details are explained on this article about how to stop a charging order.

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