Legal Charge
 

If a Creditor is struggling to recover the money they are owed and they know that the Debtor has a property, the Creditor can apply to the Court for a Legal Charge against the property.

This means that in effect the debt becomes secured against the property.


If the Creditor then continues to default on their repayments, the Creditor can apply to the Court to repossess the property. If successful, the property will be sold. The primary Mortgage will be paid first and then the Creditor’s debt will be repaid out of any remaining equity.

 


 
     

Most Frequently Asked Questions about IVA
What is an IVA?What is an IVA?
Pros and Cons of an IVAPros and Cons of an IVA
I do Qualify for an IVA - but is it better than bankruptcy?I do Qualify for an IVA - but is it better than bankruptcy?
What is an IVA going to cost?What is an IVA going to cost?
What is the IVA process like?What is the IVA process like?
Click here to read more FAQ about IVA
For more information see:
IVA calculator
 

 

 
Action Bar

IVA help ForumThe IVA Forum: Top 30 Hot Topics
 
Active Topics on IVA Forum
Post of the Month (by: Foggy)
Annual review (by: loislane)
<t>Mortgage and clearing my IVA</t> (by: tracy376)
<t>Can I apply for credit?</t> (by: venet)
IVA and pension contribution (by: alex1982)
<t>Frozen bank account</t> (by: The Mollymoo06)
Payment?? (by: superted)
<t>Can I take a payment holiday from my IVA?</t> (by: avril649)
DFD Apature (by: spire20)
Unknown bank giro credit (by: Jo.c89)
<t>DRO anyone?</t> (by: natalie446)
<t>Very worried</t> (by: arnie)
Inheritance (by: spire20)
I am really thankful for all that was shared here. (by: BobbyNob)
<t>Can I take my pension after being discharged from bankruptcy?</t> (by: milly957)
Aperture Issues! (by: lancerpaul)
<t>Full &amp; Final offer</t> (by: gemma685)
Final Settlement (by: superted)
<t>Second IVA</t> (by: dave354)
<t>Do the IP need us to do another IVA extension if we still can't release equity?</t> (by: Jemrout1234)
Should I tell creditfix about not paying nursery fees this month? (by: Jo.c89)
<t>Considering an iva</t> (by: claire618)
Full And Final (by: Mxlee8)
Final Iva review (by: T9UPS)
<t>Subrogation rule</t> (by: Star_Chicken)
Reviving old threads (by: Foggy)
<t>What more can we do?</t> (by: julie690)
Unsure what to do (by: Jessie91)
<t>Unity Corporation or other help?</t> (by: lusi)
Coronavirus job retention scheme (by: Colin351973)
Forum BrowseForum JoinForum Search

Free Debt Guides
FREE useful guides!




Debtor (you) Debt Collectors (or Bailiffs) Judge/Law Creditors (or loan sharks)Insolvency Practitioners  (aka IPs) (or wise owls!) IVA Advisors