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.

 


 
     

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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?
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