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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33323
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My question is: The creditor is a bank, they have issued an

Customer Question

Hi,
My question is:
The creditor is a bank, they have issued an Order for sale. The full amount owed is £45,000. We made a full and final settlement offer of £25,000. They have rejected this offer, as they feel there is enough equity in the house to recover the full amount. I want to know how likely it is for the house to be sold, this is my family home, I have one daughter (not dependant) and a wife who live with me as well.
I would also like to add that I also had a charge put on my house from another creditor, yet the bank is stating that besides the mortgage there is no other charge on the property.
Could I please get some advice in regards ***** ***** Thank you.
Submitted: 3 months ago.
Category: Law
Customer: replied 3 months ago.
The Bank has valued the property at £400,000. The outstanding amount for the mortgage is £83,000.The charge from my previous creditor is worth near enough £300,000.I only earn £300.00 per week, the £25,000 was raised through family and friends. The Bank has also not provided a counter offer either.
Expert:  Clare replied 3 months ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first.

What is the nature of the other debt you refer to - who is the money owed to and how is it secured on the house

Customer: replied 3 months ago.
The money is owed to my supplier.Previously I was a self-employed working in meat whole sale. That is how the debt became secure against my house.
Expert:  Clare replied 3 months ago.

When was that secured on the house and how was the bank debt secured - and when

Customer: replied 3 months ago.
That was secured against the house early 2012 and the banks debt was a final charging order placed in late 2012. When leaving the court, I asked the judge on what steps I should take next and he informed me that when I want to sell the house the bank will receive its money from the sale.In 2013, we heard from the bank, asking for recovery of the amount. However, my financial situation was not great. After that we had no correspondence. I then tried to contact the bank early this year, however I received no response.I have now been sent an order for sale of my property to recover the total cost.
Expert:  Clare replied 3 months ago.

I have bad news I am afraid.

Unless you can show that the sale of the property will not settle the debt due to the bank the court will make the order for sale.

To stop it you will need to produce the Office Copy Entries proving that the other larger debt takes precedent together with evidence from the Creditor of the amount outstanding.

The Bank do not have to make any counter offers I am afraid

Please ask if you need further details

Customer: replied 3 months ago.
The first creditor did take me to court, I do have the paperwork from all of that. However, the bank has stated that there is no other charge on the property besides the mortgage. Which is confusing as my supplier did put a charge on the house. If my suppliers charge is not accounted for then there is equity in the property.If I speak to the National Debt Bureau, would they be able to intervene and arrange for a settlement.
Expert:  Clare replied 3 months ago.

Have you checked the Land Registry yourself?

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