Want to make a recovery on age old debt?
Many creditors obtain charging orders as part of their recovery process however, once the Charging Order is obtained the Creditor may not take any further action because the debt is “secured” as such. Another reason why no further action is taken may be because the Creditor is not aware of what is owed to any prior chargeholders. Obtaining a valuation of the property in question is no problem so the Creditor can easily find out what a property is worth.
By making a simple application to the Court, a Creditor can obtain information from any prior chargeholders about the level of their debt thus allowing the creditor to assess whether to pursue an Order for Sale by calculating the property’s worth minus the prior debts outstanding.
We recommend that this application is not only used on age old debt however, built into your standard recovery process – this way it will make the process more seamless and cost effective and, most importantly, will mean that once the Creditor obtains a Final Charging Order at the same time it will also be in a position to assess whether an Order for Sale should be considered further.
We are more than happy to provide a free review of your cases to assess whether such an application should be considered further.