friend owed a lot of money - best way to reclaim such a large sum?

[HP Mum]

If someone is owed a huge sum of money - like 1/2m - and the person owing has an asset worth around that same sum - what is the best legal route to try stake one's claim in that asset?

 

Coming from the perspective of not having and not wanting to spend 5% of the sum to file a court claim.

 

What is best and potentially cost-effective route?

To get a friendly lawyer to serve papers?

 

To lodge a smaller sum owed through the mcol, get a ccj, and then a CO - which would prevent it being sold (even if the sum owed is not lodged).   And simultaneously make a claim for larger amount, then go for bankruptcy?  Hesitancy here as there may well be other debts owed that make take precedence (doubt secured, but money may be owed to Govt...).

 

Personal debt, not company.

 

 

 

[AndyOrch]

Topic moved to General Legal Issues forum.

 

Andy

[honeybee13]

Is this your problem, HP Mum?

 

If not, I think the person would be better posting here themself so we can ask questions directly.

 

HB

[HP Mum]

Not mine, no. But I am helping them

[BankFodder]

I'm afraid this is completely out of my sphere of experience – but if you are talking about a property then I think one would want to explore the way one can put charges or restrictions on the property with the land registry. I would suggest you start searching there.

Gives a bit more detail and maybe we can do better – but I sort of doubt it

[HP Mum]

Yes the asset is property

 

I remember I owed a bank a large sum but they only claimed for a much smaller amount.  They got a ccj.  They failed to get a charging order in court. But I was later advised that I must stick to the payment plan or they'd try again for the CO.  Was also advised that they may have been trying to split the original debt - get ccj and CO on small debt, then later bundle the much larger debt on to it all.  Then go for an order for sale.

I was wondering if something similar could be done here? That they make a small claim with minimum application fee. Get a ccj. Then a CO on the asset.  Then start a separate claim for the much larger amount.   Is there any mileage here?

 

The problem is that it is a lot of money that is owed - but no available £s to start legal process on the bulk. 

 

Backorder - I will research this as best as poss. Thanks

[AndyOrch]

20 minutes ago, HP Mum said:

Yes the asset is property

 

I remember I owed a bank a large sum but they only claimed for a much smaller amount.  They got a ccj.  They failed to get a charging order in court. But I was later advised that I must stick to the payment plan or they'd try again for the CO.  Was also advised that they may have been trying to split the original debt - get ccj and CO on small debt, then later bundle the much larger debt on to it all.  Then go for an order for sale. Not possible you cant alter a judgment amount or  issue a further claim on the same debt

I was wondering if something similar could be done here? That they make a small claim with minimum application fee. Get a ccj. Then a CO on the asset.  Then start a separate claim for the much larger amount.   Is there any mileage here? Nope as above...you cant claim for the same debt twice.

 

The problem is that it is a lot of money that is owed - but no available £s to start legal process on the bulk. 

 

Backorder - I will research this as best as poss. Thanks

 

Andy

[HP Mum]

Thanks Andy

I was kind of thinking different debts.  There are lots of different amounts owed for different reasons and the thinking was to go for a smaller debt first and get one ccj/ CO.  Then claim separately for a different larger debt.

But if you say one can't bundle together then that's a non-starter!

 

Will need to research more - as bankfodder suggested 

[AndyOrch]

If they are all different debts and you can prove that in your claimed particulars..you can issue as many claims as you wish with fee for each claim...then in turn you can have a Charge put in place for each judgment...but the fees start to rack up and may as well issue one claim listing the various debts.

[HP Mum]

Agreed, yes.

But when I checked the application fees payable I was shocked to see 5% of claim. Which is too much. Despite the eventual payback - if successful