What is a HCEO (High Court Enforcement Officer) and what do they do?
Britain’s civil police force will, by any legal means necessary, enforce you to give up assets to pay for a CCJ, or a Judgment Debt.
Often, this could have been avoided many days/months/weeks before.
A few years back, I tweeted about the epidemic that was striking Britain, where Court Orders granted were unpaid.
What some people forget is that many creditors will give the debtor (those at default on their Account with their Creditor) a chance to remedy their wrongs.
They might do this through an abundance of payment plans, many defaults, LBA’s … before proceeding with Court Action.
The value outstanding, how many months it’s been going on, Court Orders, professional fees spent in trying to get a CCJ through against you from your Creditors will all results in unnecessary costs.
Money, Money, Money – “no longer a rich man’s world”
In a programme broadcast on Channel 5 a few years ago, they showed us a story involving a £518,000 judgment for damages to be paid by the debtor to a former Business Associate.
After Court Costs and other assorted legal fees were added to the Judgment, this rose to £642,000.
The HCEO (High Court Enforcement Officers) had turned up to execute a Writ (Execution of a Warrant) to remove assets to the value of the Judgement.
The Officers turned up to a large detached property with steel iron electric gates. There they found three vehicles on a large drive capable of holding several cars.
Two of those cars were of notable value and the other was in echelon as one of the UK’s rarest cars, being earmarked for seizure.
The defendant confirmed that the vehicles did not belong to them, and that they were registered to others, which meant that the vehicles had to be returned.
At the end of the programme we were shown that proceedings regarding the Writ had been stayed (adjourned, or delayed in normal terms), which meant further accrual to legal costs for both sides.
If dealt with initially, it causes less problems later on.
So, what can you do to avoid having your assets repossessed?
1) Talk to your creditors
We all experiencing cashflow issues at times.
Creditors are likely to place Late Charges on your account if there is no communication. If calls are ignored, then a seemingly good relationship is likely to be disturbed.
…. and your account will undoubtedly become high risk as charges mount up.
2) Discuss a Payment plan
Hopefully your circumstances are not so desperate that you cannot afford to clear the debt down in three payments or less.
Stick to it, if you can. Show that you are attempting to resolve your cashflow issues by reducing your debt.
If monthly payments are not suitable, then you can ask to be shown some sort of flexibility from the Creditor. Try to structure it over a longer period of time. Find a solution that benefits both you and the creditor.
If you think they are being unreasonable, write to the CEO – they are more likely to find way forward to resolve the bad Customer Service you may have suffered at the hands of your Creditor.
Get them to see the Wood For the Trees!
Creditors will listen to your needs and, depending on the kind of models they employ within their own business, may be able to find ways to help you stay on your feet.
You won’t achieve anything by antagonising them.
Feed them your current set of circumstances and they will more than likely listen and work alongside you.
Failing that, the only other solution would be taking legal action against you. It’s more than likely they wish to avoid this as much as you.
You can run but cannot hide the full force of the law.
Need help clearing your debt?
Is your business suffering from the dreaded arm of the law from your Creditors? Are the threat of late payments stopping you from answering the calls and emails of your creditor?
Don’t panic but take action now.
Request a call with me and I’ll help guide you through your options.
Read my 4 Ways to get your creditor to help with cashflow issues to learn how you can get your creditors to deliver a payment solution that works for you, as well as them.