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Is it common for creditors to remove a charge on a property if an agreement can be made?

8 months ago - Posted by

Advice please. My parents currently have 2 charges on there property both for around £15k.
What I would like to know is…..will creditors remove the charge on the property if I agree a one off financial payment to them?

1 Answer

TAD Member

8 months ago

If you are offering a settlement of the debt and they accept the settlement as full and final settlement of the debt then there will be no debt remaining. The charge had the effect of securing the debt against the property and if there is no more debt the charge is no longer required. Whether they will accept an offer, of anything less than the original debt, and removal of the charge can only be answered by the creditor

This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you need further help, Debt Advice Foundation provides a free, confidential helpline and can advise you. Click here to find out more.

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