Charging Orders

[Newborn]

Found this, may be of interest as it shows the vastly increasing use of charging orders.

 

Homes at risk as banks seek more security for credit card debt - Times Online

 

Newborn

[General Mannerheim]

I like some of the comments on the website.

God some people are thick and full of the I`m all right jack attitude.

[Jerry Dandrige]

Usually the unsecured debt gets secured at the expense of the other unsecured creditors (who are happily accepting a payment plan) too which makes it very unfair. It also adds more charges to the debt, the court fees, solicitors fees etc in obtaining the charge.

 

It's not a new thing either, Lloyds TSB did it to my elderly mother 7 years back even though she was paying them a substantial amount each month, not missing any payments. ****.

 

If they are going to secure it this way then they should remove all interest/interest on interest/...etc at the higher rate and substitute it with an interest rate typically charged on secure debts.

 

It amazes me the OFT doesn't do anything about this. If your house is ultimately at risk then there should be a warning. Remember the warning for the secure loans only means anything if you fall behind in payments in the same way.

 

Fall behind on a secured loan.... your home is at risk.

 

Fall behind on an unsecured loan.... your home is at risk.