Lenders Given Fast-track to Switch Your Unpaid Credit Card Debt on to Your Property
Friday, 05 October 2012 09:18
Posted by David Icke
'It has become easier for credit card companies and personal lenders to recover debts from the proceeds of the house sales of struggling borrowers following a change in the law.
The government has changed the rules around 'charging orders' so that unsecured debts such as credit cards and personal loans can be turned into secured debt - where the sum is secured against an asset such as property - more easily.
Under the old rules, a lender faced with a borrower unable to make repayments had to issue a default notice. If this didn't work they could apply for a county court judgement (CCJ) to enforce repayment.'
Read more: Lenders Given Fast-track to Switch Your Unpaid Credit Card Debt on to Your Property
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