RT-
An unpaid credit card bill worth 1,000 pounds is now enough for a UK lender to go to court, forcing debtors to sell their property. A recent regulation puts tens of thousands of British homeowners at risk of losing their houses.
Frankie Waller, an owner of a modest London dwelling, might well soon lose the place holding memories of the last 20 years of his life. September court hearings will decide if he can keep his home or will have to sell it to repay 6,000 pounds of credit card debts he has run up.
“Nobody asked me or twisted my arm to take out the credit. That’s my doing entirely”, Waller confessed to RT’s Polly Boyko. “But the word ‘unsecured’ was attached to it.”
That key word – unsecured – is supposed to mean the loan is not attached to any of your assets. However, as of October 2012 the rules of the lending game have been changed by a government regulation, making it easier to turn unsecured debt into secured. That means failure to pay it off puts borrowers at risk of losing their homes.
[RT]
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Let’s hope this happens: “…Terry Donohoe, from the Consumer Credit Counselling Service (CCCS), said: ‘Charging orders are an odd animal, it can be disconcerting to set a charge over your house but Ministry of Justice statistics show that only 0.5 per cent end up with a sale order.
‘It’s very rare for creditors to force someone to sell their home and for a judge to agree with them.’…
Src: http://www.thisismoney.co.uk/money/cardsloans/article-2211657/Lenders-given-fast-track-make-charge-borrowers-homes-unpaid-debts.html