£1,000 of debt could force you to sell your home

[Terpe]

There is no such thing as unsecured debt if you are a house owner.
The sooner unsuspecting borrowers realise the better!

This change has come about through the Charging Orders (Orders For Sale: Financial Thresholds) Regulations 2012

These new regulations came into force on 6th April 2013

Make no mistake that creditors WILL put the unsecured debts as a charge, and usually this will be against your house.
There's a lot of pressures can be implemented to force payments such as the threat (real or otherwise) of bankruptcy (which still remains at a debt of £750)
or even applications to the courts to force sale of the home

These regulations are a 'green light' for creditors to apply unsecured debts such as payday loans, credit or store cards etc against debtor’s homes with
only a minimum debt threshold of £1,000

Source:-
http://www.publications.parliament.u.../130110s01.htm

[Dedworth]

irresponsible borrowers take note

[joebloggs]

this is wrong , the interest rate on a unsecured loan is higher because of the risks to lender, so if you don't pay and they force you to sell your property, then why have they charged you a higher interest this is unfair and

[Dedworth]

this is wrong , the interest rate on a unsecured loan is higher because of the risks to lender, so if you don't pay and they force you to sell your property, then why have they charged you a higher interest this is unfair and

It takes two to tango, if the borrower thinks the rate is too high then they shouldn't take the loan

[joebloggs]

It takes two to tango, if the borrower thinks the rate is too high then they shouldn't take the loan

if your not a homeowner you have no choice, and if your are and don't want to risk your home you've paid alot more, that's not fair , this is more unfair than PPI

[Terpe]

this is wrong , the interest rate on a unsecured loan is higher because of the risks to lender, so if you don't pay and they force you to sell your property, then why have they charged you a higher interest this is unfair and

It might be disagreeable and it might be immoral and it might be unfair and it might be crazy etc etc.
But it is NOW the law.
Don't believe that creditors will have any 'heart' or compassion. They will use the full-force of the applicable LAW

Borrowers take note !!!!!!

[stevewool]

well all have been in debt in one way or another, and its very very hard to get out of once you are in there, the best way is never ever borrow, hard but the only way

[Rosie1958]

If you are a home owner and you are in debt to ANY unsecured creditor (not just loan companies) then you run the risk of being issued with a Charging Order which could be followed up with an Order for Sale.

I know for a fact that numerous utility companies will automatically pay for a search of Land Registry records to identify home owners and the outcome of this will then be used to decide which collection strategy is used ....... Depending on the size of the debt (£350 used by one utility company), homeowners will almost certainly be taken down the court claim route and following a judgment order being obtained will run the risk of a charging order being issued which could be hotly pursued by an Order for Sale. (This new piece of legislation suggests that the debt has to be £1000 for an order for sale to be issued.)

If you are in debt, don't bury your head in the sand ........ it won't go away! Do something to help yourself before things get worse and costs and fees are added. Many companies will consider a payment arrangement these days

[grahamw48]

Blimey.

Some people could lose a whole street.