Charging Orders - the latest threat to indebted homeowners

The Citizens Advice Bureau (CAB) claims that lenders are increasingly threatening customers in England and Wales with charging orders, in attempts to intimidate debtors into making unaffordable repayments.
A charging order is a means of securing an unsecured loan against equity in the debtor’s property.
In a new report entitled “Out of order” the charity says evidence from CAB caseloads shows that creditors are also increasingly asking courts to enforce charging orders by granting an order for sale, which allows a lender to recover the debt by forcing the sale of the debtor’s home.
According to the CAB, the law around charging orders is currently unclear and “some creditors are testing the legislation around their use and obtaining charging orders with increasing ease”.
In addition, the report points out that “there is currently no minimum financial threshold for obtaining a charging order, leaving people at risk of losing their homes over potentially very small sums of money”.
The Office of Fair Trading is undertaking a review of charging orders but the CAB is now calling on the Ministry of Justice to look at the law.
CAB chief executive David Harker says: “It is vital that people who are doing their best to repay their debts should be protected from further debt collection or enforcement action and from enforcement related costs that are disproportionate to the size of the debt.”
He adds: “The current law on charging orders urgently needs reviewing and appropriate protection put in place.”

Source

Problem Remortgage For You

Sometimes in life, there are issues that pop up that force us to spend money that we don’t already have on hand. It’s important, if you can, to plan ahead with a contingency plan for such a situation. There are many financial experts who can help you live a debt-free life. If you are looking for a problem remortgage loan, you can get the help you need. If you manage to avail a good deal problem remortgage loan you will be able to eliminate your debts and also avail extra money for your self. A problem remortgage loan can be availed by people to acquire funds for home improvement, traveling, purchasing any asset, medical emergencies, funding your child’s career, for paying domestic bills and also for consolidating debts. A problem remortgage can also help you accrue a better interest rate on your existing loan. With a problem remortgage loan you can get better interest rates and longer repayment terms as per your requirements.

With a problem remortgage, you can tailor your payment plan to suit your needs. Your lender will also perform the necessary credit check on your credit history or credit report. Most people use one large problem remortgage UK to pay off many small loans that they may have. By using your problem remortage as a gestalt for other loans, it will be easier for you to make your monthly payments. There are many advantages to the problem remortgage. A problem remortgage UK often comes with a more favorable interest rate.

Make sure that a problem remortgage is right for your needs. Analyze your financial mode before taking out that problem remortgage. Shop around when you want to borrow money to find the best possible deal. If you are a homeowner, compare secured loan rates against unsecured loan rates to avail the best problem remortgage deal.

Source