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From article: Your home sold is you have more than £3000 of debt? What do you think?
Comments
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madduck wrote:Not according to the article. The main difference seems to be that the Sheriff won't have the same level of discretion as a judge would have in England and Wales.
I might be a cynic, but we all know how low down and dirty some of the debt collection firms can be. I can see some of them hunting people down without mercy just because they can. Why would some of them take the time to go down the DMP route with payments over a number of years rather than the quick route by taking someones home from them.
Just seems like a two track justice system. Corporate UK can swindle people out of hard earned (ala Farepack) and individual citizens don't even have the right to keep a roof over their heads (in Scotland anyway). Thanks Jack McConnell!
You are quite right.
i was having difficulty with the link & have now read article in full.
Scary stuff.
Can only imagine that Citizens advice Scotland have not agreed to this.
Must try to find out more on Monday.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** in ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger.
One debt remaining. Home improvement loan. 19months left.0 -
Saying they will take your home from you is a bit extreme! ........ presumably the idea (not that I agree with it) is to force the sale of your house so that you can pay the overdue amount?
TBH I thought that if you owed any creditor £3k plus currently, they can apply to a court to put a charge on your mortgage, Which doesnt mean you have to sell your home but it would make a lot of people feel they have to.Orignal debt £31k 2005; reduced to just under £27k Sept 2008 New debt: Capital One Card £1000; mortgage arrears £1,252
Current Total Debt = £29k
Proud to be dealing with my debts!
~ well Im trying to
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Diamondgirl - your interpretation is right for the position as it stands in England and Wales re charging orders at the moment. However, the proposed legislation in Scotland gives lenders much bigger and scarier teeth. In England and Wales a judge has a significant degree of discretion in terms of taking into account things like the attempts an individual is making to pay off their debts. My understanding of the current position in E&W is that if you make every effort to pay off your debts, no judge is going to force the sale of your home.
However, the proposed legislation in Scotland is very different. The Sheriff won't have this degree of discretion. In effect lenders will be able to force through a sale for debts in excess of £3k. The way that I read this is that should this become law the principle of unsecured lending will no longer apply in Scotland (at least for lending in excess of £3k).
What amazes me is that this seems to have reached this very advanced stage without much discussion in the press. Very strange. One almost wonders if there are any vested interests amongst our esteemed Labour MSPs?0 -
Yes very worrying indeed!Orignal debt £31k 2005; reduced to just under £27k Sept 2008 New debt: Capital One Card £1000; mortgage arrears £1,252
Current Total Debt = £29k
Proud to be dealing with my debts!
~ well Im trying to0 -
Sorry if the link wasn't clear folks, posted it in a hurry. Haven't seen much else regarding this in the news. But it is worrying.CC2 = £8687.86 ([STRIKE]£10000[/STRIKE] )CC1 = £0 ([STRIKE]£9983[/STRIKE] ); Reusing shopping bags savings =£5.80 vs spent £1.05.Wine is like opera. You can enjoy it even if you don't understand it and too much can give you a headache the next day J0
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I was really mad when I read this on Friday (as you might have guessed!). So mad that I fired off a copy of the article and an email to my MSP. Can't wait for her response!0
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madduck wrote:I was really mad when I read this on Friday (as you might have guessed!). So mad that I fired off a copy of the article and an email to my MSP. Can't wait for her response!
If you get a reply let us know what it says please?CC2 = £8687.86 ([STRIKE]£10000[/STRIKE] )CC1 = £0 ([STRIKE]£9983[/STRIKE] ); Reusing shopping bags savings =£5.80 vs spent £1.05.Wine is like opera. You can enjoy it even if you don't understand it and too much can give you a headache the next day J0 -
No response as yet - but will do when/if I get one!0
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