Read this before you take out a credit agreement

lady123_2

http://www.mirror.co.uk/money/personal-finance/charging-orders-how-your-home-3185540

Just a warning guys because your friendly credit card provider won't point it out to you.

YorkshireBoy

lady123 wrote: »

Read this before you take out a credit agreement

Alternatively, simply read the credit agreement itself!

lady123 wrote: »

Just a warning guys because your friendly credit card provider won't point it out to you.

Halifax say...

10.2 Missing payments could have severe consequences including making credit more difficult to obtain. We may take legal action against you if payments are not made. If that action is successful we may apply to enforce that judgment in a number of ways including getting a charging order against your home which means that, if your home is sold, the amount you owe us can be paid out of the proceeds of sale.

http://www.halifax.co.uk/creditcards/balance-transfer-purchase/balance-transfer-card/terms/

MBNA say...

If you continue not to pay, we may sell the debt and we, or the purchaser,may apply for a county court judgment (decree in Scotland). In exceptional circumstances, except in Scotland, we or they may be able to apply to the court for a charging order on any property you own. This means that what you owe must be paid out of the sale proceeds when you sell the property. A debt purchaser may apply for an order to sell your property.


https://www.euapplyonlinenow.com/UKNeoCCapp/entry?wicket:interface=:5:/includes/trNav/trNav.html:components/linkToTermsPdf::IResourceListener::&KeepThis=true&TB_iframe=true&height=510&width=780

silentkiller

I thought this was pretty common knowledge if I'm honest.

roonaldo

Yep this is nothing new.

GingerBob_3

roonaldo wrote: »

Yep this is nothing new.

Been around for how long?

YorkshireBoy

GingerBob wrote: »

Been around for how long?

Years...although it was a lot harder to obtain (ie if you kept to the terms of any CCJ) before October 2012.


It's much, much easier now though.


Some reading...


http://www.adviceguide.org.uk/wales/debt_w/debt_action_your_creditor_can_take_e/charging_orders.htm#h_about_charging_orders

GingerBob_3

YorkshireBoy wrote: »

Years...although it was a lot harder to obtain (ie if you kept to the terms of any CCJ) before October 2012.


It's much, much easier now though.


Some reading...


http://www.adviceguide.org.uk/wales/debt_w/debt_action_your_creditor_can_take_e/charging_orders.htm#h_about_charging_orders

Well worth the OP pointing it out then. Ultimately it's still down to the County Court, but maybe the CC companies should be forced to add "Your home is at risk ... " to their advertising, then everyone knowns exactly where they stand.

kizkiz

Well stone me dead....If I owe someone money I may have to sell an asset to pay them back. Who'd a thunk it?

GingerBob_3

kizkiz wrote: »

Well stone me dead....If I owe someone money I may have to sell an asset to pay them back. Who'd a thunk it?

Yes, who'd have thought it. In theory there's no such thing as an unsecured debt.

OhReally_2

Or read this before borrowing any money, as to what may happen if you don't then pay it back

https://www.gov.uk/make-court-claim-for-money/enforce-a-judgment

GingerBob_3

OhReally wrote: »

Or read this before borrowing any money, as to what may happen if you don't then pay it back

https://www.gov.uk/make-court-claim-for-money/enforce-a-judgment

Don't you mean read this before lending money?