Are credit cards secured debt by default now?

[Deleted User]

The trick is to keep up the repayments and if you can't or are struggling to then contact them ASAP for help.

chattychappy

It is really a concession that a charging order can be obtained. In the absence of this opportunity, a creditor might be more inclined to go for bankruptcy or some other remedy.

I sued two people that owed me money on B2B transactions. I have charged their properties. As this now secures my position, I'm content to leave things a while. Had I not been able to obtain charging orders, then I would have made them bankrupt or used bailiffs.

Frankly, if somebody owes me money, has assets and isn't paying me, why shouldn't I be able to turn those assets into cash?

Nebulous2

gman41 wrote: »

Hi
Just a quick Question are credit cards secured debt now by default?


If you miss payments the bank will send your account to a Debt collection company, who CAN apply for a CCJ with that EVEN IF PAYMENTS ARE UP TODATE, can apply for a charging order against your house!


May I ask if you knew this would you take out the credit card in the first place and was it clear this could happen?????


Is this mis selling?


:money::money:

Credit cards aren't secured debts, as they are regularly and routinely given to people without security.

I'm struggling to see why they would apply for a ccj where payments were up-to-date.

chattychappy

Nebulous2 wrote: »

I'm struggling to see why they would apply for a ccj where payments were up-to-date.

And it would be a struggle for the applicant to obtain judgment in such a case.