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Lloyds TSB, Halifax Bank of Scotland, Nationwide, Northern Rock, Abbey, Alliance and Leicester, and Marks and Spencer Money, all said they use charging orders to turn unsecured debt into borrowing secured against the home.
There is a now a trend on issuing Charging Orders by major lenders when debts owed to them are not met. According to BBC Radio 4\'s Money Box programme in October 2005 the number of Charging Orders issued in county courts is running at 35,000 a year - that’s three times more than what it was five years ago.
A Charging Order put on your home means that when or if you sell the property, once the mortgage has been cleared, any proceeds will go to pay the outstanding debt.
As a Charging Order is a way of turning an unsecured debt into a secured debt, this in effect means that if you mess up on your credit card repayments, the result could be that your credit card provider can place an Order against your home.
While debts are debts and should be repaid, it is food for thought as to just how many of the major financial and High Street names are using it as a method of debt control.
Industry watchdogs say that the way loans and credit cards are being marketed should be changed so that they include mortgage-style warnings (eg. Your home may be at risk if you miss repayments).
The Financial Services Authority – the financial body for consumers - told the programme that it does not regulate unsecured debt, and therefore it is the remit of the Department of Trade and Industry (DTI) to ensure that consumers were treated fairly.
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