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Law Change 'Could Pile Debt Pressure on Consumers'

Friday, 19 September, 2008

A change in the law is set to make it easier and quicker for banks, loans and credit card companies to pursue unpaid debts, it has been reported.

Under current rules lenders can only apply for a charging order - which allow them to convert an unsecured loan to a secured loan - to chase unpaid debts after a borrower has fallen behind with payments having already been awarded a County Court Judgment (CCJ).

However, in a change in the Tribunals, Courts and Enforcement Act 2007 lenders will be allowed to secure a charging order against their debtors as soon as a CCJ is imposed. This has already been passed but has yet to come into effect.

Alex McDermott, policy officer at Citizens Advice, told the Observer that the change could lead to a glut of repossessions as credit-crunch hit lenders rush to recover money from struggling homeowners.

He said: "There is likely to be a big increase in orders for sale if this change in the law comes into force, because once a charging order is in place, a lender is free to apply for an order for sale as soon as someone falls behind with payments on the loan secured against their home."

Source : http://www.debtmanagementtoday.co.uk/

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