Friday, Apr 25, 2008
This has been happening for the last few years.
BBC: Court orders to secure loans rise
All those TV 'deals' which roll all your debts into a new 'cheaper' mortgage were not devised to lower your monthly payments per se. They were devised to transfer un-secured lending to secured lending so the risk shifts entirely onto the consumer monkeys. Needless to say they've been very popular as most sheeple are financially illiterate and simply stare wide-eyed at the monthly repayment figure.
"There has been a sharp rise in the number of banks trying to secure loans and credit card debt against borrowers' properties, figures suggest.
The number of lenders seeking court orders to secure personal debt against property hit 131,644 in 2007, representing a 42% rise year-on-year. "
Posted by tyrellcorporation @ 08:42 AM (381 views) Add Comment
6 Comments
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1. techieman said...
yes wondered when we were gonna get this phase. good find - personally i have been bombarded with phone calls from withheld numbers saying "you completed a survey 18months ago where you said that you were an owner occupier with your partner"... Of course first of all i stated that i havent filled in a survey and could they send me a copy before i commented further since i didnt want to waste time if the contents were still accurate. They then ask if they can check the address they have for you to which i say of course - tell me the address you have and i will tell you if its correct. Funnily enough the dial tone then goes dead! I am a bit bored with this stuff now so i am resorting to heavy breathing and telling them that filling a survey turns me on .....that does the trick too!
2. uncle tom said...
Charging orders usually follow county court judgements, and are a useful way of ensuring that a debt gets repaid eventually (while acruing interest)
3. financial planner said...
So, I guess houses would go through the roof...
4. nobby1963 said...
How is Carol Vordermann these days?
5. Delboypass said...
I heard it is only possible to get 6 charging loans on a house...
If you read MSE, what they are doing is getting the smaller loans (2k etc) to place a charging loan on their house and then when the 7th comes along (25k) they cant place the charging loan against the house...
Is this right??
Lenders are really going to have to wake up soon...!
6. crash bandicoot said...
techieman, you need to sign up to the Telephone Preference Service. My wife used to get this rubbish through the day when she was working on night shift. We still get the odd overseas one comming through but nothing like the level we had before.