OFT acts on concerns about charging orders

[Legal Beagles]

The OFT has imposed requirements on Alliance and Leicester Personal Finance Limited, American Express Services Europe Limited, HFC Bank Limited and Welcome Financial Services Limited to address concerns about the way some consumer debts are enforced.

More...

[middenmess]

Re: OFT acts on concerns about charging orders

From that OFT statement...

In a minority of cases, lenders sent oppressive and/or misleading correspondence.

[The Debt Star]

Re: OFT acts on concerns about charging orders

"In a minority of cases.." Absolutely pmsl.

[middenmess]

Re: OFT acts on concerns about charging orders

I've often wondered what it must be like to work for organisations like the OFT.

Do you need to have failed the entrance exams for employment at macburgerland before you can obtain a position there?

[pompeyfaith]

Re: OFT acts on concerns about charging orders

minority blimey thats an understatement are these guys in the real world

[middenmess]

Re: OFT acts on concerns about charging orders

MSE's take on it...

Martin Lewis, MoneySavingExpert.com creator, says: "Hoorah. It's very good news the OFT is cracking down.



"Mortgage lenders need to add the phrase 'your home may be repossessed if you do not keep up repayments' yet the way some credit card and loan companies have misused charging orders, they should be forced to do the same.


"They've been having their cake and eating it. They flog 'unsecured' lending at higher rates with less regulation, then when problems occur, suddenly abuse this niche piece of legislation to get a claim on people's homes.



"Therefore, borrowers have the worst of both worlds – high rates with their property at risk."

[Angry Cat]

Re: OFT acts on concerns about charging orders

Yes, this news is on BBC Ceefax and;
I posted up the following article in the Press forum.

[mystery1]

Re: OFT acts on concerns about charging orders

MSE's take on it...

Martin Lewis, MoneySavingExpert.com creator, says: "Hoorah. It's very good news the OFT is cracking down.



"Mortgage lenders need to add the phrase 'your home may be repossessed if you do not keep up repayments' yet the way some credit card and loan companies have misused charging orders, they should be forced to do the same.


"They've been having their cake and eating it. They flog 'unsecured' lending at higher rates with less regulation, then when problems occur, suddenly abuse this niche piece of legislation to get a claim on people's homes.



"Therefore, borrowers have the worst of both worlds – high rates with their property at risk."

If they have sold it as unsecured and they get a charging order can you then use the misrepresentation act ?

M1

[middenmess]

Re: OFT acts on concerns about charging orders

If they have sold it as unsecured and they get a charging order can you then use the misrepresentation act ?

M1

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