Credit Cards Etc., Unsecured

[MIKE770]

How is it no one has challenged a UNSECURED debt in court, as the interest rates are greater then a SECURED on loan/credit card Rate, in all fairness to ALL INDIVIDUALS and MORALITY should the matters reflect on past higher payments made than some so called CHARGING ORDER/CJJ get paid back to them, IF A CONTRACT IS MADE UNSECURED IT SHOULD NOT BE TREATED AS A SECURED RATE, THE BANK etc TAKE THE RISK THUS HIGHER RATE CHARGED, AND SHOULD NOT BE ALLOWED to treat loan etc as something other than unsecured.----DO YOU GET MY DRIFT?????????????????:beagle::beagle::beagle::beagle:

[Mochamoo]

Re: Credit Cards Etc., Unsecured

I don't understand what you mean?

[ROBSTER]

Re: Credit Cards Etc., Unsecured

Courts can award a charging order on a property (if applied for ) on an unsecured loan, which pretty much contradicts the unsecured bit.

[WendyB]

Re: Credit Cards Etc., Unsecured

Well yes it does contradict it, but I suppose the creditor(s) would resort to a charging order hopefully as a last resort. Whether the loan is unsecured or not, you should take it on with the intention of paying it back, shouldn't you? Otherwise if people think "oh well, its unsecured, they can't take my house so I won't bother paying my loan" then no-one would ever bother to pay unsecured loans back, would they? So if there were no redress eg charging orders, then eventually lenders wouldn't give unsecured loans as there would be no way of getting their money repaid if everyone found the loophole and decided to renge on it, would there.

Sorry Mike, i really can't see where you are coming from on this one.

[MIKE770]

Re: Credit Cards Etc., Unsecured

Certainly contradicts the issue of unsecured debts.

[Main man]

Re: Credit Cards Etc., Unsecured

The OFT have included this issue in its Irresponsible lending guidelines for creditors

http://www.oft.gov.uk/shared_oft/con...oft1107con.pdf page 16