can some one please explain this term found in a loan agreement

[albert.adderley]

the term is as follows
“This agreement shall not be secured by any charge on land which has been or may be granted by you or any other person”
i have trawled the net but haven't found the answer
the loan was an unsecured loan now made secure by way of a charging order
thank you in advance
albert

[simonpieman]

Re: can some one please explain this term found in a loan agreement

The loan cannot be changed just like that unless something has happened and your in default, in which case other rules apply, If it states this in the agreement then it cannot be changed by a charging order, you need a solicitor, but if you are in default and you have broken the agreement then this term no longer applies.
Check on the small print to see if any terms or addendums are included which allows this.

[Guest]

Re: can some one please explain this term found in a loan agreement

the term is as follows
“This agreement shall not be secured by any charge on land which has been or may be granted by you or any other person”
i have trawled the net but haven't found the answer
the loan was an unsecured loan now made secure by way of a charging order
thank you in advance
albert

Sounds to me like it is just a description of the loan type. ie unsecured personal loan.

[dan_1207]

Re: can some one please explain this term found in a loan agreement

the term is as follows
“This agreement shall not be secured by any charge on land which has been or may be granted by you or any other person”
i have trawled the net but haven't found the answer
the loan was an unsecured loan now made secure by way of a charging order
thank you in advance
albert

It simply refers to the fact that the loan is not held over any asset for security (unsecured loan).

[FlamingParrot]

Re: can some one please explain this term found in a loan agreement

The loan cannot be changed just like that unless something has happened and your in default, in which case other rules apply, If it states this in the agreement then it cannot be changed by a charging order, you need a solicitor, but if you are in default and you have broken the agreement then this term no longer applies.
Check on the small print to see if any terms or addendums are included which allows this.

The term merely says the loan was not secured, not that a charging order couldn't be obtained in case of default.

Sadly the law does allow unsecured debts to be secured once judgment has been obtained and many people who are not au-fait with consumer credit legislation have no idea about that. If judgment was obtained after October 2012 and the amount is at least £1,000, the creditor can apply for a charging order straight away. Previously the debtor had to default on their CCJ payments before a CO could be obtained.

Oh this lovely government, :rant: :rant: :rant: if I put here everything I have to say about them, the LB server would self-destruct, along with the whole of the internet!