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Your house may be at risk if you do not keep up with payments


2Grumpy
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Your house may be at risk if you do not keep up with payments

 

That's the sort of warning that you get with a secured loan.

 

With an unsecured loan you don't get that warning. The interest rate is higher – because the banks realise that there will be some defaults

 

But the banks want their cake & get to eat it too – charge the higher interest rates and then go for a charging order on your house if you default, then try to get the house sold if they can

 

How ethical is that?

 

Could the lack of that sort of warning be a defense against a charging order for an unsecured loan?

 

Grumpy

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