The number of banks securing loan and credit card debts against borrowers’ properties is increasing, according to new figures. The number of lenders seeking court orders to secure personal debt against property rose to 131,644 in 2007 – up by 42 per cent on 2006.
It is the second year in a row there has been a sharp increase, with the figures almost double what they were in 2005. With the recent sub-prime crisis alerting lenders to dangers of unsecured lending, charging orders provide greater security for creditors and act as a second mortgage for homeowners .
Commentators have said that it is the latest sign of lenders taking drastic measures to ensure their money is repaid.
More Banks Securing Loans Against Properties
More Banks Securing Loans Against Properties
Mon, 28 Apr 2008
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