Tennant Cash Loan Companies
What is a Charging Order?
A Charging Order is where the Courts place an order on your house because you owe a creditor money. If, for example, you have taken out unsecured credit, but you have not kept to the agreed repayment arrangements, the company who gave you the loan can take you to Court and ask that a Charging Order be placed on your home (or land if you have any).
This means that should or if you go to sell your house, your creditor can take his money out of the proceeds before you (after any outstanding mortgage has been satisfied).
A Charging Order may mean that the creditor has to wait a while for his debt to be repaid and even then he will only get it after your mortgage lender has been satisfied first and if there is any equity.
In a nutshell, an unsecured loan becomes a secured loan against your property once a charging order has been placed.
So when can a lender apply for a charging order?
An application for a Charging Order will only be considered by the Court once a lender has issued you with a County Court Judgement (CCJ) and if you have not kept to the terms of the new repayment agreement
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