On Sat, 22 Mar 2008 18:46:18 GMT, "Lord Turkey Cough"
wrote:
>> After all, the process of moving the debt from unsecured to secured
>> status will involve the bank in a court action to obtain the charging
>> order, and court action is never cheap.
>
>
>Thats not the point, the customer took out an unsecured loan.
>It is not right that it can later be secured on his home unless the
>customer agrees to this new arrangement.
>
>It like hiring a car for the day and then finding that the contract has
>changed and that you actually have to by the car.
>It's totally wrong.
>
>You paid the higher charges because it is unsecured and then
>appaerently they can secure it on you home.
>A complete con.
>
On the contrary.
All the borrower has to do is keep to the terms the loan was taken out
on, IE keep his mortgage payments up to date.
If he breaks that contract, the contract is, well ...
Broken.
If this situation arises and the borrower doesn't like it he can
always pay the loan off and vote with his feet.
HTH.
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