"Derek Geldard" wrote in message
news:q2nau3h0vvfm6qgpjjaun4ivfmbf61k4d9@4ax.com...
> 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.
Err no it is not a mortage. It is an unsecured debt.
>
> If he breaks that contract, the contract is, well ...
>
> Broken.
Yes, but the good thiing is it was an unsecured loan,
hence he paid higher interest than on a secured loan.
If he breaks the contract he ends up with a bad credit rating,
thats all.
>
> 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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