In message , M Holmes
writes
>In uk.finance Mike_B wrote:
>> In message <64q379F2cmb8rU1@mid.individual.net>, "tim (not at home)"
>> writes
>
>>>The penalties are defined by law. It's not (usually) the bank's job to
>>>ensure that their customers know the law of the land.
>
>> Really? In the case of secured loans they are legally obliged to warn
>> that failure to pay can result in the loss of your home. Perhaps they
>> should be equally obliged to put the same warning on their unsecured
>> products if their practice is to go for the house after default.
>
>Is a home the only asset which they can attach in this way? Surely
>pretty much anything worth much of anything could get the same
>treatment?
>
Yes, they can, but in the vast majority of cases the only asset of any
value is a house. Some extreme sub-prime lenders will secure a small
loan against a car at interest rates in the hundreds of percent but
mainstream, it is the house they go for.
>Well, except a kidney...
>
Only because the law forbids it I suspect, otherwise they'd be hiring
surgeons as we type.
--
Mike_B |