Change Charging Order & Bankruptcy Thresholds

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Change Charging Order & Bankruptcy Thresholds

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We call on the government to stick to the original promise to raise the threshold of Charging Orders (CO's) to £25,000. Justice Minister Helen Grant reckons by increasing the threshold it would lead to more Bankruptcy (BR) petitions being presented so we also call on the BR threshold to be raised to £25,000 as well.

The problem we have is that allowing DCA's to go for a charge on an unsecured debt is tantamount to mis-selling as all unsecured credit must therefore come with a warning that it could become secured and thus you could be in a much worse financial position. Additionally, higher APR's for unsecured lending should be abolished as all lending would technically become secured meaning lower rates should be offered across the board.

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