Lenders Criticised For Bullyboy Tactics | Debt Advice Foundation

Lenders Criticised For Bullyboy Tactics

The Office of Fair Trading has warned a number of lenders for inappropriately seeking Charging Orders for unsecured debts as low as £600.  The OFT also criticised a the lenders for distributing “oppressive and misleading” information to borrowers.

The Office of Fair Trading has warned a number of lenders for inappropriately seeking Charging Orders for unsecured debts as low as £600.  The OFT also criticised a the lenders for distributing “oppressive and misleading” information to borrowers.

Charging Orders, a legal process whereby a unsecured debt is secured against a property,has seen applications triple in 5 years, from 45,000 to 164,000.  Ray Winston, OFT’s director of consumer credit comments “Our investigation uncovered instances of charging orders being used to secure debts of less than £600. Lenders are entitled to use charging orders but must do proportionately”

To read the full article click here.

Helpine Logo
Helpline Callback

If you’re unable to call our free debt helpline number 0800 043 40 50 right now, you can fill in the form below and one of our advisors will call you back at a time of your choosing.

Call for FREE debt advice on


0800 043 40 50

Monday to Friday 8am to 6pm