Massive rise in lenders using charging orders, PwC says
A recent survey by financial firm PwC finds that banks are increasingly using charging orders.
A charging order is a court order, with which banks convert unsecured lending to secured loans.
PwC claim that charding orders have increased from 10,000 in 200 to 97,000 in 2007, which is a 45% on 2006.
This converts to 500 charding orders against customers’ properties every working day.
