Baines and Ernst welcome ban on Orders for Sale
Article by Paymex 21st May 2010 00:00
Debt solutions experts Baines and Ernst have welcomed yesterdays announcement that the Coalition Government plans to ban order for sale where the debts are for sums of less than £25,000.
Commenting on the announcement, Nick Pearson, Director of External Affairs said “We see as first hand from our customers the fear and stress induced by the threat of an Order for Sale, indeed many people approach us for advice as a result of such a threat from one of their creditors. We appreciate that the number of actual Orders for Sale is low but some lenders and Debt Collection Agencies use the threat of an Order for Sale to pressure debtors into making unsustainably high repayments. This frequently impacts adversely on a persons ability to make repayment to priority commitments such as their mortgage and also on the ability of the debtor to make sustainable repayments to their other unsecured creditors. In short a creditor who has a charging order can use the threat of an order for sale to demand payment in excess of what they would receive as a result of a fair pro rata calculation based on the debtors available disposable income.”
Baines and Ernst Ltd