Put an End to Your Charging Orders with the Best Advice

Repaying a debt is a problem for the debtors and getting their money back gives sleepless nights to the creditors. So here we are giving a debt consolidation advice to both the creditors and the debtors to end their worries.

If a debtor fails to repay an unsecured loan, which is a loan that has not been sought against a property then the money lent by the creditors is at stake, he has got nothing to get the money back. But under the Charging Orders Act of 1979, the creditor can receive a charging order from the court, which lets them retrieve their money from the stocks, funds or the land owned by the debtor. The applications for charging orders can be submitted to any court, and the judge can pass an interim order without a hearing. If the debtor says in the court that he’ll make the payments regularly then the court might not pass the advanced order.

In case the debtor has taken quite a number of loans which he feels are difficult to repay then he can apply for a single consolidated loan to repay all his existing debts. In such a manner he will be supposed to make a single payment per month instead of the number of payments that he used to make and he’ll have to deal with only one lender. Also it might elongate the time period of the loan and he might end up paying an amount larger than the original debt. One must take debt consolidation advice before applying for a single loan of a large amount. They must check whether they would be able to make the monthly payments. Also one must reduce their unnecessary expenditure so that they can easily make the monthly payments.