Creditors can secure a debtor’s property against unsecured debts as low as £1,000 due to new regulations on charging orders which have come into effect. The Charging Orders (Order for Sale: Financial Thresholds) Regulations 2013 came into effect on Friday 5 April, introducing a threshold on the enforcement method for the first time. Charging orders can now be sought for debts of £1,000, as opposed to the higher threshold of £25,000 promised by the government in the Coalition Agreement in 2010. The move has prompted criticism from debt charities over the government’s change of mind and the possibility that the low threshold could lead to a huge rise in charging orders. “The government has reneged on its promise to keep the threshold at £25,000 and we do not believe there is sufficient justification for these measures” said a spokesperson for Stepchange Debt Charity....Read more here

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OFT imposes requirements on RBS and NatWest about use of charging orders - allaboutFORUMS