Now it’s started to rain, the credit card companies want their umbrellas back. Failure to do so may result in eviction and the forced sale of your house.

In sunnier times, before the virtual disappearance of credit; Banks, Building Societies and credit card companies were falling over themselves to lend you money.

Loans, 125% mortgages, 10 times multiple earnings and huge credit card limits were the order of the day.

Now the dark, economic monsoon is raging, if you’re in difficulty making repayments you are at risk of losing your home.

Any creditor is able to take legal action over an unpaid debt which could allow them to seize your house. Sadly many credit card companies have begun to do this. The method used is not new and has been used by creditors frequently.

If you owe money to anybody they are entitled to take court action to recover it. A judgment is obtained. Your creditor can then apply to the court for a charging order to secure the debt. A charging order is very similar to a mortgage.

Although courts are reluctant to enforce these by way of eviction, they will do in the face of persistent delay and refusal to clear the debt.

Take debt advice early.