A Charging Order is a court order that can be sought where a customer/member fails to meet their obligations under a credit agreement, which entitles the creditor to a share of the profits from the sale of a property at such time as it is sold, in order to repay the outstanding debt.
Whilst there is a requirement for all Credit Unions to obtain the relevant permissions with the Financial Conduct Authority (FCA) to conduct secured lending, there is no requirement to do so in relation to Corporate Loans and/or 2nd Charge Lending.
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