When we know that the bank never lent you anything in the frist place and there isn't enough money in circulation to off all the debts, this news comes as a big worry to home owners...

Whether they know it or not, more than 700,000 households in England and Wales are at risk of losing their homes over debts as small as £1,000. New rules come into effect today governing the way that creditors can force the sale of property in order to repay outstanding sums on payday loans, credit cards and other forms of consumer debt. The new regulations – the Charging Orders (Order for Sale: Financial Thresholds) Regulations 2013 – could prove controversial for two reasons. First, they represent an about-turn by the Government, which had indicated in the Coalition Agreement in 2010 that a threshold of £25,000 would be set rather than the £1,000 limit that takes effect today.
Second, the numbers of people with charging orders on their property who could then go on to lose their homes could surge as house prices rise.

http://www.independent.co.uk/money/loans...me-8562606.html