FCA Back Lender Repossessions From 31st January

Consumers who have fallen behind on vehicles payments could soon have their vehicles repossessed come the end of the month as the Financial Conduct Authority (FCA) ends the ban on repossessions. At the start of the pandemic, motor finance lenders and the FCA agreed to delay repossessions as well as offering payment freezes in order to help with people on furlough and who have been made redundant. Both lenders and the FCA agree that repossession should be an absolute last resort and that payment plans and other solutions would be looked at first. “Firms will also be expected to consider the impact on customers who may be vulnerable, including because of the pandemic, when deciding whether repossession of goods or vehicles is appropriate,” the FCA added. With this [...]