The Financial Conduct Authority (FCA) is planning to extend its ban on property repossessions and firms should not enforce them before 1st April 2021.
In November 2020, the FCA announced further support for mortgage and consumer credit borrowers who are experiencing payment difficulties as a result of Covid-19.
Also included in their guidance, firms should not enforce repossessions before 31st January 2021 except in exceptional circumstances, if the customer has requested proceedings continue.
The FCA will not be extending its consumer credit guidance. Repossessions of goods and vehicles from credit firms will still proceed from 31st January 2021.
Tough times for us all: bankers, mortgage lenders, landlords and the general public.