Repossessions Start Again on 1 Feb 2021

Published / Last Updated on 20/01/2021

The Financial Conduct Authority last Friday (15/01/21) issued a consultation paper on repossessions starting again with responses required by Monday (18/01/21) i.e. no time at all, just the weekend.

It proposes to:

Residential Property

  1. Allow repossession proceedings for residential property in EXCEPTIONAL circumstances only (e.g. resident wants it to proceed) to commence from 1 February 2021
  2. All other residential property repossession proceedings are banned until 1 April 2021

Vehicles, Goods and Other Credit

  1. Repossession proceedings can now commence from 1 February 2021
  2. When a repossession order is granted, vehicles and goods can only be seized using safe distancing protocols.

UK Finance, a lobbying group for 300+ banks and building societies has also this week forecast that 2022 will see a 10 X fold increase in property repossessions in 2022.  Sadly, the recession from Brexit repositioning and covid-19 will be much worse than many realise.

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