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
- Allow repossession proceedings for residential property in EXCEPTIONAL circumstances only (e.g. resident wants it to proceed) to commence from 1 February 2021
- All other residential property repossession proceedings are banned until 1 April 2021
Vehicles, Goods and Other Credit
- Repossession proceedings can now commence from 1 February 2021
- 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.
