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Second-charge repossessions at a low in 2015

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New figures released today by the Finance & Leasing Association (FLA) show the number of second-charge mortgage repossessions fell to 228 in 2015, representing the lowest level in seven years.

 

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Commenting on the figures, Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “Repossessions fell by 49% in 2015 as a whole, as second charge mortgage providers continue to do everything possible to help customers who are struggling with their finances.

 

“Second charge lenders are putting the finishing touches to systems changes, as they prepare to implement the Mortgage Credit Directive and MCOB ahead of the 21 March 2016 deadline. A huge amount of work has been completed to extremely challenging deadlines.

Edited by citizenB

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Well for sure it does not appear to CAG as though 2nd charge mortgage providers are doing anything to help their customers during financial difficulties. In fact it would appear from the people who find their way to CAG, that these companies do everything in their power to make life MORE difficult with extra charges and communications that cause no end of stress.

 

Remains to be seen if they take notice of the new directives and MCOB. CAG will be watching.


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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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