The Financial Services Consumer Panel (FSCP) is concerned some homeowners could lose their homes because they are unaware of the FSA's rules on possession proceedings.
The FSCP also wants to ensure consumers know that they can get a court to suspend possession proceedings in cases where they may have been mis-sold a mortgage. The news follows the FSA’s own reports suggesting 1.4m homeowners will have problems meeting mortgage repayments in 2008. The FSCP says the FSA’s Treating Customers Fairly rules means lenders must follow a set of rules before they can attempt a repossession. These rules include: making reasonable attempts to reach an agreement on repaying arrears; adopting a reasonable timescale for borrowers to catch up; not putting excessive pr...
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