The Finance & Leasing Association (FLA) which represents over 75% of the second charge mortgage market, today launched new Good Practice Guidelines for consumers encountering repayment difficulties, to see what they should expect from their lender.
Member companies of the FLA are already required to treat customers in difficulty sympathetically and positively and the new guidelines will supplement this. Key commitments include:
These new Guidelines, which usefully set out clearly how lenders can help customers with repayment problems, complement the work being undertaken by the Government on responsible lending.
Stephen Sklaroff (FLA Director General) said: "FLA members are committed to treating customers facing repayment difficulties fairly and sympathetically. These new Guidelines will give customers the extra reassurance of knowing that the industry is doing everything it can to ensure that people facing problems in current economic circumstances are given the help and advice they need, and that repossession remains very much a last resort."
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