The Financial Services Authority (FSA) has revealed new plans to help homeowners stop repossession when they face financial difficulties. Due to be introduced in the next few months, the proposals will help to remind lenders and borrowers that repossession is always a last resort after all other attempts at repayments have been made.
As part of the new plans banks and building societies will be required to record all phone calls with borrowers in arrears and keep the recordings for three years. The FSA has also brought in measures to establish extra control over the sell and rent back industry which contains companies that buy homes of those in financial difficulty anf then rent them back to the previous owner.
Tags: avoid repossession, repossession, sell and rent back, stop repossession