Tag Archives: arrears

FCA updates consumer credit information sheets

FCA has now updated its information sheets consumer credit firms should use when notifying customers that they are in arrears or default. The site now contains new sheets that will be effective from 14 April. Until then firms must use the current sheets. FCA warns any firm that downloaded the sheets originally intended to take […]

FCA consults on mortgage arrears calculation guidance

FCA is consulting on remedies for customers who have gone into arrears on their mortgages, and have been disadvantaged because of the way lenders have calculated their balances. Some firms have automatically included customers’ arrears balances within their monthly mortgage payments, which FCA considers to be “automatic capitalisation”. While capitalisation can be permissible in certain […]

Updated Consumer Credit information sheets published by the FCA

On 18 October 2016, the FCA announced that it had updated a number of consumer credit information sheets that lenders must use when they are notifying customers of being arrears or default: Arrears Default High cost short term loans High cost short term loans peer-to-peer lenders Arrears peer-to-peer lenders These information sheets must be used […]