The Association of Short Term Lenders (ASTL) has written again to HM Treasury, requesting a collaborative approach with regard to changes to the current enforcement moratorium.
ASTL has claimed there is conflicting information and inconsistent messaging from the FCA and the courts concerning the pause.
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The letter said: “The FCA has announced proposals that indicate the current ban on repossessions of homes should be continued to 31st October 2020.
“However, at the same time, we are aware that the courts are preparing arrangements to recommence possession proceedings from 29th June 2020.
“We believe a joined-up approach is needed for funders and consumers alike.”
It went on to ask for a “collaborative approach” that protects business, puts public health first, and acknowledges the vital role that the short-term lending community can play in the UK’s economic recovery.
Vic Jannels, CEO at the ASTL (pictured above), commented: “It seems to us that there is a need for far more detailed provision in the mortgage market, which is made up of many products, not just traditional long-term, owner-occupier residential mortgages, and so we have sought to encourage HM Treasury to recognise that we are here to help in that regard.
“We think it is important that we work together on an effective and diverse financial response to the current situation so that we are able to follow a balanced approach that best supports the UK’s economic recovery.”