FSA criticises Mortagage lenders for being inefficient to defend customers

Financial Services Authority has heavily criticised the mortgage lenders, for the way they have handled the matters relating to arrears and repossessions.
By: Lilly
 
Aug. 22, 2008 - PRLog -- London (Shakespearefinance)  According to FSA, mortgage lenders have shown a lot of immaturity while tackling their customers with bad credit history. This harsh statement has come after, FSA observed a considerable rise in the number of house repossessions. This has resulted in the decrease in the number of residential loans request. According to FSA, the total sum lent as a part of residential loans, stood at 102 billion pounds in the earlier period. But now it has gone down to as low as 75 billion pounds.

Presently facing 'credit crunch', FSA has requested all the moneylenders to acquire a more mature outlook while dealing with customers who are finding it extremely hard to discharge their financial obligations. FSA has also asked them to resort to legal action, only if there is no other option left. They have also asked customers to get their priorities right, before availing loan. If confused, they can certainly take the help of financial consultants. FSA, in a bid to implement TCF guidelines strictly has claimed to be severe on those who were found guilty of not following the rules and regulations appropriately.

FSA also expressed that most of the culprits are the minor specialist loan providers. Also many firms were found guilty of having a poor infrastructure for educating people properly about the pros and cons about a particular loan. FSA has also asked loan providers to provide more flexible repayment options. They also asked companies to be more careful in future regarding the procedure that is being adopted by loan providers is fair enough or not.

For those who are facing difficulties in raising deposit for property in adverse market conditions, availing loan at cheap rate of interest may be a good option.

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End
Source:Lilly
Email:Contact Author
Zip:WD171NS
Tags:Secured Loans, Loans Uk
Industry:Loans
Location:Watford - Hertfordshire - England
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