This guidance applies in the exceptional circumstances arising out of the coronavirus (Covid-19) pandemic and its impact on the financial situation of consumer credit customers.
Following a short period for comments, we have finalised our guidance to firms on our approach to repossessions from 31 January 2021.
Your lender should not repossess goods or vehicles that you need before 31 January 2021.
Consumer credit firms will be able to repossess goods and vehicles from 31 January 2021. However, this should only be as a last resort, and in accordance with all relevant government public health guidelines, including on social distancing and shielding.
Importantly, we expect firms to exercise particular care when dealing with vulnerable customers and carefully consider the potential impacts when deciding whether repossession of goods or vehicles is appropriate. Given ongoing uncertainties arising from the impact of coronavirus, we will keep our position under review and will update or amend our guidance, or provide new guidance, if it is required.