Related provisions for MCOB 13.1.4
1 - 4 of 4 items.
A firm must ensure that, as soon as possible after the sale of a repossessed property, if the proceeds of sale are less than the amount of the customer's debt, the customer is informed in a durable medium of:(1) the mortgage shortfall debt; and(2) where relevant, the fact that the mortgage shortfall debt may be pursued by another company (for example, a mortgage indemnity insurer).
A firm must ensure that, on the sale of a repossessed property, if the proceeds of sale are more than the amount of the customer's debt, reasonable steps are taken, as soon as possible after the sale, to inform the customer in a durable medium of the surplus and, subject to the rights of any subsequent mortgage or charge holders, to pay it to him.
This chapter applies in relation to:(1) regulated mortgage activities;(2) those activities in MCOB 12 and MCOB 13 that are carried on after a regulated mortgage contract has come to an end following the sale of a repossessed property; and(3) the communication or approval of a qualifying credit promotion.