Related provisions for MCOB 13.6.2

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MCOB 13.6.1RRP
A firm must ensure that, whenever a property is repossessed (whether voluntarily or through legal action) and it administers the regulated mortgage contract in respect of that property, steps are taken to: (1) market the property for sale as soon as possible; and(2) obtain the best price that might reasonably be paid, taking account of factors such as market conditions as well as the continuing increase in the amount owed by the customer under the regulated mortgage contract.
MCOB 13.6.3RRP
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).
MCOB 13.6.6RRP
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.
MCOB 12.1.2RRP

This table belongs to MCOB 12.1.1 R

(1) Category of firm

(2) Applicable section

mortgage lender

whole chapter

mortgage adviser

mortgage arranger

MCOB 12.1,

MCOB 12.2 and

MCOB 12.5.2 R

mortgage administrator

a firm that was a mortgage lender or mortgage administrator before the sale of a repossessed property

MCOB 12.1, MCOB 12.2, MCOB 12.4 and MCOB 12.5.2 R

MCOB 12.1.4RRP
The requirements in MCOB 12.4 (Arrears charges) and MCOB 12.5 (Excessive charges) will continue to apply to a firm after a regulated mortgage contract has come to an end following the sale of a repossessed property. References in this chapter to 'customer' will include references to a former customer as appropriate.
MCOB 12.1.5GRP
The FSA will expect a firm to ensure that charges made to a customer arising from the sale of a repossessed property and charges arising in relation to a mortgage shortfall debt are not excessive and are subject to the same considerations as apply with respect to arrears charges under this chapter.
MCOB 13.1.2RRP

Table: This table belongs to MCOB 13.1.1 R

(1) Category of firm

(2) Applicable section

mortgage lender, and a firm that was a mortgage lender before the sale of a repossessed property

MCOB 13.1-MCOB 13.3, except for MCOB 13.3.9 R and MCOB 13.3.10 G

mortgage administrator, and a firm that was a mortgage administrator before the sale of a repossessed property

whole chapter

MCOB 13.1.4RRP
The requirements in MCOB 13 will continue to apply to a firm after a regulated mortgage contract has come to an end following the sale of a repossessed property. References in this chapter to "customer" will include references to a former customer as appropriate.
MCOB 13.3.10GRP
The record referred to in MCOB 13.3.9 R should contain, or provide reference to, matters such as:(1) the date of first communication with the customer after the account was identified as being in arrears;(2) in relation to correspondence issued to a customer in arrears, the name and contact number of the employee dealing with that correspondence, where known;(3) the basis for issuing tailored information in accordance with MCOB 13.7.1 R;(4) information relating to any new payment
MCOB 13.4.4RRP
If a customer's account has previously fallen into arrears within the past 12 months (and at that time the customer received the disclosure required by MCOB 13.4.1 R), the arrears have been cleared and the customer's account falls into arrears on a subsequent occasion a firm must either:(1) issue a further disclosure in compliance with MCOB 13.4.1 R; or(2) provide a statement, in a durable medium, of the payments due, the actual payment shortfall, any charges incurred and the
MCOB 13.4.5RRP
Before commencing action for repossession, a firm must:(1) provide a written update of the information required by MCOB 13.4.1 R(2), (3), (4), (5) and (6);(2) ensure that the customer is informed of the need to contact the local authority to establish whether the customer is eligible for local authority housing after his property is repossessed; and(3) clearly state the action that will be taken with regard to repossession.
MCOB 12.4.3GRP
Firms are also subject to requirements on information provision and standards relating to arrears and repossessions (see MCOB 13 (Arrears and repossessions)).
MCOB 2.1.3RRP
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.
MCOB 7.7.2GRP
Where a customer remains in breach, for more than one month, of an agreed borrowing limit or of an obligation to repay where the regulated mortgage contract does not have a regular repayment plan, firms are reminded that MCOB 13 (Arrears and repossessions) applies.
MCOB 5.7.3GRP
(1) MCOB 5.7.2 R(1) means that firms do not have to follow the ordering of sections set down in MCOB 5.6, although they may choose to do so.(2) In accordance with MCOB 5.7.2 R(8) an example of an appropriate variation to the risk warning would be:'Your home may be repossessed if you are unable to fulfil the terms of this secured overdraft'.(3) A firm may also choose to include other information beyond that required by MCOB 5.6. However, when adding additional material a firm should
MCOB 9.4.33RRP
The illustration must include under the heading "Risks - important things you must consider" statements and warnings on the following:(1) a brief statement of the specific circumstances in which the mortgage lender is able to repossess the property;(2) a statement of how the mortgage lender will treat any negative equity arising during the life of the regulated lifetime mortgage contract and at the time the amount borrowed under the regulated lifetime mortgage contract is due