Related provisions for MCOB 12.4.3

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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 due under the regulated mortgage contract or home purchase plan1, the customer is informed in a durable medium of:1(1) the sale shortfall; and(2) where relevant, the fact that the sale shortfall1may be pursued by another company (for example, a mortgage indemnity insurer).1
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 due under the regulated mortgage contract or home purchase plan1, 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.1
MCOB 13.8.1RRP
If a customer falls into arrears, a firm must provide the customer with adequate information about the arrears in a durable medium:(1) as soon as practicable after becoming aware of that fact;(2) at quarterly intervals; and(3) before commencing action for repossession.
MCOB 13.8.2GRP
A firm may want to refer to the provisions on the information to be provided to a mortgage customer in relation to arrears for guidance (see MCOB 13.4 and MCOB 13.5).RepossessionsNote: The rules regarding repossessions apply (see MCOB 13.6).
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 13.3.2ARRP
3A firm must, when dealing with any customer who has or may have7 payment difficulties: (-1) where appropriate:7(a) inform a customer that free and impartial money guidance and debt advice is available, including from not-for-profit bodies;7(b) effectively communicate the potential benefits of accessing free and impartial money guidance and debt advice, and the range of channels through which it is available; and7(c) signpost or refer the customer to suitable sources of free and
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 having a payment shortfall;44(2) in relation to correspondence issued to a customer with a payment shortfall4, the name and contact number of the employee dealing with that correspondence, where known;4(3) the basis for issuing tailored information in accordance with MCOB 13.7.1 R in relation
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