Rachel Neale has written to UK Finance and the FCA over unfair treatment that mortgage prisoners are receiving in relation to emergency measures introduced to alleviate financial hardship during the coronavirus pandemic. The FCA recently set out guidance that those experiences difficulties during this period, then a holiday payment should be offered with “no expectation under this guidance that the firm investigates the circumstances surrounding a request for a payment holiday”.
However, many mortgage prisoners are being subjected to income and expenditure assessments. They are also reporting that holiday payments are being refused due to affordability, or because an absent ex(abusive) partner is still on the mortgage contract, or because they are in arrears. Others have been told that they may need to wait up until eight weeks for a decision.
This is unacceptable for a group of people who have already been subjected to over a decade of financial exploitation. The full letter can be downloaded here or viewed belowPayment Holiday Letter_ukfinance_fca_24032020